University of Kwazulu-Natal

The Billionaires Who Tried And Failed To Stop Zohran Mamdani

Bonisiwe Shabane
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the billionaires who tried and failed to stop zohran mamdani

Zohran Mamdani defeated a Republican, a fellow Democrat, and an army of billionaires when he emerged victorious in the New York City mayoral election on Tuesday. Mamdani, a self-described democratic socialist, will be the first Muslim to ever hold the position, and the youngest mayor in over a century. More than 2 million New Yorkers voted in the closely watched race, making it the largest turnout for a mayoral race in more than 50 years. With around 90% of ballots counted on Wednesday morning, Mamdani had won just over 50% of the votes cast. The 34-year-old campaigned during a time of rising financial insecurity on making the city more affordable for most of the city’s residents through rent freezes, free buses and universal childcare. To pay for those policies, he promised a modest tax increase for New York City’s millionaires and a rise in the corporate tax rate.

Read More: A Politics of No Translation.’ Zohran Mamdani on His Unlikely Rise “@ZohranKMamdani, congrats on the win. Now you have a big responsibility. If I can help NYC, just let me know what I can do,” @BillAckman wrote on X. That's a 180 from when he threatened to leave New York if Zohran Mamdani won the New York mayoral elections—which, he did. Zohran Mamdani—a naturalised US citizen born in Uganda to India-origin parents—has become the 111th mayor of New York after an mayoral election win against Andrew Cuomo, who had the backing of the most powerful...

That puts a democratic socialist at the helm of affairs of a city that has the highest number of billionaires in the world. The 34-year-old state lawmaker from Queens will be the youngest person to hold the office in a century. He will also be New York’s first Muslim mayor and first person of South Asian descent to lead the city in its 400-year history. He will replace first-term Mayor Eric Adams, who dropped out of the race amid low poll numbers and a series of scandals. More than two dozen billionaires and wealthy families poured tens of millions of dollars into independent political committees opposing Mamdani’s bid to become New York mayor. The spending spree has sparked renewed debate about the influence of money in municipal politics.

According to filings reviewed by Business Insider, Time, and Fortune, at least 26 billionaires and affluent families backed Super PACs aligned with Cuomo. Together, their contributions are estimated at between $19 million and $28 million, funnelled through political action committees such as Defend New York and Fix the City. Well, it’s official: Zohran Mamdani will be the next mayor of New York City. He will be the first Muslim mayor in the city’s history, the first Democratic Socialists of America member since David Dinkins, and the second-youngest, just behind Hugh J. Grant in 1889. The major publications called the race early on Tuesday night.

At time of writing, Mamdani had cleared 50 percent of the vote, with former Gov. Andrew Cuomo in the low 40s. It is one of the most impressive come-from-behind victories in the history of New York politics. Mamdani was polling at literally 1 percent in February, only to win the primary and now the mayoralty. It’s encouraging on many levels: New York City didn’t submit to a campaign of flagrant bigotry from disgraced two-time loser Cuomo; Americans, particularly young ones, can still be politically inspired by a good candidate... According to Forbes, no fewer than 28 billionaires donated at least $100,000 to stop Mamdani, including Daniel Loeb, Barry Diller, Steve Wynn, Reed Hastings, and Alice Walton.

Terminally online hedge fund manager Bill Ackman donated $1.75 million, while failed presidential candidate Michael Bloomberg donated $8.3 million, all to no avail. The final stages of the race made for quite a contrast: on the one hand, Mamdani’s youth, his humorous, sunny optimism, his laser focus on affordability, his obvious affection for New York, and his... Part of Zohran Mamdani’s campaign centers around the belief that billionaires shouldn’t exist. Now, those ultra-wealthy earners are aiming to stop the mayoral candidate, in part, by boosting the profile of former New York Governor Andrew Cuomo, Mamdani’s opponent for this cycle. Part of Mamdani’s bid has been to tax the ultra-rich and wealthy corporations, which include an additional 2% tax on New Yorkers earning more than $1 million a year. Despite these multi-million dollar oppositions, Mamdani is maintaining a lead in the mayoral race.

Some of the groups opposing Mamdani include “Fix the City” (pro-Cuomo committee) and “Defend NYC” (a group made to oppose Mamdani). Fix the City has raised $7.3 million since the primary, Defend NYC has raised almost $2.5 million, according to Business Insider. Now, roughly 26 billionaires and rich families from around the U.S. have spent at least six figures to support Cuomo, according to an analysis from Forbes. They estimate the total amount equates to over $22 million to back opposition campaigns, including from billionaires Bill Ackman and former New York City Mayor Michael Bloomberg. Below are the billionaires who have donated over $100,000 with their net worths, per Forbes.

Zohran Mamdani defeated a Republican, a fellow Democrat, and an army of billionaires when he emerged victorious in the New York City mayoral election on Tuesday. Mamdani, a self-described democratic socialist, will be the first Muslim to ever hold the position, and the youngest mayor in over a century. The Associated Press projected the assemblymember the winner shortly after 9.30 pm. The 34-year-old campaigned during a time of rising financial insecurity on making the city more affordable for most of the city’s residents through rent freezes, free buses and universal childcare. To pay for those policies, he promised a modest tax increase for New York City’s millionaires and a rise in the corporate tax rate. Read More: A Politics of No Translation.’ Zohran Mamdani on His Unlikely Rise

Spooked by the prospect of paying slightly higher taxes, and by his often-repeated belief that billionaires shouldn’t exist, more than 20 billionaires pulled out their checkbooks to stop Mamdani from becoming mayor of the... Andrew Cuomo for the first time. Breaking news and current events from around the globe. Zohran Mamdani defeated a Republican, a fellow Democrat, and an army of billionaires when he emerged victorious in the New York City mayoral election on Tuesday. Mamdani, a self-described democratic socialist, will be the first Muslim to ever hold the position, and the youngest mayor in over a century. The Associated Press projected the assemblymember the winner shortly after 9.30 pm.

The 34-year-old campaigned during a time of rising financial insecurity on making the city more affordable for most of the city’s residents through rent freezes, free buses and universal childcare. To pay for those policies, he promised a modest tax increase for New York City’s millionaires and a rise in the corporate tax rate. Read More: A Politics of No Translation.’ Zohran Mamdani on His Unlikely Rise See the top gainers, losers, invest and get updated what's happening in the crypto market Discover the secret world of unlisted shares — analyse India's top pre-IPO companies and invest before they hit the markets Zohran Mamdani’s victory came despite a well-funded, last-minute blitz from America’s ultra-rich.

Multiple reliable outlets report that roughly 26 billionaires together poured more than $22 million into super PACs and independent efforts designed to block the democratic socialist from becoming New York City’s mayor. Coverage tallies show marquee donors including Michael Bloomberg, Bill Ackman, Joe Gebbia, members of the Lauder family, Steve Wynn, and Daniel Loeb bankrolling anti-Mamdani or pro-opponent groups such as Fix the City, Put NYC... The combined spend aimed at stopping Mamdani, often cited as “over $22 million”, reflects independent expenditures and late infusions into PACs backing his rivals. Fortune and Mint reported the aggregate, while Business Insider listed leading billionaire contributions by name and amount, illustrating how money clustered around anti-Mamdani messaging in the campaign’s closing weeks.

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