{"id":270760,"date":"2025-11-04T11:27:09","date_gmt":"2025-11-04T11:27:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/270760\/"},"modified":"2025-11-04T11:27:09","modified_gmt":"2025-11-04T11:27:09","slug":"some-ceos-have-vowed-to-revolt-against-a-zohran-mamdani-win-jamie-dimon-says-hell-offer-my-help","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/270760\/","title":{"rendered":"Some CEOs have vowed to revolt against a Zohran Mamdani win. Jamie Dimon says he’ll ‘offer my help’"},"content":{"rendered":"

Good morning. It\u2019s election day here in New York City. President Donald Trump has endorsed former New York Governor Andrew Cuomo for mayor, calling on New Yorkers to defeat \u201cCommunist\u201d Zohran Mamdani<\/a> in a post on Truth Social. But in my conversations with business leaders over the past few weeks, I\u2019ve sensed a more nuanced stance on the 34-year-old Democratic Socialist who\u2019s now leading in the polls. As one Wall Street executive pointed out to me in Miami: \u201cHe\u2019s changed his mind on some things (such as defunding the police) and he needs to get support on others (such as raising state tax rates), so let\u2019s see how he operates.\u201d<\/p>\n

Here are some issues on the radar for business:<\/p>\n

Tax Hikes \u2013\u00a0 Mamdani has said he can raise $10 billion<\/a> through a 2% income tax surcharge on salaries over $1 million, raising the state\u2019s top corporate tax rate to 11.5%, transforming procurement and collecting almost $700 million that the city is owed. But Mamdani himself has admitted that the bulk of these moves require legislative action beyond his control.<\/p>\n

Business Exodus \u2013 Dave Portnoy of Barstool Sports has threatened to move<\/a> his New York City headquarters if Mamdani is elected. That would impact a little more than 300 people. But Jamie Dimon of JPMorgan, which has 24,000 employees in the city, recently told Fortune editor-in-chief Alyson Shontell<\/a> that he\u2019d help Mamdani or any mayor who wins the election. \u201cYou know, we survived [Mayor] Bill de Blasio,\u201d he said. \u201cNew York will survive.\u201d<\/p>\n

City-run Stores \u2013 If you want to bet on the prospects for Mamdani\u2019s plan to open a government-run grocery store in every borough, talk to one of my favorite people to interview: John Catsimatidis, who runs Gristedes and D\u2019Agostino Supermarkets in New York. Opening a business with 2% margins in a city that already gets top scores<\/a> for equitable access to groceries sounds like a losing proposition. Catsimatidis has threatened to close stores if Mamdani wins. Maybe he\u2019ll go back to his earlier offer<\/a> to give the mayor a store to run.<\/p>\n

Real Estate \u2013 Mamdani\u2019s promise of a rent freeze for 2 million New Yorkers in rent-stabilized apartments<\/a> means a rent hike for everyone else. That, plus the prospect of tax hikes, is reviving interest<\/a> in real estate in the city\u2019s affluent suburbs. But affordability is a real issue as CEOs have told me it\u2019s harder to attract talent to the city because of the cost of living, especially for startups and industries like fashion and advertising that can\u2019t offer Wall Street salaries.<\/p>\n

Gen Z \u2013\u00a0 Frustrated over housing costs, career opportunities and more, young New Yorkers want to change the status quo. That\u2019s not unique to New York, of course, and CEOs are concerned that the next generation of leaders doesn\u2019t trust that business or government is on their side. If Mamdani can ignite enthusiasm for civic engagement among Gen Z, that could be a boon for everyone.\u00a0<\/p>\n

Just a reminder to join my colleagues Geoff Colvin and Sheryl Estrada for a conversation on\u202f\u201cOptimizing for a Human\u2013Machine Workforce,\u201d next Thursday, Nov. 13, from 11:00 AM to 12:00 Noon ET. They\u2019ll be joined by Deloitte\u2019s Global AI Leader Nitin Mittal and INRIX CFO Thadd Stricker. You can register here.<\/a><\/p>\n

More news below.<\/p>\n

Contact CEO Daily via Diane Brady at diane.brady@fortune.com<\/a><\/p>\n

Top news<\/p>\n

OpenAI taps AWS<\/p>\n

Amazon shares closed at a record high Monday<\/a> after OpenAI agreed to buy $38 billion worth of AWS capacity<\/a> in a fresh sign that the ChatGPT developer is no longer dependent on Microsoft. Amazon will eventually build new data centers to meet OpenAI\u2019s demand.<\/p>\n

Norway rejects Musk\u2019s pay<\/p>\n

Norway\u2019s sovereign-wealth fund rejected Elon Musk\u2019s proposed $1 trillion pay package<\/a> due to concerns over \u201cthe total size of the award, dilution, and lack of mitigation of key person risk.\u201d The $1.9 trillion fund is the first major Tesla investor to publicize its decision ahead of Thursday\u2019s vote.<\/p>\n

Starbucks offloads its China business<\/p>\n

Starbucks is selling a 60% stake<\/a> in its China business to Boyu Capital, a Chinese private equity firm. The U.S. coffee chain will continue to own and license its brand in the country. Starbucks has struggled in China, its second-largest market, due to sluggish consumer spending and new competition from domestic brands like Luckin Coffee.\u00a0<\/p>\n

Kimberly-Clark\u2019s Tylenol deal<\/p>\n

Consumer goods company Kimberly-Clark will buy Tylenol parent Kenvue for $40 billion, part of CEO Mike Hsu\u2019s decade-long effort<\/a> to turn around the maker of Huggies and Kleenex. Kimberly-Clark investors appeared skeptical of the deal; Kenvue is at risk of personal-injury lawsuits over the Trump administration\u2019s claims that Tylenol causes autism.\u00a0<\/p>\n

Partial SNAP payments<\/p>\n

Tens of millions of Americans will only get partial payments<\/a> from the Supplemental Nutrition Assistance Program (SNAP) for November due to the government shutdown, the White House announced late on Monday. Around one in eight U.S. families receive SNAP benefits.\u00a0<\/p>\n

Trump officials block Nvidia\u2019s China hopes<\/p>\n

Top U.S. officials like Secretary of State Marco Rubio convinced President Donald Trump not to discuss the sale of advanced Nvidia chips to China during last week\u2019s summit with Xi Jinping, the Wall Street Journal<\/a> reports. Trump had previously signaled openness to allowing Nvidia to sell its advanced Blackwell AI chip to China as part of his trade war truce with Beijing. <\/p>\n

The markets<\/p>\n

S&P 500 futures were down 1.37% this morning. The last session closed up 0.17%. STOXX Europe 600 was down 1.51% in early trading. The U.K.\u2019s FTSE 100 was down 1.22% in early trading. Japan\u2019s Nikkei 225 was down 1.74%. China\u2019s CSI 300 was down 0.75%. The South Korea KOSPI was down 2.37%. India\u2019s NIFTY 50 was down 0.68%. Bitcoin was down at $104K.<\/p>\n

Around the watercooler<\/p>\n

A \u2018jobless profit boom\u2019 has cemented a permanent loss in payrolls as AI displaces labor at a faster rate, strategist says<\/a> by Jason Ma<\/p>\n

Goldman Sachs CEO says AI-induced growth offers a \u2018path out\u2019 of America\u2019s $38 trillion debt crisis<\/a> by Eleanor Pringle<\/p>\n

Walmart CEO said paying its star managers upwards of $620,000 yearly empowered them to \u2018feel like owners\u2019<\/a> by Emma Burleigh<\/p>\n

Both subprime and super prime loans are on the rise, signs of a K-shaped economy that is a \u2018prescription for real trouble\u2019<\/a> by Sasha Rogelberg<\/p>\n

MacKenzie Scott gifts $80 million to Howard University, marking one of the school\u2019s largest donations in its 158-year history<\/a> by Sydney Lake<\/p>\n

CEO Daily was compiled and edited by Angelica Ang, Nick Gordon, and Claire Zillman.\n<\/p>\n

This is the web version of CEO Daily, a newsletter of must-read global insights from CEOs and industry leaders. Sign up<\/a> to get it delivered free to your inbox.<\/p>\n","protected":false},"excerpt":{"rendered":"Good morning. It\u2019s election day here in New York City. President Donald Trump has endorsed former New York…\n","protected":false},"author":2,"featured_media":270761,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[23,57492,3,21,19,22,20,25,24],"class_list":["post-270760","post","type-post","status-publish","format-standard","has-post-thumbnail","category-united-states","tag-america","tag-ceo-daily","tag-news","tag-united-states","tag-united-states-of-america","tag-unitedstates","tag-unitedstatesofamerica","tag-us","tag-usa"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/270760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=270760"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/270760\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/270761"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=270760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=270760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=270760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}