26 US billionaires' $21 million could not prevent Mamdani's victory
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Democratic Party candidate Zohran Mamdani has been elected mayor of New York City after promoting policies such as city-run grocery stores, free public transportation and childcare to reduce the cost of living.Despite his progressive agenda, Zohran Mamdani has come under fire from some of the wealthiest people in the United States.
According to Forbes, at least 26 US billionaires and wealthy families have collectively given his rivals $22 million (about Rs 268 crore) in campaign expenses.Zohran's rival candidates have been among those who have donated money to Bloomberg LP co-founder Michael Bloomberg, hedge fund manager Bill Ackman, Airbnb co-founder Joe Gebbia and members of the Lauder family, heirs to St. Each of them gave at least $100,000 to Andrew Cuomo's campaign.Michael Bloomberg alone gave $8.3 million to Cuomo's campaign in the entire election, including the Democratic primary. Ackman gave $1.75 million and Lauder gave $750,000.More than half of the total donations, about $13.6 million, came before the Democratic primary on June 24. Mamdani secured the nomination by defeating Cuomo in the party primary.Other major donors included Netflix co-founder Reed Hastings and media entrepreneur Barry Diller, who each gave $250,000.Conservative donors also got in on the action, with casino mogul Steve Wynn giving $500,000 in October and oil tycoon John Hess giving $1 million in the months since.Interestingly, according to Fortune, some Wall Street figures who initially opposed Mamdani have offered to support him after his victory.
Ackman congratulated Mamdani in a post on X, writing, “You have a big responsibility now. I can help New York City. Just tell me what I can do.”JPMorgan Chase CEO Jamie Dimon previously told Fortune that Mamdani is “more Marxist than socialist.”However, in an interview with CNN on November 5 after Mamdani’s victory, Dimon said he was interested in maintaining contact. “If I find it productive, I will continue to do so,” Dimon said. “I am ready to help any mayor, any governor.”Mamdani will take office on January 1, 2026.
