Wall Street is posting through it.
Assemblyman Zohran Mamdani shocked New York on Tuesday night by becoming the presumptive Democratic nominee for mayor.
Mamdani, a 33-year-old democratic socialist, ran on a platform that has terrified some in the business community. Of particular concern to finance types, he wants to raise corporate taxes to 11.5% and add a 2% income tax on New Yorkers making more than $1 million.
Former Gov. Andrew Cuomo, the previous frontrunner, conceded to Mamdani, though an official outcome for the primary won't come until July 1, after ranked-choice results are tabulated and announced.
Here are some of the notable reactions so far
You and your friends better get out and vote, asshole… cuz we’re not coming for 20% of your carried interest… we’re coming back for 100% of it
— LBO Vinny (@LeveredVinny) June 25, 2025
(She’s a Bushwick Zohran girly who’s dad is a SMD at Blackstone) pic.twitter.com/N0XnaDbyCt
When you were partying, I was out capturing rats.
— High Yield Harry (@HighyieldHarry) June 24, 2025
While you were at work, I was out at the club.
While you were ordering DoorDash, I was puffing a hookah
And now that the world is on fire and the barbarians are at the gate, you have the audacity to come for me for help? pic.twitter.com/Sudo7lNRcr
people who moved from nyc to greenwich before zohran pic.twitter.com/W89SdcUtAX
— sophie (@netcapgirl) June 25, 2025
every NYC finance guy on my main feed right now pic.twitter.com/Z7anouAFio
— 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐇𝐲𝐩𝐞 (@EffMktHype) June 25, 2025
Tuesday's results aren't the final word.
Cuomo could still run as a third-party candidate in November. New York Mayor Eric Adams is already running as an independent. And Curtis Sliwa, founder of the Guardian Angels, is once again the Republican Party's nominee.
But for now, Mamdani is celebrating — and much of Wall Street is fuming.
