Wall Street in New York is in turmoil following the election of 34-year-old socialist Zoran Mamdani as the city’s mayor. Despite spending millions on campaigns to prevent his election, many of Wall Street’s major players are now expressing despair and resignation. The Wall Street Journal reported a prevailing sense of deep defeat among New York’s elite, with some openly expressing dismay. Cliff Asness, co-founder of AQR Capital Management, posted an image on X depicting the final scene from the movie “Planet of the Apes,” symbolizing the end of New York with Mamdani’s victory.
Anthony Pompliano, CEO of Professional Capital Management, reacted vigorously, calling the election of a socialist mayor in the world’s financial hub “insane.” Real estate developers and landlords, hit hard by Mamdani’s rent freeze pledge, are quietly contemplating their next moves.
The backlash goes beyond ideological differences. Billionaire investor Bill Ackman, along with Wall Street giants like Apollo Global Management and Citadel, supported Mamdani’s opponent with vast resources, trying to rally voter turnout against him. However, they failed to counter the support Mamdani garnered from young voters frustrated with inequality.
Some are shifting towards acceptance and pragmatism. Notably, Bill Ackman, who had spearheaded efforts against Mamdani, congratulated him on X, offering help for New York’s benefit. Jamie Dimon of JPMorgan Chase, previously critical of Mamdani, also expressed willingness to assist. CEOs Jane Fraser of Citigroup and Ralph Schlosstein of Evercore pledged to work with Mamdani for the city’s improvement.
Wall Street’s change in stance is partly due to concerns over potential federal budget cuts threatened by the Trump administration. Antonio Weiss, formerly of Lazard, suggested that the relationship between socialist-led New York and Washington could face significant challenges ahead.