Wall Street Titans on Edge: What Mamdani's NYC Mayoral Victory Means for Billionaires

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Prominent Wall Street figures are adjusting to the reality of Zohran Mamdani’s election as New York City’s mayor, a candidate they heavily opposed by investing millions. This comes amid the challenges of a shutdown that led to a significant data blackout.

Mamdani, who identifies as a democratic socialist, has been vocal about his stance against the concentration of wealth. He campaigned on promises to increase taxes for the wealthy and implement rent freezes, ultimately securing victory over Republican Curtis Sliwa and independent Andrew Cuomo with 50.6% of the vote on Tuesday.

Now, influential figures such as hedge fund manager Bill Ackman and former Mayor Mike Bloomberg, along with other elites in New York City, are confronted with the need to navigate this new political landscape and collaborate with Mamdani.

Following the election success, Democrats are increasingly confident in their strategy amid shutdown challenges.

Bill Ackman took to social media to extend congratulations to Mamdani, writing, “Congratulations on the win, @ZohranKMamdani. You now have a huge responsibility. Let me know if there’s any way I can support NYC.” Previously, Ackman had been critical of Mamdani, describing his campaign as promoting divisiveness. Since the spring, Ackman contributed $1 million to “Defend NYC,” a group initiated by former Trump advisor Jason Meister, and an additional $750,000 to “Fix the City,” a PAC supporting Cuomo.

Other “Fix the City” donors include cosmetics heir Ronald Lauder ($1 million) and Bloomberg ($13 million), according to Time Magazine.

At an early October rally, Mamdani called out Ackman and Lauder, who he said fear an “existential threat” to their practices.

“And I am here to admit something: They are right,” Mamdani said. “We are an existential threat to billionaires who think their money can buy our democracy.”

During his campaign, Mamdani also joked that investors had spent more trying to stop him than he’d ever tax them.

Blackrock co-founder Ralph Schlosstein, who also opposed Mamdani, said he’s exploring ways to work with the new administration, including potentially joining a business advisory group.

Economist Michael Szanto told the outreach is strategic and that Mamdani should lean in.

“If New York City becomes less welcoming to Wall Street, which is the economic gem of the whole city, they’re less likely to stay,” Szanto said. “I mean, they don’t really need to fight to stay in New York. That’s kind of ridiculous.”