Billionaire hedge fund manager Bill Ackman was confronted and scolded by Wall Street executives over his attacks on DEI initiatives during a closed-door session at this week’s Milken Institute Global Conference in Beverly Hills.
In the private, invitation-only panel on Monday, around 40 attendees crowded a room to criticize Ackman for his public denunciation of DEI as “inherently racist and illegal.” The Pershing Square founder faced backlash from panelists and audience members for views deemed detrimental to progress for women and minorities.
Panelists included heavyweight investors like Jarvis Hollingsworth of the $200 billion Texas Teachers’ fund and Dina DiLorenzo of $300 billion manager Guggenheim Investments. Operation HOPE’s John Hope Bryant and developer Don Peebles were also on the panel.
Ackman blamed DEI staff for fostering an “oppressed vs. oppressor” mentality that deems Jewish people as oppressors, according to attendees. Most pushed him to recast his all-out assault on DEI, arguing it threatens to undermine vital diversity efforts nationwide.
At least one speaker said Ackman’s stance reflected a poor grasp of the civil rights movement and the Jewish community’s role in it. Others noted his past support for diverse talent and businesses, but worry his message is being co-opted to diminish opportunities.
“We’re talking about expanding the table and adding a chair,” said Bryant, who believes DEI backers must better argue diversity’s economic benefits.
Ackman stood by his “nuanced views,” pointing to a lengthy January post concluding DEI was “a political advocacy movement” rather than about true diversity.
The clash reflects a broader debate raging over DEI’s role, with conservatives trying to abolish such programs. Criticism also came from the main Milken stage, where speakers like Argentina’s President Milei said “sacrificing merit and results on the altar of diversity” imperiled the future.
Billionaire Ken Griffin vowed to keep withholding funds from Harvard over its “DEI agenda” failing to address antisemitism concerns. But EJF Philanthropies’ Simone Friedman warned Jewish funders against aligning “against campus DEI efforts,” advocating to expand them to better include Jewish identity.
Marty Nesbitt of Vistria Group aimed to reframe the debate, touting DEI’s financial upside. “When we talk about this, we’re in the business of making money – this is just capitalism.”