Mamdani says billionaires shouldn\u2019t exist. Some of them have put their fortunes to work trying to stop him from leading America\u2019s largest city.<\/p>\n
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\u2014despite making more than a few enemies in high places. \u201cBillionaires like Bill Ackman and Ronald Lauder have poured millions of dollars into this race because they say that we pose an existential threat,\u201d Mamdani declared at an Oct. 13 rally. \u201cI am here to admit something: They are right.\u201d<\/p>\n
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\u2019t 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.<\/p>\n
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<\/a> met for a \u201ccordial\u201d discussion.) Other big liberal donors\u2014Netflix cofounder Reed Hastings and media entrepreneur Barry Diller, for example\u2014each 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.<\/p>\n Mamdani, a three-term state legislator, has sketched out a left-wing populist agenda. \u201cI don\u2019t think we should have billionaires, because frankly, it is so much money in a moment of such inequality,\u201d he told NBC News<\/a> in June, though in recent months he has apparently<\/a> 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\u2019s rate of 11.5%.<\/p>\n 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\u2014which is particularly notable in part because Jessica Tisch, a member of the family, is the New York police commissioner whom Mamdani has reportedly<\/a> pledged to keep in his administration if elected.<\/p>\n Given the symbolic importance of ruling the nation\u2019s 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\u2014whose Suffolk Construction\u2019s projects in the city include the Waldorf Astoria hotel, which it is renovating; and a new supertall skyscraper at 520 5th Avenue.<\/p>\n 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\u2019s policies will \u201ccreate more crime, less public safety, fewer jobs, lower tax revenues.\u201d Barry Diller\u2019s rep says the media mogul has donated another quarter of a million to the Fix The City that hasn\u2019t yet shown up in filings. One critic, worth $7.1 billion himself, who hasn\u2019t donated but who has used his giant megaphone to lambast the candidate is President Donald Trump, deeming Mamdani \u201ca 100% Communist Lunatic\u201d after his primary win.<\/p>\n All three candidates squared off in two debates this month.<\/p>\n AP Photo\/Angelina Katsanis, Pool<\/p>\n When asked for comment, Dora Pekec, a Mamdani campaign spokesperson, had this to say:<\/p>\n \u201cBillionaires are lining up behind a candidate who\u2019s spent months chasing their approval and their dollars instead of talking to working class New Yorkers. Cuomo\u2019s 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\u2014not billionaires.\u201d<\/p>\n A Cuomo spokesperson did not respond to requests for comment.<\/p>\n Forbes reviewed all contributions over $50,000 to groups opposing Mamdani or backing another candidate available through the state\u2019s database as of Oct. 22. Billionaires listed below are those who have contributed over $100,000.<\/p>\n Mamdani\u2019s biggest billionaire foes\u2014so far. <\/p>\n Groups supported: Fix the City Groups supported: Fix the City, Defend NYC, Put NYC First Groups supported: Fix the City, Sensible City Groups supported: Fix the City, Defend NYC Groups supported: Fix the City Groups supported: Fix the City, New Yorkers For A Better Future Mayor 25, Defend NYC Groups supported: Fix the City Groups supported: Fix The City Groups supported: Fix the City, Empower NYC Groups supported: Fix The City Groups supported: Fix the City, New Yorkers For A Better Future Mayor 25 Groups supported: Fix the City Groups supported: Fix the City Groups supported: Fix the City Groups supported: Fix the City Groups supported: Fix the City, Sensible City Groups supported: Fix the City Groups supported: Fix the City Groups supported: Anyone But Mamdani Groups supported: Fix the City
\nResidence: New York, NY
\nNet Worth and Source of Wealth: $110 billion, Bloomberg LP
\nA longtime Democrat, Bloomberg served three terms as mayor of New York\u2014as 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.<\/p>\n
\nResidence: Austin, Texas
\nNet Worth and Source of Wealth: $7.9 billion, Airbnb
\nOn X, Gebbia, who currently serves as Donald Trump\u2019s \u201cChief Design Officer,\u201d has backed Cuomo, called on Sliwa to drop out and reposted another user calling Mamdani a \u201cTerrorist.\u201d<\/p>\n
\nResidence: New York, NY
\nNet Worth and Source of Wealth: $25.9 billion, Est\u00e9e Lauder
\nThe late Est\u00e9e\u2019s grandsons William<\/a> and Gary<\/a> have given $1 million and $25,000, respectively, to anti-Mamdani PAC Fix the City. Her son Ronald<\/a> has given $750,000, and his wife Jo Carole has spent another $250,000. Ronald\u2019s grandson Jack Zinterhofer has cut checks totaling $500,000, and sent another $50,000 to a separate group called Sensible City.<\/p>\n
\nResidence: New York, NY
\nNet Worth and Source of Wealth: $9.2 billion, hedge funds
\nAckman 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<\/a> that he would build \u201ca gold statue of [Sliwa] in Times Square\u201d if Sliwa leaves the race.<\/p>\n
\nResidence: New York, NY
\nNet Worth and Source of Wealth: $10.1 billion, Loews Corp & New York Giants
\nBrothers Bob and Larry Tisch died in the early 2000s, but their descendants are active in their company and local politics. Jonathan Tisch<\/a>\u2014Bob\u2019s son\u2014and his wife Elizabeth have given $250,000 to Fix the City, $200,000 of which was donated in June. Jonathan\u2019s sister Laurie<\/a> has sent another $150,000. Andrew Tisch<\/a>\u2014Larry\u2019s son\u2014and his wife Ann have both put in $50,000. Andrew\u2019s sister-in-law Alice contributed $500,000 on Oct. 16, and Larry\u2019s grandkids Abigail and Maude each sent $100,000 on Oct. 20. Jessica Tisch, another granddaughter of Larry\u2019s who has not donated to any campaign, is New York\u2019s police commissioner\u2014and Mamdani pledged this week to keep her on if elected.
\n6. John Hess and family: $1 million
\nGroups supported: Fix the City
\nResidence: New York, NY
\nNet Worth and Source of Wealth: $2.4 billion<\/a>,* oil and gas<\/p>\n
\nResidence: New York, NY
\nNet Worth and Source of Wealth: $3.8 billion, hedge funds<\/p>\n
\nResidence: New York, NY
\nNet Worth and Source of Wealth: $5.1 billion, online media
\nIn 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.<\/p>\n
\nResidence: Palm Beach, Florida
\nNet Worth and Source of Wealth: $3.9 billion, casinos and hotels
\n10. Marcella Guarino Hymowitz (spouse of billionaire Gregg Hymowitz<\/a>): $400,000
\nGroups supported: Fix The City, Put NYC First
\nResidence: New York, NY
\nNet Worth and Source of Wealth: $2 billion, asset management
\nWhen asked about her donations, Hymowitz highlighted a longstanding relationship with Cuomo: \u201cWhen 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.\u201d<\/p>\n
\nResidence: New York, NY
\nNet Worth and Source of Wealth: $2.3 billion, real estate
\nWalentas is the developer who transformed the Brooklyn neighborhoods of Dumbo and Williamsburg; his company Two Trees Management\u2014where his son now serves as CEO\u2014appears in public filings as the source of these donations.<\/p>\n
\nResidence: Santa Cruz, California
\nNet Worth and Source of Wealth: $6.5 billion, Netflix
\n12. (tie) John Fish<\/a>: $250,000
\nGroups supported: Fix The City
\nResidence: Boston, Massachusetts
\nNet Worth and Source of Wealth: $2.3 billion, construction
\nFish\u2019s 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.<\/p>\n
\nResidence: Monsey, NY
\nNet Worth and Source of Wealth: $2 billion, real estate
\nLichtenstein\u2019s Lightstone Group, which operates some 25,000 multifamily properties across 27 states, is listed in public filings as the source of these donations.<\/p>\n
\nResidence: Fort Worth, Texas
\nNet Worth and Source of Wealth: $115 billion, Walmart
\n15. (tie) Deborah Simon (of the Simon family<\/a>): $200,000
\nGroups supported: Fix the City
\nResidence: Carmel, Indiana
\nNet Worth and Source of Wealth: $11.6 billion (Simon family), shopping malls<\/p>\n
\nResidence: New York, NY
\nNet Worth and Source of Wealth: $2.2 billion (family), real estate
\nSpeyer\u2019s real estate firm Tishman Speyer\u2014which developed Rockefeller Center and the Chrysler Building, among other skyscrapers around the world\u2014shows up in public filings as the source of this donation.
\n17. (tie) Stephanie Coleman (spouse of billionaire Chase Coleman III<\/a>): $150,000
\nGroups supported: Fix the City
\nResidence: New York, NY
\nNet Worth and Source of Wealth: $7.1 billion, investments<\/p>\n
\nResidence: New York, NY
\nNet Worth and Source of Wealth: $8.1 billion,* real estate
\nThe Durst Organization appears in public filings as the source of these donations.<\/p>\n
\nResidence: New York, NY
\nNet Worth and Source of Wealth: $1.6 billion,* real estate
\nReal estate firm Fisher Brothers Management is the source of these donations in public filings.<\/p>\n
\nResidence: Miami Beach, Florida
\nNet Worth and Source of Wealth: $4.2 billion, hedge funds<\/p>\n
\nResidence: Sands Point, NY
\nNet Worth and Source of Wealth: $9.4 billion, investments
\n21. (tie) James and Kathryn Murdoch: $100,000
\nGroups supported: Fix the City
\nResidence: New York, NY
\nNet Worth and Source of Wealth: $23.4 billion (Murdoch family<\/a>), news and television media
\nJames and his sisters, Elisabeth and Prudence, recently<\/a> penned a deal that would see their inherited shares of FOX and News Corp bought out for around $4 billion, solidifying eldest brother Lachlan\u2019s future control over much of Rupert\u2019s globe-spanning conservative media empire.<\/p>\n
\nResidence: New York, NY
\nNet Worth and Source of Wealth: $9 billion, hedge funds<\/p>\n
\nResidence: Palm Beach, Florida
\nNet Worth and Source of Wealth: $1 billion, real estate<\/p>\n
\nResidence: New York, NY
\nNet Worth and Source of Wealth: $2.2 billion,* real estate
\nBrothers Henry, Kamran and Fred Elghanayan, heirs to their father\u2019s real estate fortune, chipped in $50,000, $25,000 and $25,000, respectively, to Fix the City.
\n*Hess family net worth as of 2023. Durst family net worth as of 2020. Elghanayan and Fisher families\u2019 net worths as of 2015.
\n
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