New York City's business elite didn't wait long to panic after Mayor-elect Zohran Mamdani announced that former Federal Trade Commission Chair Lina Khan would co-lead his transition team.
Khan's appointment reportedly left some financiers and tech executives reeling, with CNBC's Andrew Ross Sorkin even saying that the wealthy are “looking for therapy” after the news.
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Business Leaders Stunned By Antitrust Crusader’s Return
Khan made headlines as one of the most aggressive antitrust enforcers in recent memory during her time leading the FTC from 2021 to this past January. She launched high-profile cases against tech giants like Meta (NASDAQ:META) and Amazon (NASDAQ:AMZN), blocked major mergers, and returned millions to gig workers. Now, her return to public life in New York City is causing waves.
“I think what we saw last night was New Yorkers not just electing a new mayor, but clearly rejecting a politics where outsize corporate power and money too often end up dictating our politics, and a clear mandate for change,” Khan said during Mamdani’s first post-election press conference.
Her presence on stage was enough to trigger immediate concern among business insiders. Sorkin said New York City bankers and financiers began texting him within hours of the announcement. “It wasn't even the election result itself. It was when this Lina Khan announcement was made,” he said. “They were sort of frozen in place.”
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Critics of Khan's tenure say she was too hostile to business, while supporters argue she fought hard to protect consumers.
Her appointment comes alongside other transition co-chairs, including former Deputy Mayor Maria Torres-Springer, United Way of New York City CEO Grace Bonilla, and former Deputy Mayor for Health and Human Services Melanie Hartzog. But it’s Khan who’s generating the most chatter.
“I think a lot of people are going to have some sleepless nights early on before they have some conversations or at least hear something publicly from Lina Khan and the rest of the transition team about what their plans are,” Tusk Strategies Head of Advanced Tech Eric Soufer told the New York Post.
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Big Tech and Wall Street have reason to pay attention. Google, Meta and Amazon all have significant operations in New York.
Whether Khan takes a full-time role in the Mamdani administration remains unclear. For now, a spokesperson says she's focused on her advisory duties for the transition team, particularly on economic policy and personnel picks.
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