Billionaires pour $40M into NYC mayoral race to block Mamdani

Super PACs backing Andrew Cuomo and opposing Zohran Mamdani have raised over $40 million, with major contributions from New York billionaires and family dynasties, according to election filings.

The Election Day on Tuesday will test whether money or momentum wins.

Among the pro-Cuomo PACs, Fix the City has collected $32 million, led by donors like Bill Ackman, Barry Diller, Dan Loeb, and the Lauder family.

Other committees, including Defend NYC and New Yorkers for a Better Future, added another $4 million.

Donors from beyond New York, such as Steve Wynn and Alice Walton, also contributed heavily. Michael Bloomberg gave $8.3 million before the primary, while Airbnb co-founder Joe Gebbia donated $2 million in October.

Mamdani, a 33-year-old Democratic socialist, leads most polls by double digits. His platform includes rent freezes, free childcare, and higher taxes for the wealthy, including a 2% income tax rate hike for New Yorkers making over $1 million a year.

Billionaire giving has fueled his populist message, as he claims their spending proves his policies threaten entrenched wealth.

Additionally, President Donald Trump urged New Yorkers to support long-time Democrat Cuomo in the mayoral race. He posted on social media saying, “I would much rather see a Democrat, who has had a Record of Success, WIN” than Mamdani.