“@ZohranKMamdani, congrats on the win. Now you have a big responsibility. If I can help NYC, just let me know what I can do,” @BillAckman wrote on X. That’s a 180 from when he threatened to leave New York if Zohran Mamdani won the New York City Mayoral elections—which, he did.
Zohran Mamdani—a naturalised US citizen born in Uganda to India-origin parents—has become the 111th mayor of New York after an mayoral election win against Andrew Cuomo, who had the backing of the most powerful man in the world (US President Donald Trump) and the world’s richest person (Elon Musk). That puts a democratic socialist at the helm of affairs of a city that has the highest number of billionaires in the world.
The 34-year-old state lawmaker from Queens will be the youngest person to hold the office in a century. He will also be New York’s first Muslim mayor and first person of South Asian descent to lead the city in its 400-year history. He will replace first-term Mayor Eric Adams, who dropped out of the race amid low poll numbers and a series of scandals.
Billionaires against Zohran Mamdani
More than two dozen billionaires and wealthy families poured tens of millions of dollars into independent political committees opposing Mamdani’s bid to become New York mayor. The spending spree has sparked renewed debate about the influence of money in municipal politics.
According to filings reviewed by Business Insider, Time, and Fortune, at least 26 billionaires and affluent families backed Super PACs aligned with Cuomo. Together, their contributions are estimated at between $19 million and $28 million, funnelled through political action committees such as Defend New York and Fix the City.
Michael Bloomberg, the former mayor of New York and media tycoon, emerged as the single largest donor, contributing around $13.3 million. His spending alone accounted for nearly half of all anti-Mamdani expenditures.
Airbnb co-founder Joe Gebbia followed with roughly $3 million, while hedge-fund billionaire Bill Ackman gave between $1.25 million and $1.75 million, depending on which filings are counted.
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Political funding against Zohran Mamdani
Collectively, these names represent a who’s-who of Wall Street, Silicon Valley, and legacy wealth. Their spending power dwarfed Mamdani’s grassroots campaign, which drew small-dollar donations from working-class New Yorkers on his promise of making New York afforadable again.
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Critics argue that Mamdani’s left-wing housing and tax proposals would have driven investment away from New York, but a billionaire pushback against a upcoming politician tells a lot about the ability of a few wealthy donors to dominate local politics.