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Ackman, the CEO of Pershing Square Capital, had voiced his support for a Bloomberg presidential run as early as last October, when he declared he would do everything in his power to get the former New York City mayor elected.
In his Thursday op-ed for the FT, the billionaire reiterated his endorsement of Bloomberg.
"It is time to put the fires out and restore the United States to greatness," said Ackman, slamming the country's tax policies, immigration laws, and infrastructure. "Mr Bloomberg is the right choice."
Read more from the Financial Times:
Michael Bloomberg considers joining race for the White House
Democrats struggle with feelgood factor
Republicans seek mainstream rival to Trump
Bloomberg, founder and CEO of financial information and media firm Bloomberg LP, publicly voiced his interest in joining the presidential race last week.
His motivations for a White House bid seem to have been driven at least partially by the unexpected popularity two anti-establishment candidates—Republican presidential candidate Donald Trump and Senator Bernie Sanders—have enjoyed so far.
If Bloomberg were to join the race, he'd do so with coffers nearly nine times as large as Trump's.
His wealth, plus his status as an independent, would make him a formidable candidate, Ackman wrote.
"If the top three are, say, Mr. Bloomberg, Donald Trump or Ted Cruz for the Republicans, and Hillary Clinton or Bernie Sanders for the Democrats, then Congress, which is under Republican control, would surely choose Mr. Bloomberg rather than destroy the party by selecting Mr. Trump or Mr. Cruz," Ackman said.
Read Ackman's op-ed in its entirety at the Financial Times.