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The turmoil in the race for the White House has prompted billionaire investor Bill Ackman to fear for the world\u2019s geopolitical stability\u2014namely, how China might exploit the upheaval. <\/a><\/p>\n On Sunday night, President Biden announced\u00a0he would withdraw as the Democratic nominee<\/a> in this year\u2019s presidential elections and endorsed Vice President Kamala Harris as his successor. <\/a><\/p>\n The statement was posted to President Biden\u2019s personal X profile\u2014the social media site owned by Elon Musk, formerly known as Twitter\u2014as<\/span> a signed letter<\/a>.<\/p>\n Subsequent posts from President Biden\u2019s account urged democrat supporters to donate to Harris\u2019s campaign. <\/p>\n The announcement of President Biden\u2019s withdrawal\u2014following mounting speculation about the 81-year-old\u2019s health\u2014being posted on a social media site has earned criticism from Ackman, the founder and CEO of investment manager Pershing Square Holdings.<\/p>\n Also posting on X, Ackman said the decision to post Biden\u2019s decision online and not through traditional media channels opened the door for exploitation.<\/p>\n \u201cOne would think that a letter to the American people from the president announcing his decision to step aside would not be signed using a digital signature and would be accompanied by a photo op and a scheduled conference in the morning that followed,\u201d Ackman\u2014worth $8.04 billion per the Bloomberg Billionaire\u2019s Index<\/a>\u2014wrote. <\/p>\n \u201cInstead we have a digitally signed letter released on the president\u2019s @X account, an account we know that is run by a staffer, no photo, and no live scheduled address to the American people. <\/p>\n \u201cIf I were China, I would invade Taiwan tomorrow,\u201d he added, likely tongue-in-cheek.<\/p>\n In a subsequent post, Ackman\u2014a fierce critic<\/a> of Biden\u2019s performance\u2014continued: \u201cIf this were a hostage situation, that letter would not qualify as proof of life.\u201d<\/p>\n An exact date or time of when President Biden will address the nation has not yet been confirmed.<\/p>\n One would think that a letter to the American people from the president announcing his decision to step aside would not be signed using a digital signature and would be accompanied by a photo op and a scheduled conference in the morning that followed. <\/p>\n Instead we have a\u2026<\/p>\n \u2014 Bill Ackman (@BillAckman) July 22, 2024<\/a><\/p><\/blockquote>\n <\/p>\n Ackman seems to suggest that rival world powers could take advantage of a scramble to establish how a major political event will proceed in the U.S. while Uncle Sam\u2019s attention is directed elsewhere. <\/a><\/p>\n Geopolitical tensions were high on the list of Wall Street veterans\u2019 worries even before this weekend\u2019s news. <\/p>\n JPMorgan CEO Jamie Dimon has long cited geopolitical tensions<\/a> as one of the largest threats to the U.S. economy and doubled down on the stance just last week.<\/p>\n He told Swiss newspaper NZZ<\/a>: \u201cPeople talk a lot about economic growth and inflation. I see that as more of a minor risk. To me, the main risks are geopolitical.\u201d <\/p>\n A combination of Ukraine\u2019s war with Russia and an increasing nuclear threat arising in the Middle East impacts the relationship between China and its Western neighbors<\/a> in Europe and America. <\/p>\n Dimon added: \u201cThis is a dangerous series of events which could either diminish or become determinative. It\u2019s not about the economy, it\u2019s about freedom and democracy<\/a> in the next hundred years.\u201d<\/p>\n Tensions around the Taiwanese territory have also been ramping up, given the statements issued by former President Donald Trump\u2014the Republican nominee\u2014in recent weeks.<\/p>\n The island of Taiwan sees itself as politically distinct from China, with its own democratically elected leaders, whereas China views it as part of its territory.<\/p>\n Though the U.S. does not have official diplomatic relations<\/a> with Taiwan, it does \u201cmake available defense articles and services as necessary to enable Taiwan to maintain a sufficient self-defense capability.\u201d <\/p>\n That being said, in an interview with Bloomberg<\/a> last week, Trump said that Taiwan should be paying the U.S. for this relationship. <\/a><\/p>\n He said: \u201cI think Taiwan should pay us for defense. You know, we\u2019re no different than an insurance company. Taiwan doesn\u2019t give us anything.\u201d<\/p>\n He continued: \u201cTaiwan took our chip business from us, I mean, how stupid are we? They took all of our chip business. They\u2019re immensely wealthy. And I don\u2019t think we\u2019re any different from an insurance policy. Why? Why are we doing this?\u201d<\/p>\n While Taiwan would have been hard-pressed to \u201ctake\u201d chip factories from America, the nation is home to chip manufacturing giant Taiwan Semiconductor Manufacturing<\/a> Company (TSMC), which creates supply for the likes of\u00a0Apple and Nvidia<\/a>.<\/span><\/p>\n<\/div>\n\n\n
Wall Street worries<\/h2>\n
Taiwan tensions<\/h2>\n