Add Mark Cuban to the record of enterprise titans who’re throwing chilly water on Zohran Mamdani’s left-wing platform of hire freezes and low cost groceries at municipally-run supermarkets.
The billionaire entrepreneur and former Dallas Mavericks proprietor criticized the New York Metropolis mayoral candidate, saying that his marketing campaign guarantees seem too good to be true.
“We’re cutting rents, right? We’re changing grocery stores. None of that s–t has a chance. Doesn’t matter,” Cuban informed the “Pod Save America” podcast on Sunday, referring to Mamdani’s marketing campaign pledges.
The 33-year-old democratic socialist has vowed to freeze hire on all stabilized flats and inventory city-owned grocery shops that will not pay hire or property taxes. His marketing campaign web site says the financial savings can be handed on to consumers.
“This guy is walking in telling me he’s going to walk on water. He’s going to make me more money, he’s going to save me money, he’s going to make my life better,” Cuban continued.
The previous “Shark Tank” investor likened Mamdani to President Donald Trump, including that each males appealed to voters with sweeping guarantees no matter whether or not these proposed insurance policies had been believable.
“That tactic is Trump 101. Is it true? Does it matter?” Cuban mentioned.
In a separate assertion to Enterprise Insider, Cuban elaborated on his skepticism.
“Until we see actual process and plans to actually implement a promise, I look at his, and all campaign promises, as nothing more than promises,” he mentioned.
Cuban in contrast Mamdani’s rhetoric to Trump’s marketing campaign declare that Mexico would pay for a border wall.
“We are going to do X, and someone else will pay for it. That seems to be the path of least resistance to getting votes for any office,” the tech billionaire mentioned.
Cuban additionally mentioned he doesn’t plan to endorse any candidate within the race as a result of he’s not a New York Metropolis resident.
Mamdani’s rise has unsettled the enterprise group — together with a number of high-profile billionaires and company leaders who’ve brazenly criticized him, funded his opponents or threatened to withdraw enterprise from town altogether.
Hedge fund mogul Invoice Ackman, CEO of Pershing Sq., has been amongst Mamdani’s most vocal critics, questioning the legitimacy of his major victory and decrying what he characterizes because the candidate’s “socialist” agenda.
Ackman has warned that low voter turnout in primaries is enabling radical coverage proposals to realize traction, typically utilizing social media to amplify his considerations.
Elon Musk, CEO of Tesla and SpaceX, has joined the refrain of critics, publicly expressing concern about Mamdani’s coverage route after his win.
David Sacks, enterprise capitalist and president of Craft Ventures, has additionally spoken out, criticizing Mamdani’s anti-billionaire messaging on social media. He advised that such rhetoric might spur an exodus of capital and enterprise leaders from town.
Billionaire grocer and actual property investor John Catsimatidis has gone additional, threatening to halt funding or transfer his Gristedes grocery store chain out of New York if Mamdani is elected.
Catsimatidis has warned that Mamdani’s proposals — together with city-run shops and better taxes — would render New York inhospitable to enterprise.
Jamie Dimon, CEO of JPMorgan Chase, described Mamdani as “more of a Marxist than a socialist” and has urged voters to reject his wealth tax proposals.
Dimon has appeared at public occasions denouncing Mamdani’s financial agenda and has warned of damaging penalties for New York’s monetary ecosystem.
Actual property leaders are additionally pushing again. Marc Holliday, CEO of SL Inexperienced Realty, hosted a fundraiser for Mamdani’s opponent in an effort to unify elite resistance.
Kenneth and Maria Fishel, distinguished builders, co-hosted anti-Mamdani fundraisers, whereas investor Jared Epstein helped set up extra occasions to help various candidates.
Whereas Mamdani has said that billionaires mustn’t exist, he has additionally mentioned he seems to be ahead to working with “everyone, including billionaires, to make a city that is fairer.”
That message has performed little to quell the wave of opposition from New York’s enterprise elite. Quite a few Wall Avenue and company leaders have funneled cash into political motion committees and different efforts aimed toward derailing Mamdani’s marketing campaign.
The Submit has sought remark from Cuban, Mamdani and the White Home.
