Wall Street’s richest players are sending a warning shot to New York City: keep attacking wealth creators, and the jobs may leave with them.
Billionaire hedge fund titan Ken Griffin and executives at Apollo Global Management are openly eyeing major expansions outside New York amid growing backlash against Mayor Zohran Mamdani and his aggressive “tax the rich” rhetoric.
The latest flashpoint came after Mamdani posted a social media video featuring Griffin’s record-setting $238 million Midtown penthouse while pitching a new tax targeting luxury second homes.
Griffin did not take it lightly.
The Citadel founder first threatened to scrap a planned $6 billion Park Avenue development tied to his hedge fund empire, then told CNBC on Tuesday that the “creepy” video accelerated plans to grow the company’s footprint in Florida.
“We will add far more jobs in Miami over the next decade as an immediate and direct consequence of the mayor’s poor decision here with respect to his posting of that video,” Griffin said.
"It was creepy and weird."
Citadel CEO Ken Griffin pushes back on socialist NYC Mayor Zohran Mamdani for his video calling to increase taxes on the outspoken businessman.
Mamdani doubling down — saying although Griffin is a major employer in the city, he still needs to pay more… pic.twitter.com/DvdhS0nNCP
— Fox News (@FoxNews) May 6, 2026
The comments landed like a thunderclap in New York political and business circles, where fears have been mounting that Mamdani’s class-warfare messaging could trigger a major exodus of investment, tax revenue, and high-paying jobs.
Critics say the mayor is gambling with the city’s economic engine.
“New York City is losing its competitive edge, and Mayor Mamdani makes it far less competitive,” said John Ketcham.
“Investors and job creators have options, and they will go where they’re treated well,” Ketcham added. “Increasingly, New York City has treated them inhospitably.”
The anxiety is spreading well beyond Citadel.
Executives at Apollo Global Management, the massive $900 billion Wall Street asset manager, are reportedly preparing to open a major new hub in either Florida or Texas with roughly 1,000 employees — matching the company’s New York headcount.
That prospect has intensified concerns that New York’s financial dominance is eroding as low-tax states aggressively court Wall Street firms.
The pro-business group Partnership for New York City estimates Mamdani’s rhetoric could ultimately cost the city 2,700 financial-sector jobs and roughly $168 million in annual state and local tax revenue.
More over at The New York Post:
Billionaire Ken Griffin scales back NYC jobs in response to Mamdani’s ‘tax the rich’ antics — sparking fears wealthy exodus has begun. Read today's cover here: https://t.co/lBxpjMxIbv pic.twitter.com/Eb3mln0xde
— New York Post (@nypost) May 7, 2026
