"Mamdani's progressive agenda, which includes freezing rent, establishing city-owned grocery stores, free child-care, and taxing New York's millionaires a flat 2% tax, has put some on Wall Street on edge. The 34-year-old mayor-elect has also said he doesn't believe billionaires should exist. Some high-profile business leaders came out against Mamdani prior to election night, throwing their support behind former Democratic Gov. Andrew Cuomo."
"Bill Ackman, the CEO of Pershing Square Capital Management, poured $1.25 million into pro-Cuomo and anti-Mamdani groups since June, giving $1 million to Defend NYC and $250,000 to Fix the City. That's on top of the $500,000 he gave to Fix the City before the primary. On Tuesday night, Ackman wrote on X: "Congrats on the win. Now you have a big responsibility. If I can help NYC, just let me know what I can do.""
Zohran Mamdani won the New York City mayoral election. His agenda includes freezing rent, city-owned grocery stores, free child-care, and a flat 2% tax on millionaires. Mamdani has said he does not believe billionaires should exist. Some billionaires and business leaders, including Bill Ackman, Mike Bloomberg, and Joe Gebbia, supported Andrew Cuomo and funded pro-Cuomo groups. Elon Musk urged voters to support Cuomo. Other business figures, including Bill Ackman and Andrew Yang, congratulated Mamdani after his win and offered assistance. Back-office Wall Street workers predominantly donated to Mamdani. Some executives expressed openness to policies like free child-care to reduce employees' financial burdens.
Read at Business Insider
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