Billionaire Meltdown! Socialist Wins NYC Primary, Wall Street Threatens Exodus

2025-06-28 18:00:24.814

The victory of 33-year-old socialist Zohran Mamdani in the New York City Democratic mayoral primary has sparked outrage among the city's financial elite. Billionaire hedge fund managers like Daniel Loeb and Bill Ackman have publicly expressed their concerns, threatening to leave the city and pledging hundreds of millions of dollars to defeat Mamdani in the general election. They fear his policies will drive away wealthy residents and businesses, crippling the city's tax base and public services. This reaction follows a similar pattern seen after previous progressive candidates, with the wealthy class previously pouring millions into campaigns to oppose more progressive candidates. Mamdani's win, however, represents a shift in the political landscape, with progressive figures like Alexandria Ocasio-Cortez and Bernie Sanders celebrating his victory as a sign of a growing movement against the influence of billionaires in politics. The upcoming general election will be a crucial test of this shift, with the outcome potentially reshaping the political and economic future of New York City.