NYC's Billionaire CEOs Panic: Socialist Mayoral Candidate Sparks Economic Fears

The New York City mayoral race is heating up, with the leading socialist candidate, Zohran Mamdani, causing significant concern among the city's business elite. Top CEOs from companies like JPMorgan and Pfizer are reportedly apprehensive about Mamdani's policies and their potential impact on New York's $2 trillion economy.

<img src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/07/931/523/mamdani-adams.jpg?ve=1&tl=1" alt="Zohran Mamdani and Eric Adams, NYC mayor's race">

Concerns Center on Mamdani's Policies

The Partnership for New York City is hosting meetings with Mamdani to discuss policy concerns. Key anxieties revolve around Mamdani's inexperience, his socialist platform, and his stance on Israel. JPMorgan Chase CEO Jamie Dimon even labeled Mamdani a "Marxist" expressing apprehension about his policies. A Times Square billboard even urges New Yorkers to "Move to Ohio" if Mamdani wins.

<img src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/07/931/523/gettyimages-2223802630.jpg?ve=1&tl=1" alt="Jamie Dimon, Mamdani"><table><thead><tr><th>Ticker</th><th>Security</th><th>Last</th><th>Change</th><th>Change %</th></tr></thead><tbody><tr><td><a href="https://news.google.com/quote?stockTicker=JPM">JPM</a></td><td>JPMORGAN CHASE & CO.</td><td>286.86</td><td>-1.33</td><td>-0.46%</td></tr><tr><td colspan="5"></td></tr></tbody></table>

Billionaire Backlash

Billionaire hedge fund manager Bill Ackman issued a strong warning on X, claiming Mamdani's policies would be the "death knell" for NYC's economy. He cited concerns about crime, business relocation, and tax base erosion. Another billionaire, John Catsimatidis, threatened to close his Gristedes and D'Agostino supermarkets if Mamdani wins.

<img src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2022/05/931/523/ackman.jpg?ve=1&tl=1" alt="Bill Ackman, Mamdani, socialist Mamdani"><img src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2023/06/931/523/John-Cats.jpg?ve=1&tl=1" alt="John Catsimatidis on oil cuts">

The Stakes Are High

With New York City's economy representing 9% of the U.S. GDP, the outcome of this election has significant national implications. The concerns expressed by NYC's business leaders highlight the considerable stakes involved in this mayoral race.