NEW YORK, NY — Democratic candidate Zohran Mamdani’s campaign for New York City mayor has drawn fierce opposition from some of America’s wealthiest individuals, with more than two dozen billionaires pouring over $22 million into efforts to defeat him, according to a Forbes analysis.
Mamdani, 34, remains the frontrunner against former governor Andrew Cuomo and talk show host Curtis Sliwa. At an October 13 rally, he declared, “Billionaires like Bill Ackman and Ronald Lauder have poured millions into this race because they say we pose an existential threat — and they’re right.”
Leading the charge is former New York mayor Michael Bloomberg, who has donated $8.3 million to the political group Fix The City, Inc. Airbnb cofounder Joe Gebbia followed with $3 million in October. The Lauder family, heirs to the Estée Lauder fortune, have given $2.6 million, while hedge fund billionaire Bill Ackman has contributed $1.75 million to groups backing Cuomo.
Other top donors include:
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Tisch family – $1.2 million
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John Hess (oil and gas) – $1 million
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Daniel Loeb (hedge funds) – $775,000
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Barry Diller (media) – $500,000
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Steve Wynn (casinos) – $500,000
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Marcella Guarino Hymowitz – $400,000
These donations have funded a flood of anti-Mamdani ads and mailers across the five boroughs. Mamdani’s campaign platform includes free public transit, universal childcare, and rent freezes—policies he says would be funded by higher corporate and top-income tax rates.
Mamdani’s spokesperson Dora Pekec said the campaign represents “politics that put New Yorkers first — not billionaires.” Critics, including Ackman, argue his policies would “create more crime, less public safety, fewer jobs, and lower tax revenues.”
Despite the backlash, Mamdani continues to lead in most polls, with three weeks remaining before Election Day in what is shaping up to be one of the most expensive municipal races in U.S. history.
Sources:
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