US News-
Zohran Mamdani has made history by being elected as New York’s first Muslim mayor, overcoming a massive $22 million (approximately 180 crore rupees) campaign funded by a coalition of 26 American billionaires aimed at defeating him, according to a report by Forbes.
The nation’s wealthiest individuals opened their treasuries to support opposing candidates in a bid to prevent Mamdani’s victory. Notable figures funding the opposition included Michael Bloomberg, co-founder of Bloomberg LP; hedge fund manager Bill Ackman; Airbnb co-founder Joe Gebbia; and members of the Lauder family, including heir Estée Lauder.
The Money Behind the Opposition
A report by Forbes details that these billionaires funneled money into Political Action Committees (PACs) and independent expenditure committees supporting Andrew Cuomo. The funds were raised in individual chunks of $100,000 or more.
The top contributors leading the financial charge against Mamdani were:
- Michael Bloomberg: $8.3 Million
- Joe Gebbia: $3 Million
- William Lauder & Family: $2.6 Million
- Bill Ackman: $1.75 Million
- Jonathan Tisch & Family: $1.2 Million
A significant sum of $13.6 million had already been raised even before Mamdani was officially declared the Democratic nominee on June 24.
Mamdani’s Response to the “Billionaire Blitz”
Zohran Mamdani was fully aware of the well-funded campaign against him. At a rally on October 13, he openly called out the billionaires, framing their spending as a sign of his campaign’s threat to the status quo.
“Billionaires like Bill Ackman and Ronald Lauder have poured money into this election,” Mamdani stated, “saying that we pose an existential threat to them. Well, I’m here to tell you they are absolutely right.”
His victory marks a significant political upset, demonstrating that a grassroots campaign can succeed against an avalanche of financial opposition.
