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Fortune
Fortune
Marco Quiroz-Gutierrez

A self-described democratic socialist could be NYC’s next mayor, and the ultrarich are in revolt: It’s a ‘hot commie summer’

Zohran Mamdani Bill Ackman Andrew Cuomo Dan Loeb Elon Musk John Catsimatidis NYC Christian Monterrosa Eric Adams New York
ohran Mamdani, New York City mayoral candidate, speaks during a news conference at Astoria Park during the New York City mayoral Democratic primary in the Queens borough of New York, US, on Tuesday, June 24, 2025. (Credit: Christian Monterrosa—Bloomberg/Getty Images)
  • After Zohran Mamdani likely secured the democratic nomination in New York City’s mayoral race, billionaires like Elon Musk and Bill Ackman rushed to criticize the young politician and issue warnings that businesses were likely to leave the city.

Billionaires are outraged after self-described democratic socialist Zohran Mamdani defeated establishment candidate Andrew Cuomo to become the Democratic nominee in New York City’s mayoral race.

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