Billionaires Who Spent A Fortune To Keep Zohran Mamdani From Becoming NYC Mayor

Last Updated:November 06, 2025, 17:55 IST

New York’s wealthy fear Zohran Mamdani, a young Democratic Socialist, for his left-leaning stance and outspoken opposition to big capital interests

At just 34, Zohran Mamdani campaigned on promises to reduce living costs in New York City. (AP/File)

The recent New York mayoral election highlighted a significant shift in the political landscape, demonstrating that financial clout alone cannot secure victory. Despite several billionaires pouring billions into the campaign of Zohran Mamdani‘s opponent, Andrew Cuomo, Mamdani emerged victorious. This outcome underlines that genuine voter support can eclipse vast campaign funds.

Mamdani’s campaign was notably supported by local residents and small donations, accumulating around $9.1 million. This amount paled in comparison to Cuomo’s $35.6 million, heavily funded by corporate and billionaire contributions. Mamdani’s win sends a resounding message: grassroots support can triumph over financial might.

At just 34, Mamdani campaigned on promises to reduce living costs in New York City, including lower rents, free public buses, and universal childcare.

General Why New York’s Wealthy Feared Mamdani

Mamdani proposed financing these initiatives with a minor tax increase on millionaires and higher corporate taxes, a stance that alarmed the wealthy elite. More than 20 billionaires actively tried to thwart his campaign, starting from the Democratic primary against former Governor Cuomo.

Among the notable contributors to Cuomo’s campaign, Michael Bloomberg donated a total of $13 million, with $5 million in the campaign’s final month.

General Beauty Tycoon Lauder Family Donated Heavily

The Lauder family, globally renowned for its legacy in the beauty industry, has emerged as one of the biggest financial backers in New York’s political arena. Ronald Lauder donated $750,000 to independent mayoral candidate and former Democratic Governor Andrew Cuomo in September, followed by another $250,000 in October. Lauder, who has served as president of the World Jewish Congress since 2007, is also known for his strong support of Israel.

His wife, Carole Lauder, contributed $500,000 to Cuomo’s campaign, Fix the City, while nephew William Lauder donated $1 million. Collectively, the family has poured several million dollars into the race. Forbes estimates the Lauder family’s net worth at $25.9 billion. During his campaign, Mamdani has singled out Ronald Lauder and billionaire investor Bill Ackman for criticism.

General Airbnb’s Founder Also Opened His Purse

Joe Gebbia, co-founder of Airbnb and president of Airbnb.org, contributed a total of $2 million to the election, including $1 million to Cuomo. Gebbia, who serves as chief design officer under President Donald Trump—who endorsed Cuomo in the final days of the campaign—has an estimated net worth of $7.7 billion. On October 20, he posted on X that candidate Sliwa “can still be a hero” and urged him to withdraw from the race to improve Cuomo’s chances of winning.

General Mamdani Was Widely Mocked

Hedge fund investor Bill Ackman emerged as one of the most vocal billionaires opposing Mamdani. Between April and October 2025, he donated $1 million to Mamdani’s campaign, Defund NYC, and $750,000 to Cuomo. On X, Ackman criticized Mamdani, saying, “Mamdani is not the right mayor because he’s a socialist. He has no experience running anything.” Mamdani, in turn, has mocked Ackman multiple times for his lengthy “1,000-word tweets” targeting the campaign.

General What The Walmart Billionaire Did

Barry Diller, media magnate and co-founder of Fox with Rupert Murdoch, serves as chairman of IAC and Expedia Group. He has donated a total of $500,000 to Cuomo’s campaign, Fix the City, endorsing Cuomo over Mamdani despite being a longtime Democratic donor.

Laurie Tisch, head of the Laurie M. Tisch Illumination Fund, contributed $150,000 to Fix the City during the primary and general elections, while other family members added over $1 million in total.

Real estate developer and Las Vegas luxury casino mogul Steve Wynn, a major Republican donor, gave $500,000 to Cuomo’s campaign.

Walmart heiress Alice Walton donated $200,000 to Fix the City in two installments—half during the April primary and the remainder in August.

General Why Were They So Afraid?

New York’s super-rich fear Zohran Mamdani because he is a young, left-leaning Democratic Socialist who openly challenges big capital interests. Many believe his policies could threaten the traditional capitalist class.

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