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.