Several American billionaires are now pouring significant amounts of money to prevent Zohran Mamdani, the Democratic mayoral candidate in New York, from being elected due to concerns over his proposed radical policies.
New Yorkers are set to vote for their next mayor next Tuesday (November 4th). To thwart the election of the progressive leftist Democrat nominee Mamdani, many prominent billionaires have continued to fund external campaign groups since the results of the primary elections in June. These efforts aim to oppose Mamdani while boosting the support for his main competitor, former Governor Andrew Cuomo.
These groups include two major super political action committees (super PACs): one supporting Cuomo named “Fix the City” and another opposing Mamdani called “Defend NYC.” Since the primary elections, these two organizations have collectively raised at least millions of dollars.
The latest polls show that Mamdani is still leading over Cuomo and the Republican candidate Curtis Sliwa. Incumbent mayor Eric Adams announced his withdrawal from the race in late September to seek re-election as an independent candidate, officially endorsing Cuomo last Thursday.
Despite Mamdani’s attempts to reach out to the business sector, many of New York City’s business tycoons have chosen to support Cuomo openly and oppose Mamdani’s various radical policies.
Election filings reveal that the super PACs supporting Cuomo and opposing Mamdani in the New York mayoral race have collectively raised over $40 million, with contributions of at least millions of dollars from prominent billionaires and family foundations.
New York billionaires such as Bill Ackman, Ronald Lauder, William Lauder, Barry Diller, and Dan Loeb have donated large sums to “Fix the City.” Some out-of-state billionaires have also contributed funds to the campaign organization, including casino mogul Steve Wynn and one of the wealthiest women in the world, Alice Walton.
Just this Wednesday – less than a week before the New York City mayoral election, billionaire and former mayor of New York Michael Bloomberg donated an additional $1.5 million to “Fix the City.” This brings his total spending for Cuomo’s campaign to $9.5 million, making him the largest donor in Cuomo’s campaign so far.
Bloomberg had previously invested $8 million in this super PAC supporting Cuomo during the Democratic primary, but Cuomo lost in the primary and continued to run as an independent candidate.
These massive donations underscore the concerns of many New York billionaires and national conservatives alike over Mamdani’s potential victory. Mamdani identifies as a democratic socialist, with policies including rent freezes, free public transportation and universal free childcare services, as well as government-operated grocery stores. In order to fund these plans, he proposes a 2% tax on New Yorkers earning over $1 million annually.