Zohran Kwame Mamdani became mayor of New York City on Thursday, taking control of City Hall after a bruising election that pitted him against some of richest people on earth.
The win followed months of attacks from executives and billionaire donors who tried to stop him and failed. Zohran entered office with a clear focus on working-class New Yorkers, rising living costs, and the role of big business in the city’s economy.
Zohran was sworn in just after midnight at a decommissioned subway station beneath City Hall, placing his hand on a Quran as he took the oath right beside his wife, the First Lady Rama Duwaji.
Zohran spent part of the night working inside his new office, and around midday, he returned to City Hall in a taxi cab for a public inauguration. Bernie Sanders, a United States senator and longtime mentor of Zohran, administered the oath again during the daytime ceremony.
Zohran enters City Hall after Wall Street spends millions to stop him
New York City executives and billionaire business figures spent more than $40 million trying to block his rise, but that effort clearly failed, forcing financial leaders to adjust to an administration they openly opposed.
Billionaire hedge fund manager Billy Ackman spent about $2 million backing efforts to defeat him, but after Zohran won, Billy went on X and said:-
“Now you have a big responsibility. If I can help NYC, just let me know what I can do.”
During his campaign, Zohran pledged to spend his first 100 days taking what he called “concrete and substantive actions” to address the cost-of-living crisis pushing residents out of the city. He also said he would confront “corporate greed.”
Wall Street ally president Donald Trump warned during the race that federal funding could be cut if Zohran won. Donald also spoke publicly about sending National Guard troops to the city.
After the election, Trump changed his tone and invited Zohran to the White House in November. The meeting ended without confrontation. “I want him to do a great job and will help him do a great job,” Trump said.
Zohran faces legal limits though, cause he cannot raise taxes without approval from New York State lawmakers.
Wall Street bets on AI continue as Zohran pushes economic pressure at home
As Zohran prepares to govern, Wall Street remains locked into aggressive spending on AI, in spite of the blatant risks, with more than 60 financial institutions published outlooks showing near-universal confidence in AI. Fidelity International called it “the defining theme for equity markets” in 2026.
The BlackRock Investment Institute said AI would continue to outweigh tariffs and traditional macro forces. NatWest described the technology as “a powerful engine of economic expansion.” BCA Research, which warned of a possible U.S. recession, stayed neutral on stocks because of heavy AI capital spending.
JPMorgan Wealth Management framed the risk in blunt terms. “The biggest risk, to us, is not having exposure to this transformational technology,” the company said.
Wall Street is also extremely concerned about geopolitics, trade barriers, and a weakening U.S. labor market, according to Bloomberg. Even with those risks, expectations remain for continued global growth.
Analysts expect the Federal Reserve to cut rates many times next year, thanks to Trump’s expected appointment that will most likely force the central bank to lose its independent.
“Regional policy shifts suggest a more supportive macro backdrop for global growth in 2026,” said State Street. “With an inflation trajectory trending lower, US policy rates likely to fall as the Fed takes stock of a softening labor market, and policy levers turning stimulative, we have a supportive environment for risk assets.”
But Fidelity warned that:- “There is a disconnect between the positive short-term environment for risk assets, and a broader structural instability. Global fragmentation, a depreciating dollar, US Federal Reserve independence, and AI capex trends are themes to watch in 2026 and beyond.”
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