New York City’s elite threw everything at Mr Zohran Mamdani to stop him from becoming mayor: Money, insults, scare tactics, and tweets.

The Democratic socialist’s wealthy antagonists had decried his ascendance as the start of “hot commie summer.”

Mr Bill Ackman’s attacks were so relentless, Mr Mamdani quipped on the Flagrant podcast last month: “He’s spending more money against me than I would even tax him.” 

But on Nov 4, Mr Mamdani

triumphed with a decisive victory

“Congrats on the win,” the billionaire investor told Mamdani in a post on X. “Now you have a big responsibility. If I can help NYC, just let me know what I can do.”

It’s not just Mr Ackman. Others in the world of business are also adapting to a new reality of a critic of capitalism running the world’s financial capital.

Mr Ralph Schlosstein, who ran Evercore and co-founded BlackRock, is pledging to work with Mr Mamdani even though they don’t share the same politics. He’s exploring ways to do so, including joining a business advisory group that hopes to guide the mayor-elect.

“I am certainly not a socialist, having spent 45 years in finance, in the private sector,” Mr Schlosstein said. “I do care deeply about the city, and I’m not going anywhere, whoever the mayor is. I’m going to do whatever I can to help him be successful.”

Mr Schlosstein’s vow is a response to concerns that Mr Mamdani’s proposals like tax hikes will spur an exodus of the wealthy from the city.

It’s time for the...