Business Leaders React as Zohran Mamdani Becomes New York City’s Next Mayor

Zohran Mamdani has been elected the next mayor of New York City, and early reactions from the business world are beginning to surface — ranging from cautious congratulations to wary concern.

The 34-year-old progressive mayor-elect ran on an ambitious platform that includes freezing rent, creating city-owned grocery stores, offering free childcare, and imposing a flat 2% tax on millionaires. Mamdani has also drawn attention for his past remarks that he “doesn’t believe billionaires should exist.”

His proposals have rattled many on Wall Street. In the run-up to Election Day, several high-profile business leaders — including hedge fund manager Bill Ackman, former New York City Mayor Michael Bloomberg, and Airbnb cofounder Joe Gebbia — backed former Democratic Gov. Andrew Cuomo, pouring millions into efforts to block Mamdani’s rise. Tesla CEO Elon Musk also urged his followers to “VOTE CUOMO!” in a post on X.

Still, not all in the business community are opposed to the new mayor. An analysis by Business Insider found that many back-office Wall Street employees donated to Mamdani’s campaign. Yasser Salem, a former McKinsey executive who has advised corporate leaders and is considered Mamdani’s “CEO whisperer,” said some executives are open to parts of his agenda, particularly free childcare, which could ease financial pressure on working families.

Ackman, the billionaire CEO of Pershing Square Capital Management, spent $1.75 million over the last year supporting Mamdani’s opponents — $500,000 during the Democratic primary and another $1.25 million in the general election.

Following Mamdani’s victory, Ackman struck a conciliatory tone. “Congrats on the win. Now you have a big responsibility,” he wrote on X Tuesday night. “If I can help NYC, just let me know what I can do.”

He elaborated the next day, acknowledging that while he did not support Mamdani’s campaign, he hopes to work toward the city’s success. “I care enormously about NYC,” Ackman said. “While I did not support Mamdani for mayor and have concerns about the unintended and negative consequences of his policies, I want to do everything I can to help NYC regardless of who our mayor is.”

Mamdani, who has previously singled out Ackman by name at campaign rallies, often referenced his wealthy critics as symbols of a system he believes favors the elite over working-class New Yorkers.

Ackman, whose net worth is estimated at $8.44 billion, was one of Mamdani’s most outspoken opponents during the race. Despite their differences, his post-election message suggests a willingness among some in the city’s financial circles to engage with the new administration.