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“Voters reacted positively to Mamadani’s campaign Tuesday, granting him 43.5% of the vote share to Cuomo’s 36.4% in the first round of ranked-choice voting. To Wall Street’s elite, however, Mamdani’s agenda has only sparked fear, and in some, depression. “I was a bit depressed when I woke up this morning,” wrote Bill Ackman, the billionaire hedge fund manager and founder of Pershing Square Capital management and strong ally to President Donald Trump, on X Wednesday, formally known as Twitter. Others took aim at Mamdani’s agenda, labeling it as socialism and communism. “I can’t believe I even need to say this, but socialism doesn’t work,” said Anthony Pompliano, CEO of the bitcoin-focused financial services company Professional Capital Management, speaking to The Wall Street Journal. “It has failed in every American city it was tried.” Despite no American city in history having enacted a socialist economic policy, which would mandate full employee ownership of all means of production, Wall Street financiers continued to voice fears of New York City transforming into a communist takeover.”

— ‘I’m depressed and sad’: Wall Street melts down over NYC mayoral contest upset - Raw Story