This story is available exclusively to Business Insider
subscribers. Become an Insider
and start reading now. Have an account? .
Zohran Mamdani is on the cusp of being elected mayor of New York City, with polls showing him in a healthy lead.
Mamdani has said he thinks billionaires shouldn’t exist and proposed raising taxes by 2% for those earning over $1 million.
Several billionaires have poured money into trying to stop him from becoming mayor.
Zohran Mamdani has said billionaires shouldn’t exist. Some of them are spending big in an effort to stop him from becoming mayor of New York City.
After failing to defeat the Democratic socialist state assemblyman’s campaign during the June primary, several big-name billionaires have continued to pour money into outside groups aimed at stopping Mamdani and boosting his main rival, former Gov. Andrew Cuomo.
Those groups include Fix the City, a pro-Cuomo group that’s raised $7.3 million since the primary, along with Defend NYC, an anti-Mamdani group that’s raised almost $2.5 million.
Polling has shown Mamdani leading Cuomo, along with the Republican candidate, Curtis Sliwa. The incumbent mayor, Eric Adams, dropped his third-party bid in September and endorsed Cuomo on Thursday.
Despite Mamdani’s outreach to the business community, many of the city’s business titans have remained supportive of Cuomo and spoken out against many of Mamdani’s progressive policies.
Here are the billionaires who’ve spent more than $100,000 in the mayoral race since the June primary.
Joe Gebbia
Joe Gebbia, a cofounder of Airbnb, has poured $2 million into the race. Tayfun Coskun/Anadolu via Getty Images
Joe Gebbia, a cofounder of Airbnb, has spent a total of $2 million on the race, including $1 million apiece to Fix the City and Defend NYC.
Gebbia is currently serving as the Chief Design Officer of the United States under President Donald Trump.
He has repeatedly signaled his opposition to Mamdani on X, writing in one recent post that Sliwa could be a “hero” by dropping out of the race and giving Cuomo an easier shot at beating Mamdani.
Gebbia is worth $7.9 billion, according to Forbes.
Bill Ackman
Bill Ackman, a billionaire hedge fund manager, has poured $1.25 million into the race since the June primary. Patrick T. Fallon / AFP via Getty Images
Bill Ackman, the CEO of Pershing Square Capital Management, has poured $1.25 million into the race since June, including $1 million to Defend NYC and $250,000 to Fix the City. That’s on top of the $500,000 he gave to Fix the City before the primary.
Ackman has been a vocal opponent of Mamdani, and like Gebbia, has publicly encouraged Sliwa to drop out of the race.
Mamdani has singled out Ackman on the stump, naming him as among the billionaires who are opposed to his candidacy. He has also mocked the hedge fund manager for his “1000-word tweets.”
Ackman is worth $9.2 billion, according to Forbes.
Ronald Lauder
Ronald Lauder, President of the World Jewish Congress, has poured $750,000 into the race. Michael Kappeler/picture alliance via Getty Images
Ronald Lauder, whose parents founded the Estée Lauder Companies, gave $750,000 to Fix the City in September.
Lauder, a Republican, has long been a financial supporter of Cuomo. He is the president of the World Jewish Congress.
Mamdani has publicly named Lauder, along with Ackman, when decrying the influence of billionaires.
“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 said at a rally last week. “And I am here to admit something. They are right. We are an existential threat to billionaires who think their money can buy our democracy.”
Lauder is worth $4.9 billion, according to Forbes.
William Lauder
William Lauder, the chairman of the board of the Estée Lauder Companies, has poured $500,000 into the race since the June primary. Ian Langsdon / AFP via Getty Images
William Lauder, the chairman of the board of the Estée Lauder Companies and the nephew of Ronald Lauder, has given $500,000 to Fix the City since June.
That’s in addition to the $500,000 he gave to the group before the primary.
Lauder is worth $1.7 billion, according to Forbes.
Steve Wynn
Real estate and casino magnate Steve Wynn has poured $500,000 into the race. AP Photo/Charles Krupa
Steve Wynn, a casino mogul and real estate developer, gave $500,000 to Fix the City in October.
Wynn is a longtime GOP mega-donor and the one-time financial chair of the Republican National Committee. He is worth $3.9 billion, according to Forbes.
Daniel Loeb
Hedge fund manager Daniel Loeb has poured $350,000 into the race since the June primary. Araya Doheny/Variety via Getty Images
Daniel Loeb, the founder and CEO of New York-based firm Third Point, has given a total of $350,000 since the primary — $100,000 to Defend NYC and $250,000 to Fix the City.
Loeb also gave $250,000 to Fix the City before the primary. He is worth $3.8 billion, according to Forbes.
Alice Walton
Philanthropist Alice Walton has poured $100,000 into the race since the June primary. Stefanie Keenan/Getty Images for The J. Paul Getty Trust
Alice Walton, a billionaire philanthropist and a member of the family that founded Walmart, gave $100,000 to Fix the City in August. She previously gave $100,000 to that same group in April, before the primary.
Walton is worth $115.5 billion, according to Forbes.
Laurie Tisch
Philanthropist Laurie Tisch has poured $100,000 into the race since the June primary. Craig Barritt/Getty Images for Children’s Museum of Manhattan
Laurie Tisch, a billionaire philanthropist, gave $100,000 to Fix the City in October.
She is a member of the Tisch family, whose wealth comes from the Loews Corporation.
Tisch also gave $50,000 to Fix the City before the primary. Other members of the Tisch family have given to the group, totaling over $1.3 million for the year.
Laurie Tisch is worth $1.6 billion, according to Forbes. The family as a whole is worth an estimated $10.1 billion.
