Despite $22 Million Opposition from 26 Billionaires, Democratic Socialist Zohran Mamdani Wins New York Mayoral Race

Democratic socialist Zohran Mamdani has been elected as New York's mayor-elect after campaigning on a progressive platform focusing on addressing cost of living issues through innovative policies including city-operated grocery stores, free public transportation, and universal childcare programs.

Despite facing tremendous opposition from America's elite, Mamdani overcame significant financial hurdles to secure his victory. According to Forbes reporting, at least 26 billionaires and wealthy families collectively poured over $22 million into efforts supporting his opponents and funding negative advertising campaigns against him.

Among the prominent financial backers opposing Mamdani were Bloomberg LP co-founder Michael Bloomberg, hedge fund manager Bill Ackman, Airbnb co-founder Joe Gebbia, and members of the Estee Lauder heir family. Each contributed substantial sums exceeding $100,000 to independent expenditure committees and super PACs supporting Andrew Cuomo's candidacy.

Michael Bloomberg's contributions were particularly substantial, totaling $8 million to Cuomo's Democratic primary campaign. Similarly, Bill Ackman donated $1.75 million while members of the Lauder family contributed $750,000 to opposition efforts.

Notably, approximately $13.6 million—more than half of the total opposition funding—was deployed before Mamdani secured the Democratic nomination on June 24. Bloomberg's June contribution of $8.3 million to Fix The City, Inc. represented a significant portion of these pre-primary financial resources.

Additional high-profile donors included Netflix co-founder Reed Hastings and media entrepreneur Barry Diller, who each contributed $250,000. Conservative financial backers also joined the opposition, including casino magnate Steve Wynn with a $500,000 October donation and oil executive John Hess, who provided $1 million over multiple months.

Addressing this formidable opposition at an October 13 rally, Mamdani acknowledged the situation directly, stating: "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."

Forbes identified that sixteen of the twenty-six billionaire donors opposing Mamdani are New York City residents themselves.

The list of billionaires who financially backed anti-Mamdani campaigns includes: 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), and Elghanayan family ($100,000).

Interestingly, following Mamdani's election victory, several Wall Street figures who had initially opposed his candidacy have extended offers of cooperation and support, according to Fortune. Bill Ackman congratulated Mamdani on social media platform X, writing: "Now you have a big responsibility. If I can help NYC, just let me know what I can do."

JPMorgan Chase CEO Jamie Dimon, who had previously characterized Mamdani as "more Marxist than socialist" in comments to Fortune, demonstrated a shift in tone following the election results. In a November 5 CNN interview, Dimon expressed willingness to maintain communication with the mayor-elect, stating: "If I find it productive, I'll continue to do it," and adding that he is prepared to assist "any mayor, any governor."

Zohran Mamdani is scheduled to assume office on January 1, 2026.