Billionaire says Eric Adams ought to drop out of NYC mayoral race, cites danger of Mamdani win

FOX Enterprise’ Charlie Gasparino, Dagen McDowell and Brian Brenberg be part of ‘The Huge Cash Present’ alongside health skilled Jillian Michaels to debate Zohran Mamdani’s platform as he campaigns to develop into the subsequent mayor of the Huge Apple.

Invoice Ackman, CEO of New York Metropolis-based hedge fund Pershing Sq. Capital Administration, is imploring Eric Adams to drop out of the contentious New York Metropolis mayoral race, saying that he does not stand an opportunity in opposition to newcomer Zohran Mamdani. 

“It is time for Mayor Adams to step aside,” Ackman posted on X. 

Whereas he counseled Adams, who has been mayor of New York Metropolis since 2022, succeeding Invoice de Blasio, for doing a “very good job” within the place, Ackman stated that Adams polls have “deteriorated substantially” because the main in June, and it has develop into more and more clear that he doesn’t have an opportunity” to beat Mamdani. 

DISCOUNT GROCER PLANS NYC EXPANSION DESPITE MAMDANI’S GOVERNMENT-RUN STORE PROPOSAL

Eric Adams, mayor of New York, arrives for a marketing campaign occasion on the Native 831 Union Corridor in New York, US, on Wednesday, Aug. 27, 2025.  (Christian Monterrosa/Bloomberg through Getty Photos / Getty Photos)

“The financial system is powerful. Crime is down. He has managed the migrant scenario very successfully. He has set the stage for extra inexpensive housing and materials enhancements in our high quality of life and a greater NYC for all. And he hasn’t gotten the credit score he deserves for the progress he has made,” Ackman said.

Mamdani, a self-identified democratic socialist and favored among younger voters, won the Democratic primary for New York City mayor. He is also leading in November’s general election despite going up against a crowded field that includes former governor Andrew Cuomo and the incumbent mayor, both running as independents, Republican nominee Curtis Sliwa and defense lawyer-turned-independent candidate Jim Walden.

Fox Business reached out to Adams’ office but they deferred questions to his mayoral campaign. 

BILLIONAIRE CEO WARNS HE’LL CLOSE GROCERY STORES IF DEMOCRATIC SOCIALIST CANDIDATE WINS NYC MAYOR RACE

Democratic mayoral nominee for New York City and current state Assemblyman Zohran Mamdani leaves a press conference where he accused Mayor Eric Adams of working with the Trump administration against him on September 03, 2025 in New York City.  (Spencer Platt/Getty Images / Getty Images)

If elected in November, Mamdani has said he would redirect city funds from corporate supermarkets to city-owned grocery stores “whose mission is decrease costs, not value gouging,” according to a video posted on his campaign website. Aside from government-run grocery stores, Mamdani has also campaigned on things such as rent freezes and higher taxes on corporations and the wealthy. 

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Mamdani’s candidacy has proven controversial with several members of the business community, notably Wall Street’s Jamie Dimon, because he is running on a number of controversial policy proposals that could prove costly for the city’s finances. 

NEW YORK, NY – MAY 22: Invoice Ackman attends 2025 Pershing Sq. Basis MIND and Most cancers Prize Award Dinner at The Pool on Might 22, 2025 in New York. (Photograph by Michael Ostuni/Patrick McMullan through Getty Photos) (Michael Ostuni/Patrick McMullan through Getty Photos) / Getty Photos)

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Some enterprise leaders within the metropolis, notably John Catsimatidis, the CEO of grocery chain Gristedes, have even threatened to promote or shut down the enterprise if Mamdani is elected. Catsimatidis has argued that his enterprise could not compete out there if there have been city-run supermarkets. Conversely, Lidl CEO advised FOX Enterprise the German grocer is  pushing ahead with plans to broaden its New York footprint it doesn’t matter what.