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(NewsNation) — Billionaires connected Wall Street are coming to presumption with Mayor-elect Zohran Mamdani's triumph successful New York City aft spending millions trying to artifact his run, each portion dealing with a shutdown-induced information blackout.
Mamdani — a self-described antiauthoritarian socialist who criticized wealthiness hoarding, promised to hike taxes connected precocious earners and pushed for rent freezes — defeated Republican Curtis Sliwa and independent Andrew Cuomo with 50.6% of Tuesday's vote.
Now, hedge money manager Bill Ackman, erstwhile Mayor Mike Bloomberg and different New York City elites are facing a caller governmental world — 1 that involves cooperating with their caller mayor-elect.
".@ZohranKMamdani, congrats connected the win. Now you person a large responsibility. If I tin assistance NYC, conscionable fto maine cognize what I tin do," Ackman posted connected societal media Tuesday.
His erstwhile nationalist messages astir the city's archetypal Muslim mayor-elect person been little than favorable, with Ackman deeming his run rhetoric arsenic "amplifying hate." Ackman donated $1 million to "Defend NYC" — started by Jason Meister, erstwhile advisor to President Donald Trump — and different $750,000 to a PAC down Cuomo, called "Fix the City," since the spring.
Other "Fix the City" donors see cosmetics heir Ronald Lauder ($1 million) and Bloomberg ($13 million), according to Time Magazine.
New York City Democratic mayoral campaigner Zohran Mamdani stands with his wife, Rama Duwaji, alongside his parents aft delivering remarks astatine his predetermination nighttime ticker enactment astatine the Brooklyn Paramount connected Nov. 4, 2025, successful the Brooklyn borough of New York City. (Photo by Spencer Platt/Getty Images)
Democratic New York City mayoral campaigner Zohran Mamdani delivers remarks astatine his predetermination nighttime ticker enactment astatine the Brooklyn Paramount Theater connected Nov. 04, 2025, successful the Brooklyn borough of New York City. (Photo by Andrew Lichtenstein/Corbis via Getty Images)
Zohran Mamdani, New York City mayoral candidate, halfway right, Letitia James, New York's lawyer general, 2nd left, and Brad Lander, New York City comptroller, left, transportation a banner crossed the Brooklyn Bridge successful New York connected Nov. 3, 2025. (Adam Gray/Bloomberg via Getty Images)
At an aboriginal October rally, Mamdani called retired Ackman and Lauder, who helium said fearfulness an "existential threat" to their practices.
"And I americium present to admit something: They are right," Mamdani said. "We are an existential menace to billionaires who deliberation their wealth tin bargain our democracy.”
During his campaign, Mamdani besides joked that investors had spent much trying to halt him than he'd ever taxation them.
Blackrock co-founder Ralph Schlosstein, who besides opposed Mamdani, said he's exploring ways to enactment with the caller administration, including perchance joining a concern advisory group.
Economist Michael Szanto told NewsNation the outreach is strategical and that Mamdani should thin in.
"If New York City becomes little welcoming to Wall Street, which is the economical gem of the full city, they're little apt to stay," Szanto said. "I mean, they don't truly request to combat to enactment successful New York. That's benignant of ridiculous."
