Business
From Jamie Dimon to Bill Ackman, Wall Street’s billionaires are now changing their tune and offering to help Zohran Mamdani
Zohran Mamdani, who ran his campaign on tackling the cost of living through policies like city-run groceries, free public transit, and universal childcare, was declared the next mayor of the U.S.’ largest city on Tuesday. And some of the billionaires who previously opposed him are changing their tune.
The Associated Press declared Mamdani’s win at 9:35 p.m. Eastern Time Tuesday, just over half an hour after polls closed. Taking the stage at his campaign’s watch party, the 34-year-old Democrat celebrated his win while taking aim at the wealthy donors who had bankrolled his opponent, independent candidate and former New York governor Andrew Cuomo.
“Tens of millions of dollars have been spent to redefine reality and to convince our neighbors that this new age is something that should frighten them,” 34-year-old Mamdani said. “The billionaire class has sought to convince those making $30-an-hour that their enemies are those earning $20-an-hour. They want the people to fight amongst ourselves so that we remain distracted from the work of remaking a long, broken system.”
A number of billionaires collectively spent more than $22 million to back Mamdani’s opponents, according to Forbes. At least 26 billionaires and wealthy families, including Bloomberg L.P. cofounder Michael Bloomberg, hedge fund manager Bill Ackman, Airbnb cofounder Joe Gebbia, and members of the Lauder family, heirs of the cosmetics company Estée Lauder, contributed at least $100,000 each to independent expenditure committees and super PACs that supported Andrew Cuomo and ran ads against Mamdani. Michael Bloomberg alone contributed $8 million to back Cuomo in the Democratic primary.
During his speech on Tuesday evening, Mamdani said his administration will “refuse to let them dictate the rules of the game anymore.”
“They can play by the same rules as the rest of us,” he said.
After Mamdani won the Democratic primary in June, some business leaders threatened to flee New York City if Mamdani was elected mayor. But now some of Wall Street’s billionaires—even ones who backed candidates running against Mamdani—are offering their help in light of his win.
Bill Ackman, a vocal Mamdani criticizer who reportedly spent $1.75 million in efforts to defeat the mayoral hopeful, congratulated him in a Tuesday night post on X.
“Now you have a big responsibility,” Ackman wrote. “If I can help NYC, just let me know what I can do.”
Jamie Dimon, CEO of JPMorgan Chase, previously told Fortune Mamdani was “more Marxist than socialist.” But, he added, “if he becomes mayor, I will call him and offer my help.”
“If he becomes mayor, so be it,” Dimon added.
Mike Novogratz, a crypto billionaire, told Bloomberg on Tuesday the city’s business community needs to reach out to Mamdani.
“He’s tapping into a message that’s real: that we’ve got a tale of two cities in the Dickensian sense… and can you address the affordability issue in creative ways without driving business out,” Novogratz said.
Even as some of Mamdani’s earlier critics have adopted a more conciliatory tone, President Donald Trump’s threats of withholding funding to the city with Mamdani in office looms.
Trump endorsed Cuomo on Monday, and said in a Truth Social post it was “highly unlikely” he’d send more than the minimum of federal funds required to the city if Mamdani became mayor.
“It’s going to be hard for me as president to give a lot of money to New York” with Mamdani as mayor, Trump said in an interview on CBS News’ “60 Minutes” with Norah O’Donnell. “Because if you have a communist running New York, all you’re doing is wasting the money you’re sending there.”
Mamdani is poised to become the city’s first Muslim mayor, the first of South Asian heritage, and the first born in Africa. He’s poised to take office on Jan. 1.
In response to Trump’s comments about sending funding to New York City, Mamdani said he would “address that threat for what it is: it is a threat. It is not the law.”
