Bill Ackman has been criticized by other major investors for his attacks on DEI

In a small side room, about 40 people, including some of Wall Street’s highest-ranking executives of color, crowded around a rectangular row of tables for an invitation-only panel discussion that confronted hedge fund manager Bill Ackman over his attacks on diversity, Equity and Inclusion to Speech, or DEI, initiatives, according to five participants.

For about an hour, Ackman was criticized for publicly condemning DEI and expressing views that participants said were harmful to the progress of women and people of color in America. The asset manager, who has called DEI “an inherently racist and illegal movement,” faced backlash from both panelists and viewers, participants said, asking not to be identified because the session was private. The discussions were part of an event on DEI at the Milken Institute Global Conference on Monday.

In addition to Ackman, panelists included Jarvis V. Hollingsworth, chairman of the $200 billion Teacher Retirement System of Texas; Dina DiLorenzo, president of Guggenheim Investments, which manages more than $300 billion; and John Hope Bryant, the head of Operation Hope Inc., a nonprofit organization dedicated to improving financial literacy.

Ackman, the billionaire founder of activist investment firm Pershing Square Capital Management, began his high-profile attack on DEI initiatives last year after accusing elite colleges, including his alma mater, Harvard University, of failing to respond to allegations of anti-Semitism on campus have. At this week’s panel discussion, Ackman accused DEI staff of promoting ideas that some see as “oppressed” and others, including Jewish people, see as “oppressors,” according to participants.

Most speakers urged the asset manager to reframe its attack on DEI, arguing that its message threatened to undermine diversity programs across America, the people said. At least one speaker said his attack on DEI reflected a poor understanding of the civil rights movement, including the Jewish community’s role in it, the people said. Others said they had witnessed his previous efforts to support diverse talent and businesses, but that his message on DEI was being adopted by those who want to reduce the opportunities of people from disadvantaged backgrounds.

“We’re talking about expanding the table and adding a chair,” panelist Bryant said in an interview after the event. He declined to comment directly on the discussion. DEI advocates need to argue more forcefully that diversity has fueled U.S. economic growth, he said.

Great debate

“I have written thousands of words about my nuanced views on this important issue. I ask people to read them to fully understand my perspective,” Ackman said in a statement Thursday when asked about the panel discussions. He pointed to his long one Post on X from January. In that post, he said he concluded “that DEI was not about diversity in its purest form, but rather that DEI was a political interest movement on behalf of certain groups.”

Hollingsworth and a spokesman for the Milken conference declined to comment on the discussions. DiLorenzo did not respond to a request for comment.

The debate at the conference reflects a broader argument across the American economy over the role of DEI. Comments from Ackman, musk and former President Donald Trump have fueled the crusade of conservative activists seeking to eliminate DEI initiatives in schools, colleges and corporations.

The arguments surrounding DEI spread beyond the panel discussion with Ackman to other conversations at the Milken conference, which ended Wednesday. Several speakers on the main stages expressed criticism of diversity initiatives. Argentine President Javier Milei said at a keynote luncheon on Monday that “a promising future for the species is impossible if we sacrifice merit, competition and results on the altar of diversity.”

Citadel founder Ken Griffin said he would continue to withhold funds from Harvard until the school “recommits itself to meritocracy in a very public and profound way.” He previously attacked the school’s “DEI agenda” for its failure to respond to anti-Semitism on campus.

“It would be a mistake for Jewish donors and trustees to oppose campus DEI efforts,” said Simone Friedman, who leads donations at EJF Philanthropies, the family foundation of hedge fund manager Manny Friedman. In an interview with Bloomberg News, she advocated for expanding diversity programs on campus to be more inclusive of Jewish identity.

Marty Nesbitt, co-founder of private equity firm Vistria Group, said he wants to reframe the debate to focus on the ways investing in underserved people and companies increases returns.

“When we talk about diversity and inclusion and all that, we’re about making money — it’s all just capitalism,” Nesbitt said on a separate panel. His company invests in education, healthcare and finance – particularly in companies that provide services to underrepresented groups.

“I just think that under all of these perspectives there is a real opportunity to get a really good risk-adjusted return,” he said.

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