Billionaires are outraged after self-described Democratic Socialist Zohran Mamdani defeated establishment candidate Andrew Cuomo to become the Democratic nominee in New York City\u2019s mayoral race.<\/p>\n
The 33-year-old Mamdani was, until recently, a little-known state assembly member and came into the Democratic primary as an underdog, unlikely to surmount former Gov. Cuomo\u2019s brand recognition and billionaire backers. But his proposals\u2014which included rent freezes, free bus fare, and city-owned grocery stores\u2014ultimately resonated with New Yorkers who have faced rising rents and heaps of economic pain in one of the most expensive cities in the world.<\/p>\n
Mamdani has all but clinched the nomination after Cuomo conceded the race this week, and because of his Democratic Socialist label and controversial proposals, billionaires have rushed to paint the young politician as a threat to business, democracy, and the Democratic Party. Many of the billionaires protesting also lost financially, donating to \u201cFix the City,\u201d a nonprofit group that received about $25 million in donations and spent loads on pro-Cuomo ads and anti-Mamdani ads, per Business Insider<\/a>.<\/p>\n Here are some of the loudest (and richest) voices attacking Mamdani after his landmark win.\u00a0<\/p>\n Bill Ackman (Net worth $8.09 billion)<\/p>\n One of the loudest voices condemning Mamdani is activist investor and hedge fund manager Bill Ackman. Ackman, who founded Pershing Square Capital Management, let loose on Mamdani in one of his characteristic posts on X<\/a>.\u00a0<\/p>\n In response to Mamdani\u2019s win, the hedge funder said he and his allies would saturate New York City\u2019s election with donations to try to defeat him.\u00a0<\/p>\n After calling Mamdani \u201cyoung and charming,\u201d Ackman criticized him for his comments about the New York Police Department, and his proposals for rent freezes and city-owned grocery stores. He also claimed a Mamdani mayoral victory would push big business to exit New York.\u00a0<\/p>\n \u201cSocialism has no place in the economic capital of our country,\u201d wrote Ackman on X<\/a>. \u201cThe ability for NYC to offer services for the poor and needy, let alone the average New Yorker, is entirely dependent on NYC being a business-friendly environment and a place where wealthy residents are willing to spend 183 days and assume the associated tax burden.\u201d<\/p>\n Ackman also promised hundreds of millions of dollars of funds \u201cwill pour in,\u201d if the right candidate to oppose Mamdani appears.<\/p>\n Elon Musk (Net worth $368 billion)<\/p>\n Now essentially on the sidelines of government after running President Trump\u2019s Department of Government Efficiency, Tesla<\/a> CEO Elon Musk still found time to chime in on Mamdani\u2019s win, even if he held back major criticism.\u00a0<\/p>\n In several comments reacting to other users\u2019 tweets on X<\/a>, Musk made his skepticism about Mamdani known. Musk commented a laughing emoji in reaction to another user\u2019s post criticizing Mamdani saying \u201cqueer liberation means defund the police.\u201d\u00a0<\/p>\n John Catsimatidis (Net worth $4.5 billion)\u00a0<\/p>\n The billionaire founder of the Gristedes grocery chain threatened to move the company out of New York should Mamdani win the NYC mayoral election. Catsimatidis threatened to move the company\u2019s corporate offices to New Jersey.<\/p>\n \u201cIf the city of New York is going socialist, I will definitely close, or sell, or move or franchise the Gristedes locations,\u201d Catsimatidis told Fox Business.<\/a><\/p>\n Catsimatidis also took issue with Cuomo and the way he ran his campaign.\u00a0<\/p>\n \u201cIt\u2019s not a done deal, but Cuomo screwed up real big because he tried to do what President Biden did and hide in the basement for two months,\u201d Catsimatidis told Forbes.<\/p>\n However, the grocery chain magnate said Trump may be able to help current New York City mayor Eric Adams beat out Mamdani in the general election in November. Adams has vowed to run as an independent.<\/p>\n Dan Loeb (Net worth $3.2 billion)\u00a0<\/p>\n Dan Loeb, the billionaire founder of hedge fund Third Point, donated $250,000 to support \u201cFix the City,\u201d which backed Cuomo.\u00a0<\/p>\n After Mamdani\u2019s presumptive win, Loeb criticized New York Gov. Kathy Hochul\u2019s comment calling Mamdani\u2019s campaign a \u201cformidable grassroots coalition.\u201d<\/p>\n \u201cFor anyone who had a doubt that our Governor is a clueless, unqualified buffoon,\u201d Loeb said in a post<\/a> on X.<\/p>\n