Zohran Mamdani , a self-declared democratic socialist surged to victory in the Democratic mayoral primary by a resounding 12-point margin over Andrew Cuomo and some of the people cheering loudest from the sidelines are venture capitalists, hedge fund analysts, and startup millionaires.
Mamdani , a 33-year-old Queens assemblymember and proud opponent of the billionaire class, has sent the city’s elite into a frenzy. Hedge fund managers have dubbed him “Little Fidel,” as quoted by Vanity Fair. Real estate tycoons are threatening to pack up shop. But not all of Wall Street is panicking. In fact, a surprising number of young, upwardly mobile professionals in tech and finance are opening their wallets to back the very man who wants to raise their taxes and cap their rents.
While supermarket mogul John Catsimatidis warns of shuttering his Gristedes empire if Mamdani wins City Hall, others see a different opportunity: to realign power in a city that’s become unlivable for millions. And behind the scenes, from glossy LinkedIn profiles to discreet campaign filings, a peculiar alliance is taking shape—one that could reshape the American left.
The millionaires for Mamdani
One of Mamdani’s most outspoken supporters in the financial world is James Hueston, a 27-year-old venture capitalist. As The Washington Post detailed, Hueston has backed Mamdani not out of naivety, but out of principle. “In my eyes, I should absolutely be paying my fair share for the people that need it,” he said. “I don’t think that he’s increasing taxation for the sake of it. I think that he’s doing it to fund very explicitly good policies.”
Among the most prominent and public is Bradley Tusk , the founder and CEO of Tusk Ventures , the first venture capital fund dedicated exclusively to startups operating in highly regulated industries. Tusk’s profile is hardly that of a revolutionary. He served as campaign manager for Michael Bloomberg’s third mayoral run and later advised his administration. But on LinkedIn, Tusk publicly encouraged New Yorkers to “do what we can to help him succeed” after Mamdani’s primary win over Andrew Cuomo.
A newer generation of backers includes James Hueston, a 27-year-old senior associate at Primetime Partners , a venture capital fund focused on startups serving older adults. Hueston has spoken publicly and passionately in favour of Mamdani’s agenda. “In my eyes, I should absolutely be paying my fair share for the people that need it,” he told The Washington Post. “I don’t think that he’s increasing taxation for the sake of it. I think that he’s doing it to fund very explicitly good policies.”
Then there’s Mark Gorton, a more established figure whose influence spans finance and digital media. Gorton is the founder and current chairman of Tower Research Capital , a major algorithmic trading firm, and the former CEO of LimeWire , the once-notorious peer-to-peer file sharing service. A Stanford- and Harvard-educated engineer and MBA, Gorton hasn’t shied away from politics. He told The Washington Post he supports Mamdani’s free bus programme and dismissed other wealthy New Yorkers’ threats to leave the city over tax hikes. “New York is a pretty special place. It’s very hard to go somewhere else,” he said. “And are you going to do it for an extra 2%?”
Not all backers are public. According to campaign finance data cited by The Washington Post , Mamdani has received contributions from a managing director at Deutsche Bank , a trader at Jane Street Capital , and multiple employees at Goldman Sachs . Many of these donors are in their twenties and thirties early in their careers and unafraid to attach their names to a progressive cause. Still, others remain anonymous, citing professional repercussions and fears of being “blackballed.”
The fundraising picture
Yet for all the buzz, Mamdani trails in overall fundraising. As City Limits reported, Andrew Cuomo raised $4 million to Mamdani’s $1.7 million. But Mamdani dominates when it comes to out-of-state support, receiving 4,494 donations more than four times Cuomo’s tally. These contributions, while smaller in size (averaging $50), point to Mamdani’s national reach. Cuomo’s out-of-state donations average over $600.
Sandeep Kaushik, a Seattle-based moderate Democrat, told City Limits that Mamdani’s appeal lies in his “easy-to-understand issues” and broad, aspirational message. “Mamdani is young and charismatic and a person of colour... [His policies] may not actually be particularly viable or practical or attainable, but speak to the aspirations of left-progressive voters.”
Panic among the ultra-wealthy
Not everyone is so sanguine. As Vanity Fair reported, hedge fund billionaire Daniel Loeb called Mamdani “Little Fidel.” David Sacks warned that the candidate’s rise meant “Silicon Valley better get on board with MAGA or prepare to be on Mamdani’s dinner menu.” Supermarket tycoon John Catsimatidis, who previously ran for mayor himself, threatened to close his Gristedes stores. “If the city of New York is going socialist, I will definitely close, or sell, or move or franchise the Gristedes locations.”
Bill Ackman, another prominent hedge fund figure, has mounted a counteroffensive, saying Mamdani’s policies “would be disastrous for NYC” and warning that the wealthy who “assume the associated tax burden” could just leave. Ackman also claimed, according to Vanity Fair, that his group chat of billionaire friends could quickly fund a centrist challenger.
Cuomo, defeated but not yet finished, is reportedly considering an independent run. His spokesperson, Rich Azzopardi , told The New York Times: “Extremism, division and empty promises are not the answer to this city’s problems.”
But Mamdani’s supporters say the real “extremism” lies in the status quo. As Annemarie Gray of Open New York pointed out after the Adams administration sided with efforts to block low-income senior housing: “The official policy of the Adams administration is that elite comfort is more important than homes for vulnerable elderly people.”
A new blueprint for the Left
Mamdani’s general election opponents now include incumbent Eric Adams, running as an independent, and Republican Curtis Sliwa. Adams, whose campaign was hobbled by a now-dismissed federal bribery probe, has reignited his political machine by painting Mamdani as a dangerous radical. “We should not be doing an experiment when we have real results and expertise to make New Yorkers safe,” Adams said.
Mamdani remains defiant. “Democrats spoke in a clear voice, delivering a mandate for an affordable city, a politics of the future, and a leader unafraid to fight back against rising authoritarianism,” he declared after the AP confirmed his primary win.
Born in Uganda, the son of Indian parents, Mamdani arrived in the U.S. at seven and became a citizen in 2018. If elected, he would be New York’s first Muslim mayor and its first of Indian descent.
Mamdani , a 33-year-old Queens assemblymember and proud opponent of the billionaire class, has sent the city’s elite into a frenzy. Hedge fund managers have dubbed him “Little Fidel,” as quoted by Vanity Fair. Real estate tycoons are threatening to pack up shop. But not all of Wall Street is panicking. In fact, a surprising number of young, upwardly mobile professionals in tech and finance are opening their wallets to back the very man who wants to raise their taxes and cap their rents.
While supermarket mogul John Catsimatidis warns of shuttering his Gristedes empire if Mamdani wins City Hall, others see a different opportunity: to realign power in a city that’s become unlivable for millions. And behind the scenes, from glossy LinkedIn profiles to discreet campaign filings, a peculiar alliance is taking shape—one that could reshape the American left.
The millionaires for Mamdani
One of Mamdani’s most outspoken supporters in the financial world is James Hueston, a 27-year-old venture capitalist. As The Washington Post detailed, Hueston has backed Mamdani not out of naivety, but out of principle. “In my eyes, I should absolutely be paying my fair share for the people that need it,” he said. “I don’t think that he’s increasing taxation for the sake of it. I think that he’s doing it to fund very explicitly good policies.”
Among the most prominent and public is Bradley Tusk , the founder and CEO of Tusk Ventures , the first venture capital fund dedicated exclusively to startups operating in highly regulated industries. Tusk’s profile is hardly that of a revolutionary. He served as campaign manager for Michael Bloomberg’s third mayoral run and later advised his administration. But on LinkedIn, Tusk publicly encouraged New Yorkers to “do what we can to help him succeed” after Mamdani’s primary win over Andrew Cuomo.
A newer generation of backers includes James Hueston, a 27-year-old senior associate at Primetime Partners , a venture capital fund focused on startups serving older adults. Hueston has spoken publicly and passionately in favour of Mamdani’s agenda. “In my eyes, I should absolutely be paying my fair share for the people that need it,” he told The Washington Post. “I don’t think that he’s increasing taxation for the sake of it. I think that he’s doing it to fund very explicitly good policies.”
Then there’s Mark Gorton, a more established figure whose influence spans finance and digital media. Gorton is the founder and current chairman of Tower Research Capital , a major algorithmic trading firm, and the former CEO of LimeWire , the once-notorious peer-to-peer file sharing service. A Stanford- and Harvard-educated engineer and MBA, Gorton hasn’t shied away from politics. He told The Washington Post he supports Mamdani’s free bus programme and dismissed other wealthy New Yorkers’ threats to leave the city over tax hikes. “New York is a pretty special place. It’s very hard to go somewhere else,” he said. “And are you going to do it for an extra 2%?”
Not all backers are public. According to campaign finance data cited by The Washington Post , Mamdani has received contributions from a managing director at Deutsche Bank , a trader at Jane Street Capital , and multiple employees at Goldman Sachs . Many of these donors are in their twenties and thirties early in their careers and unafraid to attach their names to a progressive cause. Still, others remain anonymous, citing professional repercussions and fears of being “blackballed.”
The fundraising picture
Yet for all the buzz, Mamdani trails in overall fundraising. As City Limits reported, Andrew Cuomo raised $4 million to Mamdani’s $1.7 million. But Mamdani dominates when it comes to out-of-state support, receiving 4,494 donations more than four times Cuomo’s tally. These contributions, while smaller in size (averaging $50), point to Mamdani’s national reach. Cuomo’s out-of-state donations average over $600.
Sandeep Kaushik, a Seattle-based moderate Democrat, told City Limits that Mamdani’s appeal lies in his “easy-to-understand issues” and broad, aspirational message. “Mamdani is young and charismatic and a person of colour... [His policies] may not actually be particularly viable or practical or attainable, but speak to the aspirations of left-progressive voters.”
Panic among the ultra-wealthy
Not everyone is so sanguine. As Vanity Fair reported, hedge fund billionaire Daniel Loeb called Mamdani “Little Fidel.” David Sacks warned that the candidate’s rise meant “Silicon Valley better get on board with MAGA or prepare to be on Mamdani’s dinner menu.” Supermarket tycoon John Catsimatidis, who previously ran for mayor himself, threatened to close his Gristedes stores. “If the city of New York is going socialist, I will definitely close, or sell, or move or franchise the Gristedes locations.”
Bill Ackman, another prominent hedge fund figure, has mounted a counteroffensive, saying Mamdani’s policies “would be disastrous for NYC” and warning that the wealthy who “assume the associated tax burden” could just leave. Ackman also claimed, according to Vanity Fair, that his group chat of billionaire friends could quickly fund a centrist challenger.
Cuomo, defeated but not yet finished, is reportedly considering an independent run. His spokesperson, Rich Azzopardi , told The New York Times: “Extremism, division and empty promises are not the answer to this city’s problems.”
But Mamdani’s supporters say the real “extremism” lies in the status quo. As Annemarie Gray of Open New York pointed out after the Adams administration sided with efforts to block low-income senior housing: “The official policy of the Adams administration is that elite comfort is more important than homes for vulnerable elderly people.”
A new blueprint for the Left
Mamdani’s general election opponents now include incumbent Eric Adams, running as an independent, and Republican Curtis Sliwa. Adams, whose campaign was hobbled by a now-dismissed federal bribery probe, has reignited his political machine by painting Mamdani as a dangerous radical. “We should not be doing an experiment when we have real results and expertise to make New Yorkers safe,” Adams said.
Mamdani remains defiant. “Democrats spoke in a clear voice, delivering a mandate for an affordable city, a politics of the future, and a leader unafraid to fight back against rising authoritarianism,” he declared after the AP confirmed his primary win.
Born in Uganda, the son of Indian parents, Mamdani arrived in the U.S. at seven and became a citizen in 2018. If elected, he would be New York’s first Muslim mayor and its first of Indian descent.
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