New York State Assemblyman Zohran Mamdani still stands a pretty good chance in the race for New York City mayor, far ahead of Andrew Cuomo and Curtis Sliwa, despite strong opposition from the elites of America. His mayoral campaign has become a lightning rod for some American billionaires, including Michael Bloomberg, Bill Ackman, Richard Kurtz and so on.
Billionaires line up against Zohran Mamdani
“Billionaires like Bill Ackman and Ronald Lauder have poured millions of dollars into this race because they say we pose an existential threat,” Mamdani told supporters at an October 13 rally. “I am here to admit something, they are right.”
According to Forbes, Ackman, the billionaire hedge fund manager, has spent around $1.75 million to support political groups that are working against Mamdani. Ronald Lauder, heir to the Estée Lauder cosmetics fortune, has also poured in around $750,000.
But these numbers are nothing compared to the combined force of around 26 of America’s wealthiest individuals joining hands to stop Mamdani. According to a Forbes analysis, these ultra-rich families have poured in at least $100,000 each into efforts to defeat him. This is done either by backing Cuomo’s bid or supporting other candidates in the race. In total, the amount has crossed a massive $22 million. Of the 26 billionaires, 16 live in New York City.
Bloomberg’s donor leads the list
According to the Forbes report, over half of the donations, about $13.6 million, were made way before Mamdani won the Democratic primary on June 24. One of the largest contributors and Mamdani’s biggest foe is Michael Bloomberg, the former New York mayor who poured $8.3 million into a super PAC supporting Cuomo.
Bloomberg, who later met Mamdani for a “cordial” conversation, wasn’t alone among big-name liberals. Netflix cofounder Reed Hastings and media giant Barry Diller also contributed $250,000 each to the same group ahead of the primary.
Conservative donors have also joined the lineup. Casino magnate Steve Wynn sent $500,000 in October, and oil executive John Hess donated $1 million since May.
Mamdani, back in June, told NBC, “I don’t think we should have billionaires, because frankly, it is so much money in a moment of such inequality.” According to reports, he recently met business leaders to discuss his policies, about how his mayoral plan is not about banning billionaires but focusing on economic reform.
Among some of the prominent donors are Walmart heiress Alice Walton (Texas), hedge funder Daniel Och (Florida), and Boston developer John Fish, sending large checks from outside New York.
Elections are approaching, and donations are witnessing a spike. Airbnb cofounder Joe Gebbia, who currently holds a design advisory role in the Trump administration, contributed $3 million across three anti-Mamdani groups on October 15 alone.
In response to the billionaire pushback, Dora Pekec, a Mamdani campaign spokesperson, said: “Billionaires are lining up behind a candidate who’s spent months chasing their approval and their dollars instead of talking to working-class New Yorkers. Cuomo’s running on the same tired, cynical politics of the past that created the affordability crisis and has driven New Yorkers out of the city. Zohran Mamdani is practicing a politics that puts New Yorkers first — not billionaires.”
The list of billionaires according to Forbes
- Michael Bloomberg — $8.3 million
- Joe Gebbia — $3 million
- William Lauder & family — $2.6 million
- Bill Ackman — $1.75 million
- Jonathan Tisch & family — $1.2 million
- John Hess — $1 million
- Daniel Loeb — $775,000
- Barry Diller — $500,000
- Steve Wynn — $500,000
- Marcella Guarino Hymowitz — $400,000
- David Walentas — $350,000
- Reed Hastings — $250,000
- John Fish — $250,000
- David Lichtenstein — $250,000
- Alice Walton — $200,000
- Deborah Simon — $200,000
- Jerry Speyer — $150,000
- Stephanie Coleman — $150,000
- Durst family — $110,000
- Fisher family — $110,000
- Daniel Och — $100,000
- Ken Langone — $100,000
- James & Kathryn Murdoch — $100,000
- Bruce & Suzie Kovner — $100,000
- Richard Kurtz — $100,000
- Elghanayan family — $100,000
