NEW YORK(Khyber Point) A major U.S. newspaper has revealed that a group of 26 billionaires and their families collectively spent more than $22 million in an attempt to prevent Muslim politician Zohran Mamdani from becoming the next mayor of New York City. The report exposes the scale of elite financial influence mobilized to counter the progressive candidate’s surging popularity during the recent mayoral election.
According to the report, these billionaires came from a mix of business, real estate, and political circles, many of whom viewed Mamdani’s left-leaning policies on taxation, housing, and workers’ rights as a threat to their economic interests. Public opinion surveys conducted before the election had consistently ranked Mamdani as the frontrunner, prompting a last-minute wave of funding to support his rival, Andrew Cuomo, the former New York governor.
One of the most notable contributions came from former New York mayor Michael Bloomberg, who reportedly donated $1.5 million to Cuomo’s campaign. Other wealthy donors, including major Wall Street investors and real estate magnates, also poured substantial sums into anti-Mamdani political action committees (PACs) and advertising campaigns.
Despite the massive financial push against him, Mamdani’s grassroots campaign gained momentum, fueled by younger voters, working-class communities, and progressive groups advocating for social and economic justice. His campaign emphasized affordable housing, police reform, and expanding public services — themes that resonated strongly across diverse neighborhoods.
Interestingly, the report noted that only two billionaires publicly backed Mamdani’s campaign — Elizabeth Simons, a philanthropist known for supporting progressive causes, who donated $250,000, and Tom Preston-Werner, co-founder of GitHub, who contributed $20,000.
Following Mamdani’s eventual victory, several high-profile business leaders who had previously opposed him have since expressed cautious optimism about working with his administration. Billionaire hedge fund manager Bill Ackman, once a vocal critic of Mamdani’s policies, has reportedly reached out to offer cooperation on city economic initiatives.
Meanwhile, Wall Street investor Ralph Schlosstein stated that “after a tough campaign, it’s time for New York to come together and move forward,” signaling a potential thaw in tensions between the new mayor’s office and the city’s financial elite.
Analysts say the revelations highlight the deep divisions within New York’s political and economic power structure — and underscore how big money continues to shape American democracy, even in city-level elections.
