Billionaire Elon Musk slammed New York City mayoral frontrunner Zohran Mamdani in a recent interview, calling him a “charismatic swindler” whose socialist agenda would devastate the city’s economy. Speaking on The Joe Rogan Experience, Musk warned that Mamdani’s proposals would cause a “catastrophic decline in living standards” across all income levels.
“Mamdani is a charismatic swindler,” Musk said. “I mean you gotta hand it to him, like, he can light up a stage, but he has just been a swindler his entire life.” Musk cautioned that Mamdani’s platform — which includes massive wage hikes, new corporate taxes, and government-controlled housing — mirrors failed socialist policies seen in other countries. “If Mamdani’s policies are put into place, especially at scale, it would be a catastrophic decline in living standards, not just for the rich, but for everyone. As has been the case with every socialist experiment,” he said.
Mamdani, a Democratic Socialist and current member of the New York State Assembly, has proposed raising the city’s minimum wage to $30 an hour by 2030, increasing the corporate tax rate to 11.5%, and eliminating bus fares. His plan also calls for 200,000 “permanently affordable, union-built” housing units and rent freezes across the city.
Musk’s warning highlights growing concern among business leaders that Mamdani’s policies could drive out investment and middle-class families. While Mamdani defends his platform as a way to “fund universal childcare” and “make buses fast and free,” critics argue the agenda would worsen New York’s already steep cost of living and accelerate the city’s economic decline under socialist-style governance.
