Billionaires spend big to oppose Zohran Mamdani in closing days of NYC mayor's race
NEW YORK − Billionaires are donating heavily in the waning days of the New York City mayor’s race to stop Democratic frontrunner Zohran Mamdani .
Bill Ackman, a billionaire hedge fund manager and prolific social media poster, donated $1 million on Oct. 14 to Defend NYC, a super PAC opposed to Mamdani’s candidacy, according to state Board of Elections filings . Mamdani, a democratic socialist state lawmaker and the Democratic nominee for mayor, is ahead in polls with less than three weeks before the Nov. 4 general election.
Ackman, a supporter of President Donald Trump , previously donated large sums to Fix the City , another super PAC that supported former Gov. Andrew Cuomo in the June Democratic primary. Despite receiving support from the city’s wealthiest residents , Cuomo lost handily before running as an independent in the general election.
A spokesperson for Ackman, who is founder and CEO of Pershing Square Capital Management, declined to comment. Ackman has previously criticized Mamdani for his advocacy for Palestinian rights and his condemnation of Israel's siege in Gaza, as well as Mamdani's socialist politics . Mamdani has said billionaires shouldn't exist amid extreme income inequality.
Cuomo trails Mamdani by double-digits , though he has made some ground after Mayor Eric Adams dropped out of the race. An Oct. 9 Quinnipiac University poll showed Mamdani ahead with 46% of likely voters, compared to 33% support for Cuomo. Radio host Curtis Sliwa, the Republican nominee, had about 15% support among likely voters.
The same day of Ackman’s donation, Laurie Tisch, a billionaire investor from the family that founded the Loews Corporation, sent $100,000 to Fix the City. Daniel Loeb, founder and CEO of Third Point Ventures, also donated $150,000 to Fix the City on Oct. 14. Loeb is worth $3.8 billion , according to Forbes magazine.
A day later, election records showed another $100,000 contribution attributed to Third Point's CEO − the title held by Loeb. A Third Point spokesperson didn’t immediately respond to emailed questions.
"The next mayor must represent ALL New Yorkers and ensure the city is both safe and affordable," Liz Benjamin, a spokesperson for Fix the City, said in a statement sent to USA TODAY. "Fix the City’s donors understand that the candidate best positioned and prepared to do that is Andrew Cuomo.”
Defend NYC didn't respond to emailed questions.
Mamdani’s campaign seized on the contributions from the city’s elite. A campaign news release also highlighted Defend NYC’s consultant, Jason Meister, a former Trump adviser who has praised Jan. 6 insurrectionists and called for the day to be a national holiday, as the New York Post reported .
“Bill Ackman cannot stand the idea of New Yorkers being the ones to choose their next mayor, so he’s doing the only thing he knows how: throwing money at this race,” campaign spokesperson Dora Pekec said in a statement. “Zohran defeated the billionaires once, and he’ll do it again because we can’t be bought and New York City is not for sale.”
Cuomo campaign spokesperson Rich Azzopardi said Mamdani has received support from billionaires, citing New York Post reporting on Elizabeth Simons, daughter of the late hedge fund investor Jamie Simons, who in August contributed $250,000 to New Yorkers for Lower Costs, a super PAC supporting Mamdani. In an email, Azzopardi said Mamadani’s calls were “another startling, but unsurprising example of his hypocrisy.”
The latest billionaire donations come ahead of the first mayoral debate in the general election. The televised debate between Mamdani, Cuomo and Sliwa airs 7 p.m. EST on Thursday, Oct. 16 on NBC New York and Telemundo 47 .
Mamdani called out Ackman and Ronald Lauder, a New York businessman, in his speech to a campaign rally on Oct. 13.
"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. "And I am here to admit something: They are right."
Eduardo Cuevas is based in New York City. Reach him by email at emcuevas1@usatoday.com or on Signal at emcuevas.01.
This article originally appeared on USA TODAY: Billionaires rally to stop Zohran Mamdani for NYC mayor
