Ackman to Hastings: Billionaire’s who bet against Zohran Mamdani and lost

Indian-American New York State Assemblyman Zohran Mamdani delivered a big upset to former Gov. Andrew Cuomo. When he became the Democratic nominee for mayor of New York City, he became the first South Asian and Muslim candidate to be a front-runner for the position of mayor in NYC.

Cuomo had enjoyed endorsements and financial support from big business leaders as he campaigned against Mamdani, a Democratic socialist. Mamdani proposes a rent freeze and higher taxes on the city’s wealthiest residents.

As per a report by Business Insider, most of these mega-billionaires cut big checks to Fix the City, a nonprofit group that spent money on pro-Cuomo and anti-Mamdani ads. The nonprofit group has reported receiving a staggering amount of roughly $25 million in contributions

1. Michael Bloomberg

Former NYC mayor Michael Bloomberg reportedly donated $8.3 million to the non-profit promoting Cuomo ads. The billionaire owner of Blomberg LP has publicly endorsed Cuomo, saying, “I also know his strengths as a leader and manager, of all the candidates, Andrew has the skills our city needs to lead us forward.

2. Bill Ackman

Billionaire hedge fund manager Bill Ackman reportedly contributed $500,000 to the group. Ahead of the primary, Ackman also reshared multiple posts on X that targeted Mamdani.

3. Barry Diller

Popularly referred to as a ‘Hollywood Mogul’, Chairman of Expedia and InterActiveCorp (IAC), Barry Diller reportedly donated $250,000 to the pro-Cuomo group.

4. Reed Hastings

Netflix chairman Reed Hastings, who recently stepped down as CEO of the streaming company in 2023, donated $250,000 to efforts promoting Cuomo’s campaign

5. Daniel Loeb

Founder and CEO of New York-based firm Third Point, billionaire hedge fund manager Daniel Loeb, also donated $250,000 to Pro-Cuomo efforts.

6. Alice Walton

A billionaire philanthropist from the Walmart founder’s family, Alice Walton, contributed $100,000 to the pro-Cuomo campaign. Walton is the youngest of Walmart founder Sam Walton’s children.

7. Ken Griffin

Citadel CEO Ken Griffin also reportedly donated a sizable contribution of $50,000 to Sensible City, a separate anti-Mamdani group.

Several of the billionaires in the mentioned list, including Ackman, Loeb, and Griffin, had also endorsed President Donald Trump’s campaign in 2024. This fact was frequently highlighted during Mamdani’s campaign.

Other contenders for mayor include Eric Adams, the current mayor, who is running as an independent and Curtis Sliwa, who is the Republican nominee. Jim Walden, an attorney, is also running as an independent.

If Cuomo decides not to run in the general election, the billionaires who previously backed his campaign are anticipated to support one of the aforementioned candidates.