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The Guardian - US
The Guardian - US
World
Edward Helmore in New York

Wall Street shivers over ‘hot commie summer’ after Mamdani’s success

Zohran Mamdani Andrew Cuomo Gerard Filitti Wall Street Bill Ackman New York CNBC Gotham PAC
Zohran Mamdani takes selfies with supporters after speaking at his primary election party in New York on 25 June.
Zohran Mamdani takes selfies with supporters after speaking at his primary election party in New York on 25 June. Photograph: Heather Khalifa/AP

When Zohran Mamdani, a 33-year-old self-described socialist, won New York’s mayoral Democratic nomination last week over a seasoned but scandal-scarred veteran, the city’s financial elite had a meltdown.

This was the start of “hot commie summer” in the city, New York hedgevfund billionaire Daniel Loeb posted to X. John Catsimatidis, billionaire CEO of grocery chain Gristedes and friend of Donald Trump, warned on Fox Business: “If the city of New York is going socialist, I will definitely close, or sell, or move.”

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