"it is odd to have the bastion of American capitalism with a socialist"
"he was part of that socialist democratic thing, which literally is more Marxist than socialist-and I read it-but I don't know what he believes in that."
"too much student debt and lack of affordable housing keeps young people with negative capital for too long. And without a stake in the capitalist system, they will turn against it."
Zohran Mamdani, a 34-year-old democratic socialist, won the New York City mayoral election. Wealthy business leaders spent an estimated $22 million to oppose his candidacy. Some financiers and tech elites have since offered reluctant congratulations after backing efforts to keep him out of office. JPMorgan CEO Jamie Dimon described the juxtaposition of American capitalism and a socialist mayor as odd and expressed openness to engagement despite uncertainty about Mamdani’s beliefs. Activist investor Bill Ackman congratulated Mamdani after reportedly donating $1.75 million to oppose him. Chamath Palihapitiya circulated a 2020 Peter Thiel note warning about youth negative capital and alienation from capitalism.
Read at Fortune
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