Billionaires Bill Ackman and Elon Musk have targeted New York City councilman Zohran Mamdani's victory in the city's Democratic primary, expressing alarm over his progressive platform and influence within the party.
Mamdani, a 33-year-old state assemblyman from Queens and self-described democratic socialist, received the largest share of votes in the June 24 ranked-choice primary, placing ahead of former Governor Andrew Cuomo and Comptroller Brad Lander.
The win puts him in a strong position heading into the general election in November.
Hedge fund manager Bill Ackman, who backed both Cuomo's campaign and Donald Trump's 2024 presidential bid, reposted several criticisms of Mamdani's campaign on X, describing it as a turning point for the city.
He pointed to New York Times data suggesting Mamdani performed strongest in higher-income districts, while Cuomo did better in lower-income areas.
"If we allow 9.1 percent of registered voters to determine the future of New York City, then we deserve the city that we are going to get," Ackman wrote.
Tesla CEO Elon Musk reacted with a laughing emoji to a post referencing Mamdani's past statement: "Queer liberation means defund the police," appearing to mock the phrase.
Mamdani has promoted policies such as free public transport, rent control, and higher taxes on the wealthy — positions that have drawn sharp criticism from business and financial leaders.
Billionaire US President Donald Trump also took aim at Mamdani on social media, calling him "a 100% Communist Lunatic."
"We've had Radical Lefties before, but this is getting a little ridiculous," the president wrote. "Yes, this is a big moment in the History of our Country."
'It's not a done deal'
Daniel Loeb, a billionaire hedge fund manager, reportedly donated $250,000 to support Cuomo and oppose Mamdani.
In response to Mamdani's primary win, Loeb declared "it's officially hot commie summer". He also slammed New York Governor Kathy Hochul as "a clueless, unqualified buffoon".
Real estate developer John Catsimatidis said the result could push wealthy residents and investors out of New York.
He predicted that current Mayor Eric Adams — now running as an independent — could still win re-election if enough support from the business community consolidates around him.
"It's not a done deal, but Cuomo screwed up real big because he tried to do what President Biden did and hide in the basement for two months," Republican billionaire Catsimatidis told Forbes, adding "if he (Adams) has Trump's help in cleaning up the streets of New York... has a chance to be a winner."
The final outcome of the ranked-choice primary is still pending as vote tabulation continues.
What's next
Both Cuomo and Adams are now considering running in the general election as independents, setting up a possible three-way race in November.
Cuomo, who resigned as governor in 2021 amid allegations of sexual misconduct, has yet to make a final decision.
Mamdani's win is widely viewed as a rebuke of the Democratic establishment and a signal of growing support for younger, progressive voices in city politics.
Mamdani currently holds around 43.5 percent of first-choice votes.
