Yasser Salem is hardly the type of individual one would instinctively associate with the image of a man ready to abandon his lucrative professional life to campaign for the election of a democratic socialist. When I first encountered him, his attire reflected a blend of classic business professionalism and understated Americana: a neatly pressed white button-down shirt, a well-tailored tweed sport coat that suggested academic refinement, and a baseball cap emblazoned with a camouflage-patterned American flag and the slogan “Husband, Daddy, Protector, Hero.” There was no trace of irony in his choice of accessories; rather, it appeared to be a sincere expression of his self-image and values.
A graduate of the elite consulting powerhouse McKinsey & Company and a former executive at Saudi Arabia’s Public Investment Fund, Salem had built substantial credibility in the world of global finance before founding his own investment firm. At forty-three, he balanced the roles of husband and father of five with those of entrepreneur and thinker, identifying passionately with the writings of Ayn Rand and the uncompromising free-market individualism she espoused. Yet today, in a twist few would have predicted, Salem dedicates his time and energy to promoting the democratic socialist vision advanced by Zohran Mamdani, a candidate whose progressive platform has unsettled much of New York City’s corporate establishment.
In September, Salem founded OneNYC, a political action committee in support of Mamdani. The organization rapidly attracted contributions totaling nearly four hundred thousand dollars, including significant donations from prominent executives such as Andrew Milgram, CEO of Marblegate Asset Management. Although OneNYC has allocated portions of its budget—about fifty-three thousand dollars—to traditional campaign advertising such as television spots, Salem insists that the organization’s true purpose reaches beyond mere marketing. He envisions the PAC as a sophisticated bridge linking New York’s business elite with a populist insurgent whose remarkable rise represents one of the most compelling political developments of the year.
Salem’s initiative did not emerge in a vacuum. It followed months of forceful criticism directed at Mamdani from some of Wall Street’s most influential figures, including JPMorgan’s Jamie Dimon, Pershing Square’s Bill Ackman, and Dan Loeb of Third Point. Many of these billionaires poured considerable resources into a final attempt to rally support for Andrew Cuomo. Yet since Mamdani’s stunning twelve-point primary victory, Salem has observed a shift in the corporate mood. Executives who were once openly skeptical have begun to engage in substantive dialogue. By his own account, Salem has spoken with more than seventy CEOs—roughly thirty of them leading major enterprises—spanning industries such as finance, real estate, insurance, and technology.
Veteran financer Ralph Schlosstein, chairman emeritus of Evercore and one of BlackRock’s cofounders, praised Salem’s undertaking in an interview with Business Insider, calling OneNYC “a noble effort to bridge the gap” between a relatively unknown candidate and a business community deeply invested in the city’s prosperity. Concurrently, Mamdani himself has embarked on a strategic outreach effort—meeting with leading technology executives and New York power players, including Dimon and real-estate developer Jed Walentas—to ease tensions and foster collaboration.
According to Salem, Mamdani has been receptive to constructive criticism from the corporate world. As evidence, he recently announced that he would retain current NYPD Commissioner Jessica Tisch if elected mayor, a decision that frustrated some of his most progressive supporters but won praise from business leaders. Salem cited this move as the outcome of emphatic recommendations from those stakeholders who valued administrative competence over ideological purity.
Though federal regulations prevent OneNYC from coordinating directly with Mamdani’s campaign, Salem foresees ample opportunities for future collaboration in shaping civic and economic policy. His next project involves assembling a business advisory council prepared to offer guidance to a potential Mamdani administration. Among its prospective members are Milgram and Kevin Ryan, a serial investor and the founder of AlleyCorp, who also played a role in launching Business Insider. Kathy Wylde, CEO of the Partnership for New York City, commended Salem’s organizational efforts, describing him as someone who is “building the infrastructure” to ensure that prominent business leaders “have seats at the table” should Mamdani assume office. Her nonprofit, which advocates for the interests of the city’s largest corporations, has facilitated introductions between Salem and key executives to discuss their expectations and concerns.
Salem reports that interest from business leaders continues to accelerate. If current polling trends accurately predict a Mamdani victory, several CEOs have already indicated their willingness to engage with OneNYC the moment the election concludes. The concept for the PAC, Salem explained, was born on the night of Mamdani’s primary triumph, as he attended the campaign’s jubilant watch party. A son of Egyptian immigrants raised in Manhattan, Salem found himself reflecting on the possibility of reconciliation between two seemingly incompatible worlds: progressive activism and high finance. The revelation was startling for someone whose résumé emphasized corporate growth strategy rather than grassroots mobilization.
After internships in banking, Salem’s career flourished at McKinsey, where he contributed to developing Saudi Arabia’s response infrastructure during the MERS outbreak in 2014. Later, at the kingdom’s nearly one-trillion-dollar Public Investment Fund, he gained intimate familiarity with global-scale financial systems. When Mamdani declared his candidacy in late 2024, Salem was directing Hira Ventures, his own private investment firm responsible for constructing a Brooklyn urgent-care clinic and a COVID-testing business during the pandemic. His success had drawn him into New York’s tangled web of political and business influence.
Initially, Salem declined an invitation to meet Mamdani, citing the press of an ongoing deal and doubts about the candidate’s viability. Seeing Mamdani polling at a mere one percent, he questioned whether the young politician’s ambitious promises stemmed from naivete or deliberate overreach. But as Mamdani’s online following and polling strength grew, Salem recognized that his analytical approach—honed at McKinsey—was inadequate for understanding a movement driven by vision rather than spreadsheets. Mamdani was not proposing a granular strategic plan; he was articulating a bold, emotionally resonant idea—“an affordable New York for all.” Salem began to see how such aspirational rhetoric could generate the momentum necessary to realize tangible reform.
When he established OneNYC, Salem sought to channel his corporate expertise into depoliticizing the conversation. His goal was to help executives cut through partisan noise and assess policies on their pragmatic merits. Drawing on years of experience conversing daily with top-tier CEOs, he translated Mamdani’s progressive proposals—free public buses, rent freezes, and higher taxes for millionaires—into economic frameworks comprehensible to business leaders. Still, reactions were mixed: some feared that taxing wealth more heavily could drive high earners and jobs out of the city, while real-estate magnates warned that a rent freeze would constrict investment and maintenance budgets.
At a prominent business event, Home Depot cofounder Ken Langone voiced alarm, warning that New York risked “a monumental mistake.” Nevertheless, Andrew Milgram, who had previously donated equally to pro-Cuomo and pro-Mamdani groups, described Mamdani as “the messenger of the moment,” someone whose call for affordability resonated with everyday New Yorkers. Though Milgram acknowledged that Salem faced an enormous challenge, he agreed that the shared aspiration of making the city more equitable had motivated some CEOs to engage in unprecedented dialogue.
While critics continue to predict an exodus of wealthy residents should Mamdani prevail, Salem finds little evidence supporting such fatalism. In conversations with dozens of executives, he has noted that very few cite tax increases as their primary concern. Instead, echoing Schlosstein’s view, many suggest they would accept higher contributions if such measures delivered palpable improvements in city life—safer streets, better schools, and a healthier public realm.
The issues CEOs raise most frequently revolve around Mamdani’s limited administrative experience, his stance on law enforcement, and anxiety that his housing policies could prove counterproductive. To mitigate these doubts, Salem points to Mamdani’s intention to retain Commissioner Tisch as proof that competence will outweigh ideology. Some aspects of the candidate’s platform—like universal childcare—require little persuasion among executives, who see the economic rationale immediately. Others, such as eliminating bus fares, demand a more technical explanation. Salem often references transportation economist Charles Komanoff’s study suggesting that fare-free buses could run twelve percent faster and yield approximately $1.5 billion in economic benefits despite $600 million in lost revenue. These data points help translate abstract ideals into business logic.
Reflecting on his own intellectual evolution, Salem admits that while he remains inspired by Ayn Rand’s writings, his perspective has matured. The exploitative price-gouging he witnessed during the COVID-19 pandemic convinced him that untempered capitalism could erode public trust. Today, he encourages fellow executives to look beyond ideological labels, distinguishing between abstract theory and the real-world implications of policy proposals. As he puts it, the obligation of modern business leaders is not merely to defend their capital but to discern meaning amid rhetoric—to discover where civic progress and profit motive can coexist harmoniously.
Sourse: https://www.businessinsider.com/yasser-salem-mckinsey-zohran-mamdani-ceos-nyc-2025-10
