Mamdani says billionaires shouldn’t exist. Some of them have put their fortunes to work trying to stop him from leading America’s largest city.
Zohran Mamdani is riding high. The 34-year-old democratic socialist New York state assemblyman remains well ahead of former governor Andrew Cuomo and talk show host Curtis Sliwa in the race for New York City mayor—despite making more than a few enemies in high places. “Billionaires like Bill Ackman and Ronald Lauder have poured millions of dollars into this race because they say that we pose an existential threat,” Mamdani declared at an Oct. 13 rally. “I am here to admit something: They are right.”
Hedge funder Ackman did indeed put $1.75 million into political groups spending against Mamdani, the official Democratic nominee, as of October 22, and cosmetics heir Lauder has contributed another $750,000. But while these two billionaires were name-checked by the mayoral frontrunner, they aren’t the only billionaires breaking open their considerable piggy banks to oppose Mamdani. In fact, 26 billionaires and members of billion-dollar families from around the country have sunk at least $100,000 each into supporting Cuomo (now running as an independent) or one of the other candidates running against Mamdani, according to a Forbes analysis. In all, these billionaires have donated over $22 million to back opposition campaigns, flooding the airwaves and mailboxes of Big Apple residents with anti-Mamdani messages.
Over half of those donations, about $13.6 million, came before Mamdani won the Democratic primary on June 24. More than half of that was donated by former New York mayor Michael Bloomberg, who endorsed Cuomo and flooded a group called Fix The City, Inc. with $8.3 million in cash in June. (Since then, Bloomberg and Mamdani have reportedly met for a “cordial” discussion.) Other big liberal donors—Netflix cofounder Reed Hastings and media entrepreneur Barry Diller, for example—each sent Fix the City $250,000 before the primary as well. Some conservative givers and Trump allies have waded into the race, too, like casino magnate Steve Wynn, who donated half a million dollars in October; and oil baron John Hess, who cut his first check in May and has since put $1 million total up against Mamdani.
Mamdani, a three-term state legislator, has sketched out a left-wing populist agenda. “I don’t think we should have billionaires, because frankly, it is so much money in a moment of such inequality,” he told NBC News in June, though in recent months he has apparently taken to meeting with business leaders in an attempt to win their support, or at least quell their fears. His mayoral platform does not call for the elimination of billionaires, but does promise to freeze rent in rent-controlled apartments, make city buses free and establish universal childcare, paid for in theory by raising the top marginal income tax rate in New York City by two points and hiking corporate income taxes from 7.25% to New Jersey’s rate of 11.5%.
No surprise then that 16 of the 26 billionaire donors that Forbes found are city residents, including Bloomberg, Diller and the Tisch family. The latter, who are big donors to New York University and own a stake in the New York Giants, has put at least $1.2 million into groups trying to take Mamdani down—which is particularly notable in part because Jessica Tisch, a member of the family, is the New York police commissioner whom Mamdani has reportedly pledged to keep in his administration if elected.
Given the symbolic importance of ruling the nation’s biggest city, billionaires from all over the country have sent money across state lines to bolster Mamdani opponents. Altogether 10 of the billionaires reside elsewhere, including Texan Walmart heir Alice Walton, Floridian hedge funder Daniel Och (a former New Yorker) and Bostonian John Fish—whose Suffolk Construction’s projects in the city include the Waldorf Astoria hotel, which it is renovating; and a new supertall skyscraper at 520 5th Avenue.
Spending has ramped up in recent weeks. Airbnb cofounder Joe Gebbia, who also has a role in the Trump administration, poured $3 million into three different anti-Mamdani groups on Oct. 15 alone. Ackman, who put $1.25 million into the race last week, wrote on X, formerly Twitter, that Mamdani’s policies will “create more crime, less public safety, fewer jobs, lower tax revenues.” Barry Diller’s rep says the media mogul has donated another quarter of a million to the Fix The City that hasn’t yet shown up in filings. One critic, worth $7.1 billion himself, who hasn’t donated but who has used his giant megaphone to lambast the candidate is President Donald Trump, deeming Mamdani “a 100% Communist Lunatic” after his primary win.
All three candidates squared off in two debates this month.
AP Photo/Angelina Katsanis, Pool
When asked for comment, Dora Pekec, a Mamdani campaign spokesperson, had this to say:
“Billionaires are lining up behind a candidate who’s spent months chasing their approval and their dollars instead of talking to working class New Yorkers. Cuomo’s running on the same tired cynical politics of the past that created the affordability crisis and has driven New Yorkers out of the city. Zohran Mamdani is practicing a politics that puts New Yorkers first—not billionaires.”
A Cuomo spokesperson did not respond to requests for comment.
Forbes reviewed all contributions over $50,000 to groups opposing Mamdani or backing another candidate available through the state’s database as of Oct. 22. Billionaires listed below are those who have contributed over $100,000.
Mamdani’s biggest billionaire foes—so far.
Groups supported: Fix the City
Residence: New York, NY
Net Worth and Source of Wealth: $110 billion, Bloomberg LP
A longtime Democrat, Bloomberg served three terms as mayor of New York—as a Republican. In 2020, he mounted a presidential run as a Democrat, spending almost $1.1 billion on his own campaign, the most of any candidate in history.
Groups supported: Fix the City, Defend NYC, Put NYC First
Residence: Austin, Texas
Net Worth and Source of Wealth: $7.9 billion, Airbnb
On X, Gebbia, who currently serves as Donald Trump’s “Chief Design Officer,” has backed Cuomo, called on Sliwa to drop out and reposted another user calling Mamdani a “Terrorist.”
Groups supported: Fix the City, Sensible City
Residence: New York, NY
Net Worth and Source of Wealth: $25.9 billion, Estée Lauder
The late Estée’s grandsons William and Gary have given $1 million and $25,000, respectively, to anti-Mamdani PAC Fix the City. Her son Ronald has given $750,000, and his wife Jo Carole has spent another $250,000. Ronald’s grandson Jack Zinterhofer has cut checks totaling $500,000, and sent another $50,000 to a separate group called Sensible City.
Groups supported: Fix the City, Defend NYC
Residence: New York, NY
Net Worth and Source of Wealth: $9.2 billion, hedge funds
Ackman has been rallying pro-Cuomo and anti-Mamdani forces on X for months. Recently, he has been calling on Sliwa to drop out, arguing that he is siphoning anti-Mamdani voters away from Cuomo. On Oct. 21, the Pershing Square CEO told CNBC that he would build “a gold statue of [Sliwa] in Times Square” if Sliwa leaves the race.
Groups supported: Fix the City
Residence: New York, NY
Net Worth and Source of Wealth: $10.1 billion, Loews Corp & New York Giants
Brothers Bob and Larry Tisch died in the early 2000s, but their descendants are active in their company and local politics. Jonathan Tisch—Bob’s son—and his wife Elizabeth have given $250,000 to Fix the City, $200,000 of which was donated in June. Jonathan’s sister Laurie has sent another $150,000. Andrew Tisch—Larry’s son—and his wife Ann have both put in $50,000. Andrew’s sister-in-law Alice contributed $500,000 on Oct. 16, and Larry’s grandkids Abigail and Maude each sent $100,000 on Oct. 20. Jessica Tisch, another granddaughter of Larry’s who has not donated to any campaign, is New York’s police commissioner—and Mamdani pledged this week to keep her on if elected.
6. John Hess and family: $1 million
Groups supported: Fix the City
Residence: New York, NY
Net Worth and Source of Wealth: $2.4 billion,* oil and gas
Groups supported: Fix the City, New Yorkers For A Better Future Mayor 25, Defend NYC
Residence: New York, NY
Net Worth and Source of Wealth: $3.8 billion, hedge funds
Groups supported: Fix the City
Residence: New York, NY
Net Worth and Source of Wealth: $5.1 billion, online media
In addition to a $250,000 contribution in April, a spokesperson said that he has cut an additional $250,000 check to Fix the City in recent days that has yet to appear in public filings.
Groups supported: Fix The City
Residence: Palm Beach, Florida
Net Worth and Source of Wealth: $3.9 billion, casinos and hotels
10. Marcella Guarino Hymowitz (spouse of billionaire Gregg Hymowitz): $400,000
Groups supported: Fix The City, Put NYC First
Residence: New York, NY
Net Worth and Source of Wealth: $2 billion, asset management
When asked about her donations, Hymowitz highlighted a longstanding relationship with Cuomo: “When I organized a March Against Gun Violence, Andrew marched with me; when my same sex friends wanted to legally get married, Andrew was there for them; and as Jews experience anti-semitism every day in NYC, Andrew is there for us, so of course I continue to be there for him and always will be.”
Groups supported: Fix the City, Empower NYC
Residence: New York, NY
Net Worth and Source of Wealth: $2.3 billion, real estate
Walentas is the developer who transformed the Brooklyn neighborhoods of Dumbo and Williamsburg; his company Two Trees Management—where his son now serves as CEO—appears in public filings as the source of these donations.
Groups supported: Fix The City
Residence: Santa Cruz, California
Net Worth and Source of Wealth: $6.5 billion, Netflix
12. (tie) John Fish: $250,000
Groups supported: Fix The City
Residence: Boston, Massachusetts
Net Worth and Source of Wealth: $2.3 billion, construction
Fish’s Suffolk Construction has a big and growing presence in New York City. Their website features ten projects across Manhattan, Brooklyn and Queens spanning residential and commercial use.
Groups supported: Fix the City, New Yorkers For A Better Future Mayor 25
Residence: Monsey, NY
Net Worth and Source of Wealth: $2 billion, real estate
Lichtenstein’s Lightstone Group, which operates some 25,000 multifamily properties across 27 states, is listed in public filings as the source of these donations.
Groups supported: Fix the City
Residence: Fort Worth, Texas
Net Worth and Source of Wealth: $115 billion, Walmart
15. (tie) Deborah Simon (of the Simon family): $200,000
Groups supported: Fix the City
Residence: Carmel, Indiana
Net Worth and Source of Wealth: $11.6 billion (Simon family), shopping malls
Groups supported: Fix the City
Residence: New York, NY
Net Worth and Source of Wealth: $2.2 billion (family), real estate
Speyer’s real estate firm Tishman Speyer—which developed Rockefeller Center and the Chrysler Building, among other skyscrapers around the world—shows up in public filings as the source of this donation.
17. (tie) Stephanie Coleman (spouse of billionaire Chase Coleman III): $150,000
Groups supported: Fix the City
Residence: New York, NY
Net Worth and Source of Wealth: $7.1 billion, investments
Groups supported: Fix the City
Residence: New York, NY
Net Worth and Source of Wealth: $8.1 billion,* real estate
The Durst Organization appears in public filings as the source of these donations.
Groups supported: Fix the City
Residence: New York, NY
Net Worth and Source of Wealth: $1.6 billion,* real estate
Real estate firm Fisher Brothers Management is the source of these donations in public filings.
Groups supported: Fix the City, Sensible City
Residence: Miami Beach, Florida
Net Worth and Source of Wealth: $4.2 billion, hedge funds
Groups supported: Fix the City
Residence: Sands Point, NY
Net Worth and Source of Wealth: $9.4 billion, investments
21. (tie) James and Kathryn Murdoch: $100,000
Groups supported: Fix the City
Residence: New York, NY
Net Worth and Source of Wealth: $23.4 billion (Murdoch family), news and television media
James and his sisters, Elisabeth and Prudence, recently penned a deal that would see their inherited shares of FOX and News Corp bought out for around $4 billion, solidifying eldest brother Lachlan’s future control over much of Rupert’s globe-spanning conservative media empire.
Groups supported: Fix the City
Residence: New York, NY
Net Worth and Source of Wealth: $9 billion, hedge funds
Groups supported: Anyone But Mamdani
Residence: Palm Beach, Florida
Net Worth and Source of Wealth: $1 billion, real estate
Groups supported: Fix the City
Residence: New York, NY
Net Worth and Source of Wealth: $2.2 billion,* real estate
Brothers Henry, Kamran and Fred Elghanayan, heirs to their father’s real estate fortune, chipped in $50,000, $25,000 and $25,000, respectively, to Fix the City.
*Hess family net worth as of 2023. Durst family net worth as of 2020. Elghanayan and Fisher families’ net worths as of 2015.
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