Inside the billionaires' push to stop Zohran Mamdani’s mayoral win - and how it backfired
Despite millions in spending from billionaire donors, Zohran Mamdani clinched the New York City mayoral race, defeating Andrew Cuomo and Curtis Sliwa.
Zohran Mamdani will be New York City’s next mayor - a result that stunned some of the city’s most powerful business figures. Zohran Mamdani defeated both former Governor Andrew Cuomo and Republican Curtis Sliwa, securing a win called by the Associated Press less than an hour after polls closed. According to Business Insider, a cluster of billionaires poured millions into last-minute efforts to stop the Democratic socialist assemblyman, who has openly said that “billionaires shouldn’t exist.”
The billionaire-backed groups - Fix the City, For Our City, Put NYC First, Defend NYC, and Anyone But Mamdani - all burned through millions since the June primary. Their goal was clear: keep Mamdani out of City Hall.
Despite Zohran Mamdani’s attempts to reach the city’s business community, many executives sided with Andrew Cuomo. Some billionaires endorsed him publicly, though not all opened their wallets.
Bloomberg led the spending spree
Michael Bloomberg topped the donor list, giving $5 million since June - $1.5 million to Fix the City and $3.5 million to For Our City. That was on top of $8.3 million he donated before the primary. The former three-term mayor believed Cuomo “has the experience and toughness to stand up for New Yorkers.”
Other names followed his lead. Airbnb cofounder Joe Gebbia put up $3 million, split between pro- and anti-Mamdani groups. Hedge fund manager Bill Ackman gave $1.25 million and urged GOP candidate Curtis Sliwa to bow out to help Andrew Cuomo. Ronald Lauder and his wife, Jo Carole, contributed $1.25 million of their own funds.
Smaller donors, same mission
The list continued: Casino mogul Steve Wynn donated $500,000, William Lauder contributed another $500,000, and hedge fund billionaire Daniel Loeb sent in $350,000. Media tycoon Barry Diller chipped in $250,000, and philanthropist Laurie Tisch donated $100,000. Even Walmart heir Alice Walton threw in $100,000 through Fix the City, reports Business Insider.
None of it mattered. Zohran Mamdani still won comfortably.
At an October rally, he did not hold back: “Billionaires like Bill Ackman and Ronald Lauder have poured millions of dollars into this race because they say we pose an existential threat. They are right. We are an existential threat to billionaires who think their money can buy our democracy,” he said.
FAQs
Who is Zohran Mamdani?
He is a Democratic socialist and state assemblyman from Queens, now mayor-elect of New York City.
Who were the biggest donors against Mamdani?
Michael Bloomberg, Joe Gebbia, Bill Ackman, Ronald Lauder, and others led the funding.