New York City’s business and finance elite — many of whom campaigned against Zohran Mamdani’s mayoral bid — reacted to his historic victory with a mix of caution, congratulations, and calls for cooperation.
Billionaire hedge fund manager Bill Ackman, one of Zohran Mamdani’s fiercest critics, struck a conciliatory tone following the Democrat’s decisive mayoral victory.
In a post on X, Ackman wrote, “Now you have a big responsibility.”
He expanded on the message the next day, saying he cares “enormously” about the city and acknowledging that Mamdani’s win was “decisive.”
“While I did not support Mamdani for mayor and have concerns about the unintended and negative consequences of his policies, I want to do everything I can to help NYC regardless of who our mayor is,” Ackman said.
Ackman, the CEO of Pershing Square Capital Management, reportedly spent $1.75 million trying to prevent Mamdani’s election — $500,000 during the Democratic primary and $1.25 million in the general election.
Loeb mocks Ackman’s post
Another hedge fund billionaire, Daniel Loeb, who donated $775,000 to back Mamdani’s opponent, appeared to mock Ackman’s outreach.
Loeb posted on X: “Ladies, find a man who loves you the way Bill Ackman loves himself.”
Novogratz urges cooperation
Crypto billionaire Mike Novogratz took a more pragmatic stance, telling that the business community should engage with Mamdani’s administration.
“He’s tapping into a message that’s real — that we’ve got a tale of two cities in the Dickensian sense,” Novogratz said.
He added that leaders must find “creative ways to address affordability without driving business out.”
Real estate industry signals willingness to work together
James Whelan, president of the Real Estate Board of New York (REBNY), congratulated the mayor-elect and pledged cooperation.
“REBNY is prepared to work with the next mayor to address the issue of housing affordability and other challenges facing our city,” Whelan said in a statement.
Political and philanthropic voices weigh in
Andrew Yang, now CEO of Noble Mobile, commented on Mamdani’s victory, posting on X: “Zohran Mamdani is the mayor-elect of New York City — and the hard part almost certainly lies ahead.”
Meanwhile, Alex Soros, chair of the Open Society Foundations and son of billionaire George Soros, celebrated the win with a hopeful message: “So proud to be a New Yorker! The American dream continues!”
Speaking before a jubilant crowd at Brooklyn Paramount Theater, Mamdani celebrated his decisive win and issued a bold challenge to US President Donald Trump, who had backed Cuomo’s independent bid.
“Since I know you’re watching, I have four words for you: turn the volume up,” Mamdani declared. “If anyone can show a nation betrayed by Donald Trump how to defeat him, it’s the city that gave rise to him.”
Mamdani’s victory comes amid growing public discontent with Trump’s second term in the White House and is being seen by analysts as the emergence of a new political order in the U.S. The Uganda-born state lawmaker secured over 50% of the vote, while Cuomo trailed at around 40% and Sliwa just 7%.
In his 25-minute victory speech, Mamdani said New York had delivered a “mandate for change” and vowed to usher in “a generation of transformation.” He outlined a vision focused on working-class issues — including free childcare, rent freezes, free bus services, and government-run grocery stores — to make the city more affordable.
“New York, tonight you have delivered a mandate for a city we can afford,” he said, invoking India’s first Prime Minister Jawaharlal Nehru to describe the moment as one where “the soul of a nation long suppressed finds utterance.”
