Mamdani’s emphasis on socialism and redistribution of wealth runs counter to Wall Street’s preference for unbridled capitalism and policies that support growth, such as deregulation and low taxes. The 33-year-old has supported taxing the ultra-wealthy, financial transactions and passive income like dividends. He has also endorsed a state-level wealth tax and increased marginal income tax rates on high earners.
Hedge fund magnate Bill Ackman said he woke up Wednesday “a bit depressed” by Mamdani’s victory. The Pershing Square chief said he’s now looking at the logistics for another candidate, not himself, to run.
Lawrence Summers, the former Treasury Secretary and president of Harvard University, also expressed his distaste Mamdani’s nomination.
Guys, Bill Ackman and Larry Summers are sad. 😂
This is HORRIBLE! What happens when these Rich People who Dont Pay Taxes or Fire People LEAVE? WHAT will Happen when their Homes are Vacant and they ARENT Tearing up our Infrastructure while STILL not Paying Taxes? The HORROR!
How will we get all that private jet pollution we crave?
How will politicians survive without payments to their campaign ?
Who will trickle down on us poor peasants?
Who I ask you!