His potential victory could bring what the Street despises the most — tax hikes and tighter regulation that threaten corporate and investment interests.

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. 😂