In the Democratic primary to select the next mayor of New York City, socialist-leaning state assembly member Joran Mamdani, 34, topped the polls, shocking Wall Street, the world's financial hub.
On the 25th, the Wall Street Journal (WSJ) reported, "The possibility of a socialist running New York City has sent Wall Street into a panic." Wall Street is actively assessing the potential repercussions if Mamdani wins the general election in November.
Mamdani has promised policies that reflect socialist characteristics, such as additional taxes on high-income earners and freezing apartment rents. If Mamdani is elected mayor in New York, which has a strong Democratic support base, Wall Street, standing at the forefront of capitalism, will inevitably face significant impacts.
Until now, major Wall Street players have backed his rival, political heavyweight former New York Governor Andrew Cuomo. During the primary, billionaire Bill Ackman of Pershing Square, Dan Loeb, CEO of Third Point, and former mayor Michael Bloomberg publicly pledged support or donated large sums to Cuomo.
Some predict a movement of 'New York exodus' from Wall Street if Mamdani takes office. The WSJ noted, "Considering the tax issues that executives at many financial firms could face under Mamdani's administration and the fear of the spread of anti-Israel sentiment, it may be better to relocate the company."
There is also a push within Wall Street to support Eric Adams, who plans to run as an independent. Adams, who was elected as a Democrat, is preparing to run as an independent in the general election in November.
Meanwhile, President Donald Trump stated on the social media platform Truth Social, "Finally, the Democrats crossed the line, and a 100% communist lunatic named Mamdani has won the Democratic primary," adding, "We've dealt with radical leftists before, but this is too much."