{"id":275184,"date":"2025-11-06T13:18:10","date_gmt":"2025-11-06T13:18:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/275184\/"},"modified":"2025-11-06T13:18:10","modified_gmt":"2025-11-06T13:18:10","slug":"from-jamie-dimon-to-bill-ackman-wall-streets-billionaires-are-now-changing-their-tune-and-offering-to-help-zohran-mamdani","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/275184\/","title":{"rendered":"From Jamie Dimon to Bill Ackman, Wall Street’s billionaires are now changing their tune and offering to help Zohran Mamdani"},"content":{"rendered":"

Zohran Mamdani, who ran his campaign<\/a> on tackling the cost of living through policies like city-run groceries, free public transit, and universal childcare, was declared the next mayor of the U.S.\u2019 largest city on Tuesday. And some of the billionaires who previously opposed him are changing their tune.<\/p>\n

The Associated Press declared<\/a> Mamdani\u2019s win at 9:35 p.m. Eastern Time Tuesday, just over half an hour after polls closed. Taking the stage at his campaign\u2019s watch party<\/a>, the 34-year-old Democrat celebrated his win while taking aim at the wealthy donors who had bankrolled his opponent, independent candidate and former New York governor Andrew Cuomo.<\/p>\n

\u201cTens of millions of dollars have been spent to redefine reality and to convince our neighbors that this new age is something that should frighten them,\u201d 34-year-old Mamdani said. \u201cThe billionaire class has sought to convince those making $30-an-hour that their enemies are those earning $20-an-hour. They want the people to fight amongst ourselves so that we remain distracted from the work of remaking a long, broken system.\u201d\u00a0<\/p>\n

A number of billionaires collectively spent<\/a> more than $22 million to back Mamdani\u2019s opponents, according to Forbes. At least 26 billionaires and wealthy families, including Bloomberg L.P. cofounder Michael Bloomberg, hedge fund manager Bill Ackman, Airbnb<\/a> cofounder Joe Gebbia, and members of the Lauder family, heirs of the cosmetics company Est\u00e9e Lauder, contributed at least $100,000 each to independent expenditure committees and super PACs that supported Andrew Cuomo and ran ads against Mamdani. Michael Bloomberg alone contributed $8 million<\/a> to back Cuomo in the Democratic primary.\u00a0<\/p>\n

During his speech on Tuesday evening, Mamdani said his administration will \u201crefuse to let them dictate the rules of the game anymore.\u201d<\/p>\n

\u201cThey can play by the same rules as the rest of us,\u201d he said.<\/p>\n

After Mamdani won the Democratic primary in June, some business leaders threatened<\/a> to flee New York City if Mamdani was elected mayor. But now some of Wall Street\u2019s billionaires\u2014even ones who backed candidates running against Mamdani\u2014are offering their help in light of his win.<\/p>\n

Bill Ackman, a vocal Mamdani criticizer who reportedly spent $1.75 million<\/a> in efforts to defeat the mayoral hopeful, congratulated him in a Tuesday night post<\/a> on X<\/a>.<\/p>\n

\u201cNow you have a big responsibility,\u201d Ackman wrote. \u201cIf I can help NYC, just let me know what I can do.\u201d<\/p>\n

Jamie Dimon, CEO of JPMorgan Chase<\/a>, previously told<\/a> Fortune Mamdani was \u201cmore Marxist than socialist.\u201d But, he added, \u201cif he becomes mayor, I will call him and offer my help.\u201d<\/p>\n

\u201cIf he becomes mayor, so be it,\u201d Dimon added.<\/p>\n

Mike Novogratz, a crypto billionaire, told<\/a> Bloomberg on Tuesday the city\u2019s business community needs to reach out to Mamdani.<\/p>\n

\u201cHe\u2019s tapping into a message that\u2019s real: that we\u2019ve got a tale of two cities in the Dickensian sense\u2026 and can you address the affordability issue in creative ways without driving business out,\u201d Novogratz said.<\/p>\n

Even as some of Mamdani\u2019s earlier critics have adopted a more conciliatory tone, President Donald Trump\u2019s threats of withholding funding to the city with Mamdani in office looms.<\/p>\n

Trump endorsed Cuomo on Monday, and said in a Truth Social post<\/a> it was \u201chighly unlikely\u201d he\u2019d send more than the minimum of federal funds required to the city if Mamdani became mayor.<\/p>\n

\u201cIt\u2019s going to be hard for me as president to give a lot of money to New York\u201d with Mamdani as mayor, Trump said in an interview on CBS News\u2019 \u201c60 Minutes<\/a>\u201d with Norah O\u2019Donnell. \u201cBecause if you have a communist running New York, all you\u2019re doing is wasting the money you\u2019re sending there.\u201d<\/p>\n

Mamdani is poised to become the city\u2019s first Muslim mayor, the first of South Asian heritage, and the first born in Africa. He\u2019s poised to take office on Jan. 1.
In response to Trump\u2019s comments about sending funding to New York City, Mamdani said<\/a> he would \u201caddress that threat for what it is: it is a threat. It is not the law.\u201d\n<\/p>\n