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Zohran Mamdani is poised to be elected mayor of New York, with polls showing him well ahead.
Mamdani said he thinks billionaires shouldn’t exist and proposed raising taxes by 2% for those earning more than $1 million.
Several billionaires invested money to try to prevent him from becoming mayor.
Zohran Mamdani said billionaires should not exist. Some of them are spending big to keep him from becoming mayor of New York.
After failing to defeat the Democratic socialist congressman’s campaign in the June primary, several high-profile billionaires continued to pour money into outside groups aimed at stopping Mamdani and boosting his main rival, former Gov. Andrew Cuomo.
These groups include Fix the City, a pro-Cuomo group that has raised $7.3 million since the primary, as well as Defend NYC, an anti-Mamdani group that has raised nearly $2.5 million.
Polls showed Mamdani leading Cuomo, alongside Republican candidate Curtis Sliwa. 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 remained supportive of Cuomo and spoke out against many of Mamdani’s progressive policies.
Here are the billionaires who have spent more than $100,000 in the mayor’s race since the June primary.
Joe Gebbia
Joe Gebbia, co-founder of Airbnb, invested $2 million in the race. Tayfun Coskun/Anadolu via Getty Images
Joe Gebbia, co-founder of Airbnb, spent a total of $2 million on the race, including $1 million each to repair the city and defend New York.
Gebbia currently serves as U.S. design director under President Donald Trump.
He has repeatedly signaled his opposition to Mamdani on X, writing in a recent message that Sliwa could be a “hero” by dropping out of the race and giving Cuomo an easier chance of beating Mamdani.
Gebbia is worth $7.9 billion, according to Forbes.
Bill Ackman
Bill Ackman, a billionaire hedge fund manager, has invested $1.25 million in the race since the June primary. Patrick T. Fallon / AFP via Getty Images
Bill Ackman, CEO of Pershing Square Capital Management, has invested $1.25 million in the race since June, including $1 million to defend New York and $250,000 to repair the city. That’s in addition to the $500,000 he donated to Fix the City before the primaries.
Ackman has been a vocal opponent of Mamdani and, like Gebbia, publicly encouraged Sliwa to drop out of the race.
Mamdani pointed the finger at Ackman, naming him among the billionaires opposed to his candidacy. He also has mocked the hedge fund manager for his “1,000 word tweets.”
Ackman is worth $9.2 billion, according to Forbes.
Ronald Lauder
Ronald Lauder, president of the World Jewish Congress, invested $750,000 in the race. Michael Kappelle/photo alliance via Getty Images
Ronald Lauder, whose parents founded the Estée Lauder Companies, donated $750,000 to Fix the City in September.
Lauder, a Republican, has long been a financial supporter of Cuomo. He is president of the World Jewish Congress.
Mamdani publicly named Lauder, alongside Ackman, to denounce the influence of billionaires.
“Billionaires like Bill Ackman and Ronald Lauder have invested millions of dollars in this race because they say we pose an existential threat,” Mamdani said at a rally last week. “And I’m here to admit something. They’re right. We represent 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, chairman of the board of directors of the Estée Lauder Companies, has invested $500,000 in the race since the June primary. Ian Langsdon/AFP via Getty Images
William Lauder, chairman of the board of directors of the Estée Lauder Companies and nephew of Ronald Lauder, has donated $500,000 to Fix the City since June.
That’s on top of the $500,000 he gave the group before the primaries.
Lauder is worth $1.7 billion, according to Forbes.
Steve Wynn
Real estate and casino mogul Steve Wynn invested $500,000 in the race. AP Photo/Charles Krupa
Casino mogul and real estate developer Steve Wynn donated $500,000 to Fix the City in October.
Wynn is a longtime GOP mega-donor and the former financial chairman of the Republican National Committee. He is worth $3.9 billion, according to Forbes.
Daniel Loeb
Hedge fund manager Daniel Loeb has invested $350,000 in the race since the June primary. Araya Doheny/Variety via Getty Images
Daniel Loeb, founder and CEO of New York-based Third Point, has donated a total of $350,000 since the primary: $100,000 to defend New York and $250,000 to repair the city.
Loeb also gave $250,000 to Fix the City before the primaries. He is worth $3.8 billion, according to Forbes.
Alice Walton
Philanthropist Alice Walton has invested $100,000 in the race since the June primary. Stefanie Keenan/Getty Images for the J.Paul Getty Trust
Alice Walton, billionaire philanthropist and founding family member Walmartdonated $100,000 to Fix the City in August. She had already donated $100,000 to this same group in April, before the primaries.
Walton is worth $115.5 billion, according to Forbes.
Laurie Tisch
Philanthropist Laurie Tisch has invested $100,000 in the race since the June primary. Craig Barritt/Getty Images for the Children’s Museum of Manhattan
Laurie Tisch, a billionaire philanthropist, donated $100,000 to Fix the City in October.
She is a member of the Tisch family, whose wealth comes from Loews Corporation.
Tisch also gave $50,000 to Fix the City before the primaries. Other members of the Tisch family gave the group a total of more than $1.3 million for the year.
Laurie Tisch is worth $1.6 billion, according to Forbes. The family as a whole is worth around $10.1 billion.