Democrat Zohran Mamdani has been elected mayor of New York City, defeating fellow Democrat Andrew Cuomo and Republican candidate Curtis Sliwa in a closely watched three-way race.
Mamdani, a state assembly member representing Queens, secured a decisive victory built on promises of affordable housing, labor rights and expanded social programs.
Billionaire hedge fund manager Bill Ackman, who spent $1.75 million in an effort to block Mamdani's election, congratulated him following the result — while also offering to help him govern effectively. He said:
" Zohran Mamdani , congrats on the win. Now you have a big responsibility. If I can help NYC, just let me know what I can do."
Ackman, the co-founder of Pershing Square Capital Management, has long opposed Mamdani's socialist-leaning economic agenda. He warned earlier this year that the city's tax base could collapse if high earners begin leaving.
"It only takes a handful of successful people to leave to decimate the city's tax base," Ackman said at the time.
Billionaires react to Mamdani's win
Ackman, who has invested in several crypto-focused firms, including Shima Capital , DIMO , ORIGYNTech , and Goldfinch Finance , represents a growing segment of the finance world watching how Mamdani's policies might reshape the city's business climate.
Multiple billionaires have told local media outlets they are already preparing exit plans in case the new administration introduces stricter wealth or business taxes.
Crypto entreprenurs split on response
However, crypto entrepreneur Anthony Pompliano said he won't be leaving New York City after the socialist candidate's win.
"We can't afford to surrender one of America's greatest cities to people who believe in punishing ambition, condemning success, rewarding criminal behavior, and villainizing the pursuit of financial independence," Pompliano said.
Though Pompliano admitted that New Yorkers are frustrated with high rents and expensive groceries, he said they have voted for the "wrong solutions."
More from TheStreet Crypto:
Popular crypto analyst and the host of The Wolf of All Streets podcast Scott Melker said New York will be fine and one election doesn't change anything.
"The political pendulum swings back and forth, Mayors have limited power and rational people always emerge. This may give the city the push it needs."
Mamdani's stance on crypto
While Mamdani hasn't articulated his position on crypto policy, he has criticized the corporate influence on politics.
Earlier this year, he criticized Cuomo for partnering with crypto exchange OKX while the Federal government was investigating it.
The total crypto market cap slid 1.5% in the last 24 hours to $3.4 trillion at the time of writing.
Bitcoin (BTC) fell more than 1% to trade at $102,650.17 and Ethereum (ETH) more than 4% to trade at $3,347.64.
This story was originally reported by TheStreet on Nov 5, 2025, where it first appeared in the Business News section. Add TheStreet as a Preferred Source by clicking here.
