(NewsNation) — Billionaires on Wall Street are coming to terms with Mayor-elect Zohran Mamdani‘s victory in New York City after spending millions trying to block his run, all while dealing with a shutdown-induced data blackout.
Mamdani — a self-described democratic socialist who criticized wealth hoarding, promised to hike taxes on high earners and pushed for rent freezes — defeated Republican Curtis Sliwa and independent Andrew Cuomo with 50.6% of Tuesday’s vote.
Now, hedge fund manager Bill Ackman, former Mayor Mike Bloomberg and other New York City elites are facing a new political reality — one that involves cooperating with their new mayor-elect.
„.@ZohranKMamdani, congrats on the win. Now you have a big responsibility. If I can help NYC, just let me know what I can do,“ Ackman posted on social media Tuesday.
His previous public messages about the city’s first Muslim mayor-elect have been less than favorable, with Ackman deeming his campaign rhetoric as „amplifying hate.“ Ackman donated $1 million to „Defend NYC“ — started by Jason Meister, former adviser to President Donald Trump — and another $750,000 to a PAC behind Cuomo, called „Fix the City,“ since the spring.
Other „Fix the City“ donors include cosmetics heir Ronald Lauder ($1 million) and Bloomberg ($13 million), according to Time Magazine.
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New York City Democratic mayoral candidate Zohran Mamdani stands with his wife, Rama Duwaji, alongside his parents after delivering remarks at his election night watch party at the Brooklyn Paramount on Nov. 4, 2025, in the Brooklyn borough of New York City. (Photo by Spencer Platt/Getty Images) -
Democratic New York City mayoral candidate Zohran Mamdani delivers remarks at his election night watch party at the Brooklyn Paramount Theater on Nov. 04, 2025, in the Brooklyn borough of New York City. (Photo by Andrew Lichtenstein/Corbis via Getty Images) -
Zohran Mamdani, New York City mayoral candidate, center right, Letitia James, New York’s attorney general, second left, and Brad Lander, New York City comptroller, left, carry a banner across the Brooklyn Bridge in New York on Nov. 3, 2025. (Adam Gray/Bloomberg via Getty Images)
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 NewsNation 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.“
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