Zohran Mamdani's win rattles Wall Street mogul: Bill Ackman's stunning pledge to crush NY's likely new mayor

Billionaires have slammed New Yorkers who voted for Zohran Mamdani, an Indian origin socialite, in Tuesday’s New York City Democratic mayoral primary race after he defeated former Governor Andrew Cuomo. Mamdani pulled off the stunning victory despite significant support for Cuomo from wealthy donors, according to Forbes.

Bill Ackman, the hedge fund billionaire, who donated $500,000 to a super PAC supporting Cuomo and backed President Donald Trump’s 2024 campaign, re-posted a series of tweets criticizing Zohran Mamdani's win. Ackman is reportedly planning to bankroll a New York City mayoral campaign.

Ackman said he woke up Wednesday “a bit depressed” by Mamdani’s victory. The Pershing Square chief said he’s now looking at the logistics for another candidate, not himself, to run.


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Bill Ackman to pour hundreds of millions of dollars

The billionaire investor said he and his wealthy associates are ready to pour "hundreds of millions of dollars" and has announced his intention to financially support any candidate running for the New York City mayoral election who is capable of defeating Zohran Mamdani. Ackman, along with his affluent associates, is prepared to invest "hundreds of millions of dollars" into the campaign, viewing it as a strategic opportunity with a high potential return on investment.

Expressing grave concerns over Mamdani's policies which he believes could lead to an exodus of wealthy individuals from the city. This, in turn, would jeopardize New York's public services by depleting its tax base, he alleged.

Bill said he was “gravely concerned” because he believed the left-wing candidate’s policies would be disastrous, triggering an exodus of the wealthy that would endanger New York’s public services by hollowing out its tax base.

“New York City under Mamdani is about to become much more dangerous and economically unviable,” the Pershing Square CEO posted to social media on Wednesday.

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The activist investor said he was making a public appeal: anyone capable of taking down Mamdani in the Nov. 4 election should step forward and volunteer.

“Importantly, there are hundreds of millions of dollars of capital available to back a competitor to Mamdani that can be put together overnight (believe me, I am in the text strings and the WhatsApp groups) so that a great alternative candidate won’t spend any time,” he wrote.

“So if the right candidate would raise his or her hand tomorrow, the funds will pour in.”

Ackman highlighted the potential dangers of Mamdani's policies, including defunding the police, implementing city-owned supermarkets, and freezing rents. He also suggested that former New York City mayor Michael Bloomberg would lend his entire election apparatus to any aspiring candidate, freeing them up to focus on campaigning rather than organizing and fundraising.

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Zohran Mamdani's stunning victory

In a surprising turn of events, Zohran Mamdani secured a major victory over former governor Andrew Cuomo in the Democratic Party primary, marking a significant political upset. Despite Cuomo’s established political clout and widespread name recognition, Mamdani’s campaign message—centered on addressing the city’s cost-of-living crisis—struck a chord with voters.

Mamdani’s policy platform included bold proposals such as freezing rents, establishing subsidized city-run grocery stores, and making public transportation free for all New Yorkers. His campaign pledged to fund these initiatives through increased taxes on large corporations and the wealthiest residents.

With this primary win, Mamdani is now considered the leading candidate heading into the November general election, where he will face off against incumbent Mayor Eric Adams and Republican nominee Curtis Sliwa.