Mamdani LOSES IT After Wall Street Giant ABANDONS NYC — 1,000 Jobs Moving To Florida & Texas!

Added: 2026-05-17

[00:00:01]The New York exodus is turning into a stampede. Private equity giant Apollo Global Management, headquartered in Manhattan, has decided to open a second headquarters either in, you guessed it, Florida. What would it take for a firm that manages $900 billion, that's billion [music] with a B, to look at New York City and say, "We are done growing here." Not a small startup, not a struggling business, [music] a Wall Street titan that has been headquartered in Manhattan for decades.

[00:00:28]A firm so powerful that when it moves, other firms watch. Other CEOs take notes, and city governments should be terrified.

[00:00:37]Well, that moment just happened.

[00:00:39]>> [music] >> In the last 24 hours, Apollo Global Management, one of the most powerful private equity firms on the planet, has officially decided to open a second headquarters outside of [music] New York City.

[00:00:51]And the decision on exactly where, Florida or Texas, is coming in a matter of weeks.

[00:00:57]And here is the part that should alarm every single New Yorker. Apollo's own internal memo says it clearly, "Most of our [music] future growth will happen at the new headquarters." Not New York, not Manhattan, somewhere else.

[00:01:11]By the end of this video, you are going to understand exactly what this means, not just for billionaires, but for the thousands of ordinary people whose jobs, whose incomes, [music] and whose futures depend on firms like Apollo staying in New York.

[00:01:25]Let's get into it. Before we talk about why Apollo is leaving, you need to understand what Apollo actually is.

[00:01:32]Because this is not just another hedge fund making headlines.

[00:01:35]Apollo Global Management manages over $900 billion in assets. That is larger than the entire economy of most countries on Earth.

[00:01:44]They employ more than 6,000 people worldwide.

[00:01:47]Their CEO is Marc [music] Rowan, a man who built one of Wall Street's most powerful firms from the ground up. And for years, Apollo called Manhattan home.

[00:01:56]Their headquarters sits right in the heart of New York City.

[00:01:59]They have been part of the fabric of this city's financial dominance for decades.

[00:02:04]But in [music] March 2026, Apollo sent an internal memo to its employees.

[00:02:09]The message was clear.

[00:02:11]The firm plans to establish a second headquarters [music] in either Texas or South Florida.

[00:02:16]And then came the sentence that should send shock waves through every corner of City [music] Hall.

[00:02:20]Quote, "New York does not have a monopoly on talent, [music] and we expect most of our future growth will take place at our second headquarters."

[00:02:29]Most future growth outside New York.

[00:02:33]That is not a company threatening to leave. That is a company already walking out the door, one job at a time.

[00:02:40]So, what pushed one of Wall Street's biggest firms to make this decision? The answer has a name. Zohran Mamdani.

[00:02:48]Since becoming mayor, Mamdani has proposed a pied-à-terre [music] tax on luxury second homes, a 9.5% property tax increase, the largest in over a decade, new corporate [music] taxes to close a projected $5.4 billion budget gap. And he has made it very clear the wealthy are his target.

[00:03:08]His approach hasn't just frustrated business owners. [music] It has triggered a pattern that Wall Street is watching very carefully.

[00:03:15]Citadel, Ken Griffin's $60 billion hedge fund, already announced it is expanding in Miami instead of New York.

[00:03:22]Elliott Management, another massive hedge fund, has been quietly shifting operations to Florida.

[00:03:29]And now, Apollo.

[00:03:31]The CEO of the Partnership [music] for New York City, the city's top business lobby, put it bluntly. "Apollo and Citadel leaving represents a troubling [music] pattern taking shape in New York City."

[00:03:42]And here is the number that makes this real.

[00:03:45]Between 2020 and early 2023, before Mamdani even took office, New York lost an estimated $1 trillion in assets under [music] management as firms began relocating.

[00:03:57]$1 trillion already gone.

[00:04:01]And now, with Mumdani accelerating his tax agenda, that number is about to get much worse.

[00:04:06]>> [music] >> Let's go back to that internal Apollo memo.

[00:04:10]Because the language inside it tells you everything about where this city is headed.

[00:04:14]Apollo told its employees across both Apollo and its insurance affiliate [music] Athene that the second headquarters will be established in either Texas or South Florida.

[00:04:25]The new office could eventually house up to 1,000 employees.

[00:04:29]That is roughly equal to Apollo's entire [music] current New York City head count. Think about what that means.

[00:04:34]Apollo is not just opening a satellite office. They are building a parallel version of their New York operation somewhere else.

[00:04:42]And they have already told their own people that the future of the firm, the growth, the hiring, the opportunity [music] will happen there. Not here.

[00:04:51]Texas and South Florida are not just options on a map. They are states where financial firms pay dramatically lower taxes. Where regulators are not declaring war on the wealthy.

[00:05:01]>> [music] >> Where a CEO can walk to work without worrying that his own mayor filmed a video outside his home. Nashville is also reportedly been added to the short list. [music] The same Nashville where Oracle relocated. The same state where Smith & Wesson moved after 173 years. The same region that is quietly becoming the new financial capital of America while New York argues about who to tax [music] next.

[00:05:25]Here is what nobody in City Hall wants to talk about. Apollo is not moving in isolation.

[00:05:31]This is a domino effect [music] and it has been building for months.

[00:05:35]Citadel, gone. Elliott Management, shifting. Goldman Sachs, moving key divisions to Florida. JP Morgan, building major operations in Texas. And now, Apollo.

[00:05:48]Every single one of these firms represents [music] thousands of jobs.

[00:05:52]Not just the bankers and executives at the top, the paralegals, the IT teams, the compliance [music] officers, the executive assistants, the cafeteria workers, the building security staff.

[00:06:03]The entire supply chain of human beings whose livelihoods are attached to these offices [music] being open and being here in New York City.

[00:06:11]And here is the economic reality that Mamdani refuses to address [music] directly. The top 1% of earners in New York City pay 50% of the city's entire income tax revenue.

[00:06:22]Half of everything the city collects to pay for schools, [music] to pay for roads, to pay for firefighters and hospitals and public services [music] comes from the very people and firms that are now being pushed out. When Apollo moves 1,000 jobs to Texas, New [music] York does not just lose those salaries. It loses the taxes on those salaries. It loses the spending those workers do in local restaurants and shops and neighborhoods.

[00:06:47]It loses the commercial rent that office pays. [music] It loses a piece of the tax base that funds the very services Mamdani is promising to expand. You cannot tax people who are no longer there. Now, let me be very direct with you about who actually gets hurt when Apollo moves to Florida or Texas. It is not Mark Rowan. He will be fine wherever he goes. It is the [music] 28-year-old analyst who just moved to New York for his dream job at Apollo and now has to choose between relocating to Miami or finding a new career. It is the small restaurant two blocks from Apollo's Manhattan office that loses 200 lunch customers a day. It is the commercial landlord whose building just lost a major anchor tenant.

[00:07:26]It is the city budget that now has to find another way to fill a hole that just got bigger.

[00:07:31]And here is the broader truth that this story is pointing to.

[00:07:35]New York City is facing a $7.3 billion budget deficit over two fiscal years.

[00:07:40]Moody's just revised the city's credit outlook from stable to negative, the first downgrade since the pandemic. The city's operating surplus collapsed by 94% in a single year, and the mayor's response to all of this is to raise taxes [music] on the very people and businesses that are already packing their bags. That is not [music] a solution. That is an acceleration of the problem. Let's bring this full circle.

[00:08:03]Apollo Global Management, $900 billion in assets, >> [music] >> has told its own employees in writing that the future of this firm will not be in New York City. The decision on Florida or Texas is coming in weeks.

[00:08:15]1,000 jobs are headed south.

[00:08:17]And this is not happening in a vacuum.

[00:08:19]It is happening alongside Citadel's expansion in Miami, alongside Elliott's quiet exit, alongside a $6 billion skyscraper project that is hanging [music] by a thread, alongside a mayor who stood outside a billionaire's home and told the world, "We are coming for you." Every business that leaves, every job that relocates, every dollar that moves to Texas or Florida, that is not a victory for working people. That is working people's future quietly disappearing one headquarters at a time. The question is not whether New York can afford to lose Apollo. The question is, how many more Apollos can New York afford [music] to lose before the damage becomes permanent?

[00:08:56]Drop your answer in the comments. I genuinely want to know what you think.

[00:09:00]If this video opened your eyes, hit that like button and subscribe because the firms leaving New York are not slowing down, and neither are we. I will see you in the next one.