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New York City Mayor Zohran Mamdani (D) appointed former Federal Trade Commission Chair Lina Khan to lead the board of the city’s Economic Development Corporation, placing one of Big Tech’s fiercest critics at the center of his economic agenda. <\/p>\n
Mamdani Puts Khan At Economic Helm <\/p>\n
Mamdani said Khan had “fought exploitation and dishonesty” and provided “the blueprint for a government that delivers for working people.” He said she would usher the agency into “a new era of opportunity” and ensure “justice is the driving principle” behind its work. <\/p>\n
The nonprofit EDC manages city assets, finances development and works to attract businesses and jobs. Anthony Shorris, a former deputy mayor and McKinsey partner, will serve as president and CEO alongside Khan. <\/p>\n
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“EDC has a vital role to play in ensuring that New York’s economy is growing in ways that make our city more affordable, efficient and resilient,” Khan said. “I look forward to working with the administration to advance this vision and make life materially better for New Yorkers.” <\/p>\n
Khan Brings Aggressive Antitrust Record Downtown <\/p>\n
Khan led the FTC from 2021 to 2025 and became the face of the Biden administration’s antitrust push. Her agency sued Amazon.com Inc. in 2023, alleging it illegally maintained monopoly power, and pursued a case accusing Meta Platforms Inc. in September 2025 of using a “buy or bury” strategy with Instagram and WhatsApp. <\/p>\n
The FTC also challenged Microsoft Corp.’s $69 billion Activision Blizzard purchase and opened a broad investigation into Microsoft’s cloud and AI businesses. Courts rejected the Activision challenge and an effort to block Meta’s purchase of virtual-reality developer Within. <\/p>\n
Trending: Avoid the #1 Investing Mistake: How Your ‘Safe’ Holdings Could Be Costing You Big Time<\/a> <\/p>\n Khan’s tenure nevertheless produced victories. The FTC helped block Kroger Co.’s $25 billion Albertsons Companies Inc. purchase in December 2024 and Tapestry Inc.’s $8.5 billion Capri Holdings Ltd. deal. It also scrutinized AI partnerships linking Microsoft, OpenAI, Amazon, Anthropic and Google. <\/p>\n Appointment Rekindles Business And Political Debate <\/p>\n The appointment renewed debate over Mamdani’s relationship with business. Khan’s earlier transition-team role reportedly left some wealthy New Yorkers “looking for therapy”, while corporate critics have called her approach overly aggressive. <\/p>\n Story Continues <\/p>\n Her record has also scrambled party lines. House Republicans accused Khan of politicizing the FTC, but Vice President JD Vance previously said she was doing “a pretty good job.” Deputy Mayor Julie Su said Khan and Shorris would help build “a city that’s more affordable and more just.” <\/p>\n Image via Shutterstock <\/p>\n Read Next:\u00a0 <\/p>\n Building Wealth Across More Than Just the Market <\/p>\n Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That’s why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn’t tied to the fortunes of just one company or industry. <\/p>\n Arrived <\/p>\n Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100<\/a>. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly. <\/p>\n Realberry <\/p>\n Institutional-quality real estate has traditionally been difficult for individual investors to access. Realberry gives accredited investors direct access to private real estate opportunities <\/a>backed by a team with 35 years of experience, $3.4 billion in assets under management, and $481 million in cumulative distributions paid to investors as of Q4 2025, according to the company. With a portfolio spanning 13 million square feet across seven U.S. states, Realberry focuses on acquiring, developing, and managing real estate with an emphasis on long-term value creation while its principals often invest alongside clients to help align interests. <\/p>\n FarmTogether <\/p>\n Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000<\/a> \u2014 fully managed, with no landlord headaches. <\/p>\n Immersed <\/p>\n Immersed is building technology for the future of work through spatial computing.<\/a> Known for its AR\/VR productivity platform that enables users to work across multiple virtual screens, the company has grown to more than 1.5 million users worldwide. Immersed is also developing Visor, a lightweight headset designed specifically for professional productivity, positioning the company at the intersection of remote work, extended reality (XR), and next-generation computing. <\/p>\n Fundrise <\/p>\n Private real estate and private credit can add income and stability to a stock-heavy portfolio. Fundrise offers access to diversified private real estate<\/a> and credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth. <\/p>\n Mode Mobile <\/p>\n Mode Mobile is changing the way people interact with their phones by letting users earn money from the same apps and activities they already use every day.<\/a> Instead of platforms keeping all the advertising revenue, Mode Mobile shares a portion back with users who engage with content, play games, and scroll on their devices. Named one of Deloitte’s fastest-growing software companies in North America, the company has built a large beta user base and is scaling a model that turns everyday smartphone usage into a potential income stream.\u00a0 <\/p>\n EquityMultiple\u00a0 <\/p>\n For accredited investors looking beyond stocks and bonds, EquityMultiple provides access to vetted commercial real estate deals starting at $5,000<\/a>,<\/a> with only ~5% of opportunities passing their due diligence process. <\/p>\n \u00a9 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. <\/p>\n","protected":false},"excerpt":{"rendered":"Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. 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