Zohran Mamdani will be the next mayor of New York – a result that stunned some of the city’s most powerful businessmen. Zohran Mamdani defeated both former Gov. Andrew Cuomo and Republican Curtis Sliwa, securing the victory reported by the Associated Press less than an hour after the polls closed. According to Business Insider, a group of billionaires poured millions into a last-minute effort to stop the Democratic Socialist Assembly, which has openly said “billionaires shouldn’t exist.”
Billionaire-backed groups — Fix the City, For Our City, Put NYC First, Defend NYC and Whole But Mamdani — have all burned through millions since the June primary. Their goal was clear: to keep Mamdani out of City Hall.
Despite Zohran Mamdani’s attempts to reach out to the city’s business community, many executives sided with Andrew Cuomo. Some billionaires have publicly supported him, though not all have opened their wallets.
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Bloomberg led the spending
Michael Bloomberg topped the list of donors, giving $5 million since June — $1.5 million to repair the city and $3.5 million to the For Our City project. That was on top of the $8.3 million he donated before the primary. The former three-term mayor believed Cuomo “has the experience and the tenacity to stand up to New Yorkers.”
Other names followed his example. Airbnb co-founder Joe Gebbia put in $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 lean in and help Andrew Cuomo. Ronald Lauder and his wife Jo Carole contributed $1.25 million of their own funds.
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Smaller donors, same mission
The list went on: Casino mogul Steve Wynn donated $500,000, William Lauder contributed another $500,000, and hedge fund billionaire Daniel Loeb sent $350,000. Media mogul Barry Diller put in $250,000 and philanthropist Laurie Tisch donated $100,000. Even Walmart heiress Alice Walton has thrown in $100,000 through Fix the City, Business Insider reports.
None of that mattered. zohran mamdani still won comfortably.
He didn’t hold back at the October rally: “Billionaires like Bill Ackman and Ronald Lauder have poured millions of dollars into this race because they say we’re an existential threat. They’re right. We’re an existential threat to billionaires who think their money can buy our democracy,” he said.
Frequently asked questions
What am I Zohran Mamdani?
He is a democratic socialist and state assemblyman from Queens, now elected mayor of New York.
Who were the biggest donors against Mamdani?
Funding was led by Michael Bloomberg, Joe Gebbia, Bill Ackman, Ronald Lauder and others.
(Tagtentranslate)billionaires
