I'm Taylor Riggs, and this is the Fox Business Rundown.

So Ron, Mamdani's victory on Tuesday has many on Wall Street worried.

Should they be?

You're staring at a wall.

You see your rent going up, your groceries are unaffordable, and it's like, how am I ever going to get out of this? And so here comes

somebody with what seems like a breath of fresh year. Despite spending millions to elevate other

candidates and other efforts to curb the momentous rise of Mom Donnie, Wall Street's biggest names are unable to stop the Democratic Socialist from winning Tuesday's New York City mayoral election.

His platform, which includes things like free buses, expanding childcare, city-run grocery stores,

well, he promises these will all be paid for with a 2% tax on millionaires and other tax increases

on businesses.

All of these things are making Wall Street uneasy.

Since the summer, firms such as Apollo Global Management and Citadel, were actively urging

employees to vote against the Democratic Socialists.

And billionaire Bill Ackman spent more than $2 million to stop Mumdani.

But it all fell short.

So what does the coming Mamdani era mean for Wall Street?

And how will some of the world's biggest banks and investment companies respond?

I get nervous about this for my kids because what you have is a lot of people out there

who are feeling more and more like achieving the American dream is out of touch and they need

something different. Here to help answer some of these questions is Michael Lee, the founder of

Michael Lee Strategies.

And the, like, even though socialism, communism and all the things he's saying are,

...