Business Rundown: Mamadani’s Victory Has Many on Wall Street Worried. Should They Be?

Despite spending millions to elevate other candidates and other efforts to curb the momentous rise of Zohran Mamdani, Wall Street’s biggest names were unable to stop the democratic socialist from winning Tuesday’s New York City mayoral election. His platform, which included free buses, expanded childcare, and city-run grocery stores, he promised would be paid for with a 2% tax on millionaires and other business tax increases. All things that made Wall Street uneasy. Michael Lee, the founder of Michael Lee Strategies, joins FOX Business to discuss Mamdani’s victory and how anxiety over artificial intelligence and the future job market has made the New York City mayor-elect’s campaign appealing to young people. Lee also weighs in on how the record-long government shutdown is affecting the economy and everyday consumers.