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    Eric Adams Asked Bill Ackman to Vet Campaign Manager Before Hiring Him

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    Mr. Ackman and another hedge fund titan, Daniel S. Loeb, interviewed a potential campaign hire for Mayor Adams, who is courting their financial support.As Mayor Eric Adams of New York City searched for a new campaign manager, he asked his leading candidate to sit for private interviews with two crusading hedge fund titans he wants to bankroll his re-election effort.The billionaire financiers, Bill Ackman and Daniel S. Loeb, had both met separately with Mr. Adams as they weighed potential large contributions. But the mayor’s decision to give them a say in who he hired to run his campaign illustrates the remarkable lengths he is willing to go to secure their support.Mr. Ackman and Mr. Loeb have collectively given millions of dollars to Democratic and Republican candidates over the years and could meaningfully boost the mayor’s flagging candidacy if they were to cut large checks to a pro-Adams super PAC.Mr. Adams, who is running as an independent, enters the general election contest as a distinct underdog against Zohran Mamdani, the Democratic nominee. The mayor’s approval ratings among New Yorkers are dismal after he faced federal corruption charges and then was accused of striking a deal with the Trump administration in order to get them dropped.Eugene Noh, the candidate interviewed separately by Mr. Ackman and Mr. Loeb, was announced on Tuesday as Mr. Adams’s new campaign manager, part of a slate of hires. The Daily News reported the news of Mr. Noh’s hiring, but the involvement of Mr. Ackman and Mr. Loeb — who vocally oppose Mr. Mamdani — has not been previously disclosed.Frank Carone, Mr. Adams’s campaign chairman, confirmed that the mayor’s team had asked the businessmen, and other unnamed supporters, to speak with Mr. Noh in recent days to make sure they were comfortable with him. He stressed that they did not have veto power over the hire.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Eric Adams Meets With Business Leaders Desperate to Stop Mamdani’s Rise

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      Daniel Loeb, the hedge fund manager, and some other New York City business leaders are aghast at Zohran Mamdani’s success in the Democratic mayoral primary and are considering backing Mr. Adams in the general election.In a conference room in Manhattan on Wednesday night, Mayor Eric Adams and Daniel S. Loeb, the hedge fund manager, met with other business leaders and political brokers to discuss how to stop the rise of Zohran Mamdani and possibly bolster Mr. Adams’s re-election campaign.The business leaders were impressed that Mr. Adams was already staging a public fight against Mr. Mamdani, several people familiar with the meeting said. Earlier in the day, during an interview on “Fox & Friends,” Mr. Adams called Mr. Mamdani a “snake-oil salesman.”Mr. Mamdani, a democratic socialist state assemblyman from Queens, on Tuesday shocked the New York political establishment by outperforming Andrew M. Cuomo, the former New York governor, in the Democratic primary for mayor. Mr. Cuomo is now considering whether to run as an independent in the general election, or end his campaign altogether.Should Mr. Cuomo withdraw, Mr. Mamdani is poised to face off against Mr. Adams, who is running as an independent; Curtis Sliwa, the Republican founder of the Guardian Angels; and Jim Walden, a lawyer also running as an independent.The prospect of Mr. Mamdani’s campaigning as the Democratic standard-bearer in a city where Democrats outnumber Republicans by six to one has sent shivers down the spines of many New York business leaders, who recoil at his plans for expansive new government programs funded with tax increases on corporations and the wealthiest New Yorkers. Some have quickly begun to throw their support behind the incumbent mayor, despite the scandals that have tarnished his tenure.Andrew Epstein, a spokesman for Mr. Mamdani, said the businessmen at the meeting were simply scared of “our plan to tax them a little bit more to fund an agenda to lower the cost of living and improve the quality of life for all New Yorkers.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Why N.Y.C. Business Leaders Fear Mamdani

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      As voters head to the polls, the democratic socialist candidate appears to be neck-and-neck with Andrew Cuomo. That has many executives worried.Business leaders have poured money into efforts to defeat Zohran Mamdani in New York City’s Democratic mayoral primary.Victor J. Blue for The New York TimesBusiness’ Primary Day worriesBusiness leaders have plenty of global issues to worry about. But on Tuesday, another matter is hitting closer to home: the Democratic primary for New York City’s mayor.The latest poll suggested that Andrew Cuomo could ultimately lose to Zohran Mamdani, an assemblyman and democratic socialist. Executives are concerned that could have negative potential consequences for the city.Why executives fear Mamdani: While Cuomo carries baggage like his resignation as governor over a sexual harassment scandal, Mamdani is proposing ambitious and expensive ideas, like a rent freeze, free city buses and the creation of city-owned grocery stores.How he could fund them is causing agita: raising the corporate tax rate and income taxes for the city’s millionaires by 2 percent. He also wants New York to borrow $70 billion over the next decade, on top of billions in additional planned debt-raising.Cuomo has drawn support from a who’s who of the city’s business elite, including:Mike Bloomberg, who has given $8.3 million to a super PAC tied to CuomoRepublican-leaning executives like the financiers Bill Ackman (who called Mamdani “a dangerous and catastrophic choice”) and Dan Loeb, as well as John Catsimatidis, the supermarket mogulWall Street deal makers such as Blair Effron, Steve Rattner and Antonio WeissAlex Karp, the Palantir co-founder and C.E.O.“Terror is the feeling,” Kathryn Wylde, the chief executive of the Partnership for New York City, which represents top business leaders, told Andrew on CNBC on Tuesday.Mamdani opponents say businesses and top taxpayers will flee New York if he wins:“We may consider closing our supermarkets and selling the business,” Catsimatidis, who owns the Gristedes chain, told The Free Press.“I will never move from New York, but there’s a lot of other people that will and are leaving New York,” Neil Blumenthal, the co-founder and co-C.E.O. of the eyewear brand Warby Parker, also told The Free Press.Writing about wealthy elites criticizing Mamdani, Loeb wrote on X, “Another possibility is that they love New York and don’t want it to turn into a hellscape like San Francisco, Chicago or Portland.”Mamdani says he doesn’t oppose private industry. He told The Times, for instance, that he now believes the private market has “a very important role” in housing construction.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Adam Neumann Wants to Take Over WeWork

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      Adam Neumann, the co-working company’s onetime chief, has sought for months to buy the now-bankrupt business, but accuses its current leaders of stonewalling him.Lawyers for Adam Neumann accused WeWork of stonewalling his takeover approach.Shahar Azran/Getty ImagesWeWork’s founder is trying to buy it Adam Neumann shot to fame by turning WeWork into a cultural and business phenomenon, before being ousted from the work space operator in dramatic fashion.But for the past several months, he has been trying to buy the now-bankrupt business — with the help of the hedge fund mogul Dan Loeb, DealBook is the first to report.Neumann’s new real estate company Flow Global is pushing WeWork to consider its takeover approach, according to a letter his lawyers sent to WeWork’s advisers on Monday. Flow which has already raised $350 million from the venture capital firm Andreessen Horowitz, disclosed in the letter that Loeb’s Third Point would help finance a transaction. (Read the letter.)Flow has sought to buy WeWork or its assets, as well as provide bankruptcy financing to keep it afloat.But Flow’s lawyers accused WeWork of stonewalling for months. “We write to express our dismay with WeWork’s lack of engagement even to provide information to my clients in what is intended to be a value-maximizing transaction for all stakeholders,” wrote the lawyers led by Alex Spiro of Quinn Emanuel, who also represents Elon Musk and Jay-Z.It’s the latest twist for WeWork, which over its 14-year history became a symbol of venture capital excess. The company grew rapidly, becoming the biggest tenant in many major cities and attaining a paper valuation of $47 billion. And Neumann — backed by billions from the Japanese tech giant SoftBank — increasingly pitched it as a way to “elevate the world’s consciousness.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More