Tech Insider

Zohran Mamdani on Election Day in NYC.
Zohran Mamdani has maintained a healthy lead over Andrew Cuomo in the NYC mayoral race.
  • Zohran Mamdani beat Andrew Cuomo in the NYC mayor's race.
  • Mamdani said he thinks billionaires shouldn't exist and proposed raising taxes by 2% for those earning over $1 million.
  • Several billionaires invested heavily in efforts to prevent him from becoming mayor.

Zohran Mamdani is officially the mayor-elect of New York City, despite facing intense opposition from a high-profile group of billionaires who sought to defeat him.

After failing to defeat the Democratic socialist state assemblyman's campaign during the June primary, several big-name billionaires continued to pour money into outside groups aimed at stopping Mamdani, who has said that billionaires shouldn't exist.

Almost all polling showed Mamdani leading his main rival, former Democratic Gov. Andrew Cuomo. GOP candidate Curtis Sliwa also drew some support.

The Associated Press called the race for Mamdani less than an hour after polls closed at 9 p.m. local time.

Groups that have received billionaire contributions include Fix the City and Put NYC First, both pro-Cuomo groups, and Defend NYC, For Our City, and Anyone But Mamdani, all anti-Mamdani groups. Each of the committees has raised millions since the primary.

Despite Mamdani's outreach to the business community, many of the city's business titans remained supportive of Cuomo and spoke out against many of Mamdani's progressive policies.

Some billionaires spoke out against Mamdani but didn't open their wallets. President Donald Trump and Elon Musk, both of whom endorsed Cuomo the day before the election, are not known to have spent any money on the race.

Here are the billionaires who spent more than $100,000 in the mayoral race since the June primary.

Mike Bloomberg
Mike Bloomberg

Michael Bloomberg, the former three-term mayor of New York City and the billionaire owner of Bloomberg LP, donated $5 million to pro-Cuomo and anti-Mamdani groups since June, making him the largest single donor of the general election.

That includes a $1.5 million contribution to Fix the City and a $3.5 million contribution to For Our City.

And that's on top of the $8.3 million he gave to the group before the primary.

Bloomberg's new contributions came as he publicly reaffirmed his support for Cuomo on October 29, saying he "has the experience and toughness to stand up for New Yorkers and get things done."

The contributions are also notable given that the former mayor met with Mamdani in September, with a Bloomberg advisor calling the meeting "cordial" and "substantive."

Bloomberg is worth $109.4 billion, according to Forbes.

Joe Gebbia
Joe Gebbia

Joe Gebbia, a cofounder of Airbnb, spent a total of $3 million on the race, donating $1 million apiece to Fix the City, Defend NYC, and Put NYC First.

Gebbia serves as the Chief Design Officer of the United States under President Donald Trump.

He repeatedly signaled his opposition to Mamdani on X, writing in one recent post that Sliwa could be a "hero" by dropping out of the race and giving Cuomo an easier shot at beating Mamdani.

Gebbia is worth $7.7 billion, according to Forbes.

Bill Ackman
Bill Ackman

Bill Ackman, the CEO of Pershing Square Capital Management, poured $1.25 million into the race since June, giving $1 million to Defend NYC and $250,000 to Fix the City. That's on top of the $500,000 he gave to Fix the City before the primary.

Ackman has been a vocal opponent of Mamdani, and like Gebbia, has publicly encouraged Sliwa to drop out of the race.

Mamdani singled out Ackman on the stump, naming him among the billionaires who oppose his candidacy. He has also mocked the hedge fund manager for his "1000-word tweets."

Ackman is worth $9.3 billion, according to Forbes.

Ronald Lauder
Ronald Lauder

Ronald Lauder and his wife, Jo Carole, gave $1.25 million to Fix the City in recent months.

Lauder, a Republican and the president of the World Jewish Congress, has long been a financial supporter of Cuomo.

Mamdani has publicly named Lauder, along with Ackman, when decrying the influence of billionaires.

"Billionaires like Bill Ackman and Ronald Lauder have poured millions of dollars into this race because they say that we pose an existential threat," Mamdani said at an October rally. "And I am here to admit something. They are right. We are an existential threat to billionaires who think their money can buy our democracy."

Lauder is worth $4.9 billion, according to Forbes.

William Lauder
William Lauder

William Lauder, the chairman of the board of the Estée Lauder Companies and the nephew of Ronald Lauder, has given $500,000 to Fix the City since June.

That's in addition to the $500,000 he had already given to the group before the primary.

Lauder is worth $1.6 billion, according to Forbes.

Steve Wynn
Steve Wynn

Steve Wynn, a casino mogul and real estate developer, gave $500,000 to Fix the City in October.

Wynn is a longtime GOP mega-donor and the onetime financial chair of the Republican National Committee.

He is worth $3.9 billion, according to Forbes.

Daniel Loeb
Daniel Loeb

Daniel Loeb, the founder and CEO of New York-based firm Third Point, has given a total of $350,000 since the primary — $100,000 to Defend NYC and $250,000 to Fix the City.

Loeb also gave $250,000 to Fix the City before the primary.

He is worth $3.8 billion, according to Forbes.

Barry Diller
Barry Diller

Barry Diller, a media mogul who's the chairman of Expedia Group and IAC, donated $250,000 to Fix the City on October 22.

This is on top of a $250,000 donation he made to the pro-Cuomo group before the June primary.

Diller is worth $5 billion, according to Forbes.

Marcella Guarino Hymowitz
Marcella Guarino Hymowitz
Marcella Guarino Hymowitz, the wife of investor Gregg Hymowitz, has supported Cuomo throughout the campaign.

Marcella Guarino Hymowitz gave $250,000 to Put NYC First in October. Prior to the primary, she had donated $150,000 to Fix the City.

Guarino Hymowitz's husband, asset manager Gregg Hymowitz, is worth $2 billion, per Forbes. In September, The New York Times reported that he was among the organizers of a meeting of business leaders focused on defeating Mamdani.

Richard Kurtz

Richard Kurtz, a real estate mogul who lives in Palm Beach, Florida, donated $100,000 to Anyone But Mamdani.

The CEO of Kamson Corporation, which owns properties nationwide, is worth $1 billion, according to Forbes.

Laurie Tisch
Laurie Tisch

Laurie Tisch, a billionaire philanthropist, gave $100,000 to Fix the City in October. She had already given $50,000 to the group prior to the primary.

She is a member of the Tisch family, whose wealth comes from the Loews Corporation. Other members of the Tisch family have given to the group, totaling over $1.3 million for the year.

Laurie Tisch is worth $1.6 billion, according to Forbes. The family as a whole is worth an estimated $10.1 billion.

Alice Walton
Alice Walton

Alice Walton, a billionaire philanthropist and a member of the family that founded Walmart, gave $100,000 to Fix the City in August. She had previously given $100,000 to the same group in April, before the primary.

Walton is worth $111 billion, according to Forbes.

Read the original article on Business Insider