If you want to see what real panic looks like in the C-suite, just mention Lina Khan's name in a room full of tech executives and Wall Street bankers. New York City's business elite didn't even wait 24 hours before spiraling after Mayor-elect Zohran Mamdani revealed that Khan, the former Federal Trade Commission Chair who made a career out of going after Big Tech, would co-lead his transition team.

The reaction was swift and dramatic. CNBC's Andrew Ross Sorkin said some of the city's wealthiest residents are literally "looking for therapy" after hearing the news. That's not hyperbole—these are actual humans with actual anxiety about a policy appointment.

Why Everyone's Freaking Out

Khan isn't exactly a household name for most Americans, but in corporate boardrooms, she's unforgettable. During her time running the FTC from 2021 until this past January, she became one of the most aggressive antitrust enforcers in modern history. She sued Meta (META) and Amazon (AMZN), blocked major mergers left and right, and secured millions in refunds for gig workers. Business leaders either loved her commitment to consumers or viewed her as dangerously hostile to innovation, depending on whose quarterly earnings she was threatening.

Now she's back in New York, and she's not being shy about her agenda. "I think what we saw last night was New Yorkers not just electing a new mayor, but clearly rejecting a politics where outsize corporate power and money too often end up dictating our politics, and a clear mandate for change," Khan said at Mamdani's first post-election press conference.

That quote alone was enough to send bankers scrambling for their phones. Sorkin said the texts started flooding in within hours. "It wasn't even the election result itself. It was when this Lina Khan announcement was made," he explained. "They were sort of frozen in place."

Sleepless Nights on Wall Street

Khan isn't the only person on Mamdani's transition team. She's joined by former Deputy Mayor Maria Torres-Springer, United Way of New York City CEO Grace Bonilla, and former Deputy Mayor for Health and Human Services Melanie Hartzog. But let's be honest—nobody's losing sleep over those appointments. It's Khan who has everyone on edge.

Eric Soufer, Head of Advanced Tech at Tusk Strategies, told the New York Post: "I think a lot of people are going to have some sleepless nights early on before they have some conversations or at least hear something publicly from Lina Khan and the rest of the transition team about what their plans are."

The anxiety makes sense when you consider what's at stake. Google, Meta, and Amazon all maintain massive operations in New York City. If Khan's influence extends to local economic policy and regulatory oversight, these companies could face a much tougher environment than they've enjoyed under previous administrations.

What Happens Next?

For now, Khan's role remains advisory. A spokesperson confirmed she's focused on helping with economic policy recommendations and personnel decisions for the transition team. Whether she takes on a full-time position in the Mamdani administration is still an open question.

But here's the thing: even in an advisory capacity, Khan carries weight. Her tenure at the FTC proved she knows how to use regulatory power effectively, and her public statements suggest she sees this mayoral transition as an opportunity to challenge corporate influence at the local level.

Wall Street and Silicon Valley are right to pay attention. After all, therapy appointments don't book themselves.