New York’s business and financial elite — many of whom campaigned against Zohran Mamdani’s mayoral bid — reacted to his historic victory with a mixture of caution, congratulations and calls for cooperation.
Billionaire hedge fund manager Bill Ackman, one of Zohran Mamdani’s staunchest critics, struck a conciliatory tone after the Democrats’ decisive mayoral victory.
In a post on X, Ackman wrote: “You now have a great responsibility.”
He elaborated on the news the following day, saying he cared “immensely” for the city and acknowledged that Mamdani’s victory was “decisive”.
“While I did not endorse Mamdani for mayor and am concerned about the unintended and negative consequences of his policies, I want to do everything I can to help NYC no matter who our mayor is,” Ackman said.
Ackman, the CEO of Pershing Square Capital Management, reportedly spent $1.75 million to prevent Mamdani from being elected — $500,000 during the Democratic primary and $1.25 million in the general election.
Loeb scoffs at Ackman’s post
Another hedge fund billionaire, Daniel Loeb, who donated $775,000 to support Mamdani’s opponent, appeared to mock Ackman’s reach.
Loeb wrote on X: “Ladies, find a man who loves you like Bill Ackman loves himself.”
Novogratz calls for cooperation
Crypto billionaire Mike Novogratz took a more pragmatic stance, saying the business community should engage with Mamdani’s administration.
“It connects to a message that is real — that we have a tale of two cities in the Dickensian sense,” Novogratz said.
He added that leaders need to find “creative ways to address affordability without crowding out business.”
The real estate industry is signaling a willingness to cooperate
James Whelan, president of the Real Estate Board of New York (REBNY), congratulated the elected mayor and promised cooperation.
“REBNY is ready to work with the next mayor to address housing affordability and other issues facing our city,” Whelan said in a statement.
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Political and philanthropic voices weigh
Commenting on Mamdani’s victory, Andrew Yang, now CEO of Noble Mobile, wrote on X: “Zohran Mamdani is the newly elected mayor of New York – and the hardest part is almost certainly ahead.”
Meantime, Alex Soros, chairman of the Open Society Foundations and son of billionaire George Soros, celebrated the victory with a hopeful message: “So proud to be a New Yorker! The American dream continues!”
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Speaking to a cheering crowd at Brooklyn’s Paramount Theatre, Mamdani celebrated his decisive victory and issued a bold challenge to US President Donald Trump, who has backed Cuomo’s independent bid.
“Since I know you’re watching, I have four words for you: turn up the volume,” Mamdani declared. “If anyone can show a nation betrayed by Donald Trump how to beat him, it’s the city he came from.”
Mamdani’s victory comes amid growing public discontent with Trump’s second term in the White House, and analysts see it as the emergence of a new political order in the US. The Ugandan-born state lawmaker won over 50% of the vote, while Cuomo trailed with around 40% and Sliwa just 7%.
In his 25-minute victory speech, Mamdani said New York had provided a “mandate for change” and vowed to usher in a “generation of transformation.” He outlined a vision focused on working-class issues – including free childcare, a rent freeze, free bus services and government-run grocery stores – to make the city more affordable.
“To New York, tonight you gave a mandate for a city we can afford,” he said, prompting India’s first prime minister Jawaharlal Nehru to describe the moment as one when “the soul of a nation long suppressed finds expression.”
