SAN FRANCISCO
Lee Heidhues 6.25.2025
The barons of the business world and the Felon Donald Trump are beside themselves angsting out over the prospect that a genuine, intelligent, charismatic newcomer could be the next Mayor of New York City.
In his first comments since Tuesday’s mayoral primary, President Trump called Zohran Mamdani “a 100% Communist Lunatic” while insulting his appearance, voice and intelligence. He added that Mamdani’s ascent was “a big moment in the History of our Country!”
The sense of the corporate freak out is already on full display in the mainstream media.
“It’s officially hot commie summer,” Dan Loeb, chief executive of hedge fund Third Point, and a major Andrew Cuomo backer, wrote on X.
The Red Scare label is sure to be the framework for the next several months. The corporate world, the Republicans and mainstream media work overtime to obliterate the candidacy of Zohran Mamdani. https://en.wikipedia.org/wiki/Zohran_Mamdani
Excerpted from The Wall Street Journal 6.25.2025
On Wednesday morning, the world’s epicenter of capitalism woke up to find it might soon have a socialist mayor.
Democratic socialist Zohran Mamdani’s stunning win over former Gov. Andrew Cuomo in the New York City Democratic primary for mayor shocked Wall Street. Some of the world’s most influential and powerful financiers were left grasping to understand what Mamdani’s victory would mean for their industry—and whether they would leave the city.
“It’s officially hot commie summer,” Dan Loeb, chief executive of hedge fund Third Point, and a major Cuomo backer, wrote on X.
Mamdani’s campaign was, up until a few weeks ago, a long shot. On Polymarket, which successfully predicted the outcome of the 2024 presidential election, Cuomo had odds as high as 92.5% on May 27. Negative ads against Mamdani paid for by Wall Street-funded super political-action committees, as well as also-ran candidate Whitney Tilson—himself an investor—blanketed airwaves and filled residents’ mailboxes.
Mamdani’s platform includes increasing taxes on those making more than $1 million a year. He has said he would make the city more affordable by freezing rents on rent-stabilized apartments, investing $70 billion in publicly subsidized housing, providing free bus service and opening government-operated grocery stores.
Top photo: Zohran Mamdani like any solid New Yorker rides the subway.
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