Democratic socialist Zohran Mamdani has been elected New York City’s next mayor, despite facing unprecedented opposition from some of America’s wealthiest individuals who spent over $22 million attempting to derail his campaign.
Mamdani ran on an ambitious progressive platform focused on addressing the city’s cost-of-living crisis through policies including municipally operated grocery stores, fare-free public transportation, and universal childcare programs.
Unprecedented Billionaire Opposition
According to Forbes, at least 26 billionaires and wealthy families poured more than $22 million into independent expenditure committees and super PACs supporting Mamdani’s opponents and funding attack advertisements against his campaign.
The opposition’s financial firepower included contributions from some of the nation’s most prominent business leaders:
- Michael Bloomberg, co-founder of Bloomberg LP, led the spending with $8.3 million supporting rival candidate Andrew Cuomo in the Democratic primary
- Bill Ackman, hedge fund manager, contributed $1.75 million
- Joe Gebbia, Airbnb co-founder, donated $3 million
- Members of the Lauder family, heirs to the Estée Lauder fortune, collectively gave $2.6 million
Approximately $13.6 million—more than half the total—was spent before Mamdani secured the Democratic nomination on June 24. Bloomberg’s June contribution alone accounted for a significant portion of these pre-primary expenditures.
Additional notable donors included Netflix co-founder Reed Hastings and media mogul Barry Diller, each contributing $250,000. Conservative donors also joined the effort, including casino magnate Steve Wynn ($500,000 in October) and oil executive John Hess ($1 million across multiple contributions).
Forbes identified that 16 of the 26 billionaire donors are New York City residents.
Mamdani Addresses Opposition Head-On
Rather than shy away from the unprecedented financial opposition, Mamdani confronted it directly. At an October 13 rally, he declared: “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.”
Former Critics Offer Cooperation
In an interesting turn following Mamdani’s victory, some Wall Street figures who initially opposed his candidacy have extended olive branches.
Ackman posted congratulations on X, writing: “Now you have a big responsibility. If I can help NYC, just let me know what I can do.”
Jamie Dimon, CEO of JPMorgan Chase, who had previously characterized Mamdani to Fortune as “more Marxist than socialist,” told CNN on November 5 that he remains open to dialogue. “If I find it productive, I’ll continue to do it,” Dimon said, expressing willingness to assist “any mayor, any governor.”
