Zohran Mamdani’s NYC primary win shocks Wall Street

Wall Street reeled Wednesday as Democratic socialist Zohran Mamdani defeated former Gov. Andrew Cuomo in the party’s primary for New York City mayor.

Cuomo, once heavily favored with 92.5% odds on Polymarket, conceded after Mamdani maintained a steady nine-point lead. 

Mamdani’s bold platform includes a $70 billion investment in public housing, a millionaire’s tax, rent freezes for stabilized apartments, free buses, and government-run grocery stores. 

The upset, driven by grassroots momentum, defied tens of millions in negative ads funded by Wall Street-aligned super PACs and rival investor Whitney Tilson.

Hedge fund giants and billionaires, including Dan Loeb, Bill Ackman and Michael Bloomberg, had heavily backed Cuomo, expecting a business-friendly win.

Instead, Mamdani’s victory exposed a generational shift—more individual donors from banks like Goldman Sachs backed him over Cuomo.

Alarmed financiers held emergency calls to raise $20 million to oppose Mamdani and discussed backing Adams or pushing Curtis Sliwa to exit. 

Some developers and CEOs, citing concerns over taxes, regulation, and antisemitism, are planning exits to Florida, Texas, or Nashville.