Who’s Afraid of Zohran Mamdani? Billionaires
Oligarchs are furious that the nation’s capital of capitalism is in danger of serving people instead of megaprofits.
The Supreme Court’s first chief justice, John Jay, would have empathized with the billionaires who’ve been freaking out ever since Zohran Mamdani won the Democratic primary for mayor of New York last Tuesday. “Those who own the country ought to govern it,” Jay insisted. But now, oligarchs accustomed to such governance are furious that the nation’s capital of capitalism is in danger of serving people instead of megaprofits.
Meanwhile, among progressives, euphoria is especially fitting because the Mamdani campaign’s win was truly a people-powered victory, thanks to active efforts of 40,000 volunteers. In a city where registered Democrats outnumber Republicans 6-to-1, the Democratic nomination would ordinarily be a virtual guarantee of winning the general election. But the forces of oligarchy now mobilizing could disprove a claim that “Mamdani’s widespread appeal represents the total collapse of a Democratic Party establishment.”
Such a collapse is very far from certain.
Beneath all the froth and bombast, extremely wealthy individuals are busy gauging how to prevail against the threat of democracy and social justice.
On the surface, former New York Gov. Andrew Cuomo’s decision to stay on the fall ballot as an “independent,” while incumbent Mayor Eric Adams does likewise, seems to foreshadow splitting the anti-Mamdani vote. But Cuomo still has a substantial electoral following. And the corrupt Adams—who cut a deal with President Donald Trump to viciously betray immigrants and got his criminal indictment thrown out by Trump’s Justice Department—has no better ethics than the disgraced former governor Cuomo. Bankrolled by wealthy donors, the pair might make some kind of pact, with one of them telling his followers to unify behind the other before voting begins this fall.
In any case, a key context of the upcoming election battle is that hell hath no fury like corporate power scorned.
A social-media screed by hedge-fund manager Bill Ackman (net worth: upward of $9 billion) was damn near apoplectic that activists and voters had so terribly transgressed. Ackman described himself as “a supporter of President Trump” while expressing a fervent desire “to save the Democratic Party from itself.” Mamdani’s policies, Ackman wrote late Wednesday night, “would be disastrous for NYC. Socialism has no place in the economic capital of our country.”
But Ackman held out hope that those owning the city of New York could continue to govern it: “Importantly, there are hundreds of million of dollars of capital available to back a competitor to Mamdani that can be put together overnight... so that a great alternative candidate won’t spend any time raising funds. So, if the right candidate would raise his or her hand tomorrow, the funds will pour in. I am sure that Mike Bloomberg will share his how-to-win-the-mayoralty IP [intellectual property] and deliver his entire election apparatus and system to the aspiring candidate so that the candidate can focus all of his or her energy on the campaign.”
Another aggrieved hedge-fund multibillionaire, Daniel Loeb, opted to be concise: “It’s officially hot commie summer.” Many other moguls have also sounded alarms. But beneath all the froth and bombast, extremely wealthy individuals are busy gauging how to prevail against the threat of democracy and social justice.
In the Empire State, there are many ways for the empire to strike back. The constellation of forces now regrouping with a vengeance includes titans of Wall Street, enormous real estate interests, pro-Israel groups, corporate media, the anti-progressive rich, and assorted smear artists.
In recent weeks, the completely false charge of antisemitism has escalated against Mamdani. He has taken a principled and consistent stand on behalf of human rights for all—in the process, denouncing Israel’s war on Palestinian civilians in Gaza—while at the same time opposing rapacious corporate power. So, it’s no surprise that New York’s most powerful Democrat, Sen. Minority Leader Chuck Schumer, has been dodging the question of whether he’ll endorse Mamdani in the general election.
For decades, Schumer’s campaign coffers have bulged while he has been hugely compensated by Wall Street. He has also remained a staunch supporter of Israel, despite its systematic ethnic cleaning and genocide against Palestinian people. A few months ago, Schumer declared: “My job is to keep the left pro-Israel.”
What happened in the state’s second-largest city in 2021 is important to understand. Democratic socialist India Walton was the candidate of a grassroots campaign that stunned the party establishment in the Democratic primary when she defeated Buffalo’s corporate mayor, four-term incumbent Byron Brown. As the Democratic nominee, she seemed set to win the general election in the blue city. But a coalition of furious Democratic power brokers and deep-pocketed Republicans, including racists and vehement haters of the left, aided by much of the city’s mass media, teamed up to smear her and ending up getting Brown elected as a write-in candidate.
Last weekend, I asked India (now a colleague at RootsAction, where she is senior strategist) how she saw the Mamdani campaign. “Watching the New York City mayoral primary from Buffalo last Tuesday gave me a familiar feeling,” she said. “As I watched the results come in, I felt a flutter in my gut and a sense of pensiveness. A feeling of overwhelming joy and a fear that it would be snatched away despite my attempts to cling to it. I imagine that as Zohran watched, he also felt a sense of familiarity. In 2021, Zohran Mamdani supported my run for Buffalo mayor; I was a first-time unknown candidate challenging a 16-year incumbent, and conventional wisdom said it was an impossible race to win. Now, in 2025, Zohran has once again toppled the establishment. I’m starting to think that populist policies that focus on working people are a winning strategy.”
That strategy is now striking fear into the hard hearts of insatiably greedy billionaires.
