Wall Street Billionaires Met Trump in Secret White House Dinner to 'Cripple' Mamdani Over Tax Fears

Wall Street's most influential business figures reportedly convened with US President Donald Trump at the White House to discuss strategies to block New York City mayor-elect Zohran Mamdani's 'socialist agenda'.

Sources say the dinner focused on backing the Republican candidate Elise Stefanik for governor in 2026, as a check on Mamdani's proposed policies, including a wealth tax, corporate tax hikes, rent freezes, and free public transport.

Attendees allegedly feared that Mamdani's plans would drive business away, while Trump fights to maintain New York's 'economic stability'.

Billionaires to Back Stefanik as NY Governor in 2026

The Telegraph reported that, according to two sources familiar with the dinner discussion, Trump hosted the event in the state dining room. The discussion eventually turned to Stefanik's gubernatorial campaign, a republican representative and chairwoman of the House Republican leadership committee, who pledged to make the state 'affordable and safer'.

The dinner included Blackstone CEO Stephen Schwarzman, Goldman Sachs' David Solomon, and Kohlberg Kravis Roberts co-founder Henry Kravis. These billionaires were understood to privately consider supporting Stefanik's campaign.

Other guests reportedly included JP Morgan Chase chief Jamie Dimon, Nasdaq CEO Adena Friedman, BlackRock's Larry Fink, and Intercontinental Exchange head Jeffrey Speecher, who helped organise the event.

No direct donations to Stefanik's campaign were confirmed, but there were genuine concerns about Mamdani's victory in last week's mayoral election.

Mamdani's 'Socialist Agenda' Threatens Trump and Billionaires

The 34-year-old mayor-elect defeated former governor Andrew Cuomo in the mayoral race and is a self-described democratic socialist.

While New Yorkers celebrate his policies, the state's financial elites are alarmed by his two percent wealth tax and free buses, calling it 'impractical'.

With his policies going against capitalist ideas and the US state, he found an enemy in the US President himself. As a result, Trump has repeatedly criticised Mamdani by calling him a 'communist', threatening to 'deport him' even though he's been a US citizen for a long time, and punishing New York by defunding.

John Catsimatidis, Republican billionaire and grocery magnate, told The Telegraph that they were 'not surrendering New York' and emphasised the governor's authority to oversee the mayor's actions.

He said Stefanik could act as a safeguard to ensure policies do not compromise the quality of life in the city.

Republicans are reportedly buoyed by Stefanik's record, claiming she outperforms Trump in many polls and has strong support among moderates and the Jewish community. Sources suggest independent polling conducted by executives confirms a competitive race as she's currently only 3 points behind incumbent Democrat Governor Kathy Hochul.

What if a Republican Wins NY Gubernatorial Race?

Analysts say that having a Republican governor in Albany would provide the party with extensive authority to block or modify Mamdani's policies.

Greg Kraut, CEO of KPG Funds, mentioned that many executives are 'putting all [their] money into the governor's race with Stefanik', viewing the mayoral election as lost.

On a hopeful note for New Yorkers, many executives have had a change of heart for Mamdani's win. Kathryn Wylde, president and CEO of Partnership for New York, previously called the business community 'terrified' of Mamdani. But after the election, she endorsed his hopeful message for the city.

Bank of America's Brian Moynihan and Pershing Square's Bill Ackman have reportedly congratulated Mamdani over his win as well.

The White House has yet to comment on the said dinner.