$22 Million, 26 Billionaires Couldn't Stop Zohran Mamdani's New York Mayoral Win

Democrat socialist Zohran Mamdani, who campaigned on tackling the cost of living with policies such as city-run grocery outlets, free public transport and universal childcare, has been elected New York mayor-elect.

Despite his progressive platform, Mamdani was a prime target for some of America's wealthiest individuals. According to Forbes, at least 26 billionaires and affluent families collectively spent over $22 million to support his opponents and run ads against him.

Notable contributors included Bloomberg LP co-founder Michael Bloomberg, hedge fund manager Bill Ackman, Airbnb cofounder Joe Gebbia and members of the Lauder family, heirs of Estee Lauder. Each contributed at least $100,000 to independent expenditure committees and super political action committees backing Andrew Cuomo.

Michael Bloomberg alone contributed $8 million to support Cuomo in the Democratic primary, while Ackman donated $1.75 million and Lauder added $750,000. 

More than half of the donations, around $13.6 million, came before Mamdani secured the Democratic nomination on June 24. Bloomberg's June contribution of $8.3 million to Fix The City, Inc. accounted for a significant portion of these pre-primary donations.

Other prominent donors included Netflix co-founder Reed Hastings and media entrepreneur Barry Diller, each giving $250,000. Conservative donors also entered the fray, such as casino magnate Steve Wynn with $500,000 in October and oil baron John Hess, who contributed $1 million over several months.

According to Forbes, addressing the opposition at a rally on October 13, Mamdani said, “Billionaires like Bill Ackman and Ronald Lauder have poured millions of dollars into this race because they say that we pose an existential threat. I am here to admit something: They are right.”

Sixteen of the 26 billionaire donors identified by Forbes are New York City residents.

Billionaires Backing Anti-Mamdani Campaign

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 and Kathryn Murdoch: $100,000
Bruce and Suzie Kovner: $100,000
Richard Kurtz: $100,000
Elghanayan family: $100,000

Critics Extend Offers Of Support After Mamdani's Victory

Interestingly, some Wall Street figures, who initially opposed Mamdani, have extended offers of support following his victory, reported Fortune. Ackman congratulated Mamdani in a post on X, writing, “Now you have a big responsibility. If I can help NYC, just let me know what I can do.”

.@ZohranKMamdani, congrats on the win. Now you have a big responsibility. If I can help NYC, just let me know what I can do.

— Bill Ackman (@BillAckman) November 5, 2025

Jamie Dimon, CEO of JPMorgan Chase, previously told Fortune that Mamdani was “more Marxist than socialist.” Following Mamdani's victory, Dimon told CNN in an interview on November 5 that he was open to maintaining communication. “If I find it productive, I'll continue to do it,” Dimon said, adding that he is willing to assist “any mayor, any governor.”

Mamdani will take office on January 1, 2026.