Wall Street billionaires met with Donald Trump at the White House to discuss backing Elise Stefanik for governor to counter Zohran Mamdani

A packed White House dining room turned into a political war room on Wednesday night as some of the richest and most powerful figures in American finance met with President Donald Trump to talk about one target, Zohran Mamdani, according to The Telegraph.

The meeting brought together billionaires who wanted to figure out how to slow down the mayor-elect before his plans reshape New York City’s economy in a way they fear could hit their wallets and their companies.

The gathering, hosted by President Donald Trump, was allegedly described by people who were present as a moment where business leaders talked about backing Republican candidate Elise Stefanik for New York governor in 2026, according to The Telegraph.

And the reason for that sudden interest was simple, every billionaire in that dining room wants someone who can counter Zohran, whose win last Tuesday stunned New York’s political and business establishment.

The crowd at the dinner was the kind of group you expect when Trump calls in his allies. Stephen Schwarzman, the Blackstone chief executive, sat near David Solomon from Goldman Sachs.

Henry Kravis, co‑founder of Kohlberg Kravis Roberts, was also there, along with Jamie Dimon from JPMorgan, who has had a tense relationship with Trump for years. Adena Friedman from Nasdaq came, as did Larry Fink from BlackRock.

And Jeffrey Sprecher, who runs Intercontinental Exchange and helped put the whole dinner together, moved between tables as people debated what could be done about the incoming mayor and the policies he promised voters.

Billionaires push Elise Stefanik to keep Zohran in check

Elise Stefanik launched her campaign for governor last Friday with a promise to make New York “affordable and safer,” and people in the room talked about supporting her even though none of them or their companies are confirmed to be sending her money yet.

Stephen, David, and Henry all privately expressed interest in her 2026 run, showing how worried the business world is about having Zohran running the most important city in the country.

The thinking in the room was that if Elise takes the governor’s office from Kathy Hochul, she can act as a counterweight to the mayor and block any tax increases or borrowing plans he tries to push through the state.

The conversation wasn’t just about Elise. A person close to one of the executives in attendance said talk of her campaign was part of a bigger discussion about what to do about Tuesday’s election result.

And when asked about it afterward, John Catsimatidis, the billionaire grocery chain owner, said, “I’m following President Trump’s motto. We’re not surrendering New York, we’re going to fight, fight, fight,” and added that Governor Hochul “has absolute power over the mayor” and has to make sure he “does the job right.”

Wall Street reacts to Zohran’s tax-and-borrow blueprint

The plan Zohran ran on, nicknamed “Zohranomics,” is built on raising taxes on rich New Yorkers, raising taxes on corporations, and borrowing huge sums to fund free buses, universal child care, affordable housing, and sweeping rent freezes.

All the money would come from either the wealthiest people in the city or from debt that pushes New York deeper into obligations. And the city is already heading into the red.

Budget numbers published by the Wall Street Journal show New York is facing a multibillion‑dollar deficit, and the hole is expected to grow because of federal cuts passed this summer in a Republican tax bill that shifted major costs like Medicaid and food stamps back to cities.

Trump, who returned to the White House in 2025, warned that he might hold back billions in federal funds if Zohran won. Now that he has, the threat hangs over every budget conversation.

And even if the mayor wanted to move ahead right away, none of his major tax ideas can happen without approval from Governor Hochul and lawmakers in Albany, who may not support him as she heads into her own 2026 campaign.

The numbers in his tax plan also raise questions. In 2019, New York City collected $3.4 billion in corporate taxes. By 2024, that figure climbed to $7.5 billion. If every company had paid an 11.5% rate, collections would have reached $11.9 billion, an extra $4.4 billion.

But none of that explains how state-level revenues would actually be moved back to the city budget.

And for companies already paying the city’s 8.85% corporate tax, pushing rates higher would bring them close to the federal 21% rate.

As Jared Walczak from the Tax Foundation pointed out, some firms are already paying more because they owe the MTA surcharge on top of everything else.

The smartest crypto minds already read our newsletter. Want in? Join them.