Dated October 27, 2025, at precisely 09:59:02 UTC, this story—available exclusively to Business Insider subscribers—details a remarkable turning point in New York City’s political landscape. Readers are urged to share the piece across various social media platforms such as Facebook, LinkedIn, Reddit, X, WhatsApp, and Bluesky, or even distribute it via email. Subscribers can save it for later or continue reading in the app, while non-subscribers are encouraged to join the Insider community to gain immediate access.
At the center of this unfolding drama stands Zohran Mamdani, a Democratic socialist state assemblyman from Queens, who now finds himself on the threshold of achieving one of the most powerful political positions in the United States: the mayoralty of New York City. Recent polling places him in a strong and seemingly commanding lead, marking a potential ideological shift that challenges the city’s established power structures. Mamdani has stirred both support and controversy by boldly asserting that billionaires, as a class, should not exist in a just society. His campaign platform includes a proposed two-percent tax increase on individuals earning more than one million dollars annually—a policy he argues is essential to addressing inequality and redistributing wealth in one of the world’s most economically polarized cities.
However, this radical economic vision has not gone uncontested. Many of the nation’s wealthiest individuals have launched a financial counteroffensive, committing millions of dollars to prevent Mamdani from winning the mayoralty. Their strategy has involved the creation and heavy funding of political action committees and independent expenditure groups designed to diminish Mamdani’s support while simultaneously amplifying the candidacy of his principal rival, former New York Governor Andrew Cuomo. After failing to derail Mamdani’s campaign during the heated June primary, these billionaires have redoubled their efforts, channeling unprecedented sums into two key organizations: Fix the City, a pro-Cuomo entity that has raised approximately $7.3 million since the primary, and Defend NYC, a group explicitly established to oppose Mamdani, which has collected nearly $2.5 million.
Current polling data indicates that Mamdani continues to lead not only Cuomo but also the Republican contender, Curtis Sliwa. The incumbent mayor, Eric Adams, further shifted the race’s dynamics by withdrawing his third-party bid in September and publicly endorsing Cuomo. This endorsement was seen as a major realignment within the city’s political hierarchy, reinforcing the coalition of business leaders and centrist politicians who view Mamdani’s policies as too disruptive to the city’s economic fabric.
Despite Mamdani’s ongoing attempts to engage constructively with members of the business community and reassure them of his commitment to fostering a functional urban economy, many of the city’s financial elites remain resistant to his progressive agenda. They have voiced skepticism regarding his redistributive approach to taxation, housing reform, and economic justice, continuing instead to rally behind Cuomo as a stabilizing counterforce.
A closer look at the campaign contributions reveals the significant involvement of specific billionaires who have each donated more than $100,000 to shape the post-primary phase of the mayoral contest. Airbnb cofounder Joe Gebbia has emerged as one of the largest individual contributors, investing a total of $2 million, evenly split between Fix the City and Defend NYC. Currently serving as the Chief Design Officer of the United States under President Donald Trump, Gebbia is estimated by Forbes to hold a personal fortune of $7.9 billion. Publicly outspoken about his opposition to Mamdani’s policies, Gebbia has taken to X (formerly Twitter) to comment on the election, recently suggesting that Republican candidate Curtis Sliwa could act as a “hero” by bowing out and thus clearing the path for Cuomo to consolidate anti-Mamdani support.
Another formidable player is hedge fund billionaire Bill Ackman, the CEO of Pershing Square Capital Management. Ackman has contributed $1.25 million since the primary—$1 million to Defend NYC and $250,000 to Fix the City—on top of the $500,000 he provided to Fix the City beforehand. A vocal critic of Mamdani, Ackman has publicly pressed Sliwa to withdraw for strategic purposes. Mamdani, in turn, has not shied away from naming Ackman in his public speeches, deriding the financier’s influence and even poking fun at his famously lengthy social media posts. Forbes currently pegs Ackman’s wealth at $9.2 billion.
Equally influential is Ronald Lauder, the prominent businessman whose family founded the Estée Lauder Companies. As president of the World Jewish Congress and a longtime Republican donor, Lauder contributed $750,000 to Fix the City in September. Mamdani has frequently cited Lauder alongside Ackman as examples of concentrated billionaire power seeking to subvert democratic choice. During a recent rally, Mamdani declared that individuals like Ackman and Lauder perceive his campaign as an existential threat to their political dominance—and, with striking candor, he admitted that they were correct, insisting that his movement posed an existential challenge to billionaires who believe their wealth entitles them to control over democratic institutions. Ronald Lauder’s net worth is an estimated $4.9 billion.
Continuing the family’s involvement, William Lauder—the chairman of Estée Lauder’s board and Ronald’s nephew—has also invested heavily. He has donated $500,000 to Fix the City since June, supplementing an earlier $500,000 contribution made prior to the primary. Forbes currently lists his fortune at $1.7 billion. Such sustained funding underscores how even familial networks of wealth are coordinating to protect business-friendly interests.
Another prominent donor, Steve Wynn—the celebrated casino and real estate magnate best known for his transformative impact on the Las Vegas Strip—committed $500,000 to Fix the City in October. Wynn’s history as a major GOP benefactor and former finance chair of the Republican National Committee makes his participation unsurprising, though notable given the intensely local nature of the race. Forbes calculates Wynn’s net worth at $3.9 billion.
Hedge fund veteran Daniel Loeb, founder and CEO of Third Point, has similarly joined the fray, contributing $350,000 since the primary, split between Defend NYC ($100,000) and Fix the City ($250,000). He had earlier donated $250,000 to Fix the City before the June contest. Loeb’s total investment reflects his broader record of political engagement as a financier often supportive of charter schools and market-driven policies. His wealth stands at roughly $3.8 billion, according to Forbes.
Beyond the world of finance, philanthropist Alice Walton—heiress to the Walmart fortune—has also weighed in, providing $100,000 to Fix the City in August and another $100,000 before the primary. With an estimated net worth of $115.5 billion, Walton remains one of the richest individuals on Earth and a visible symbol of American wealth participating directly in municipal politics.
Finally, philanthropist Laurie Tisch, a member of the Tisch family whose wealth stems from the Loews Corporation, has donated $100,000 to Fix the City since the June primary and an additional $50,000 prior to it. Collectively, members of the Tisch family have given more than $1.3 million to the same organization over the course of the year. Forbes estimates her personal fortune at $1.6 billion, while the broader family’s holdings are valued at approximately $10.1 billion.
This pattern of concentrated financial power underscores a recurring paradox in modern democracy: the tension between populist movements seeking structural change and entrenched financial elites determined to maintain the status quo. The 2025 New York City mayoral race thus serves as a microcosm of a national debate over wealth, influence, and the meaning of democratic representation in an era where campaign donations can effectively shape policy outcomes and public perception alike.
Sourse: https://www.businessinsider.com/list-of-billionaires-spending-stop-zohran-mamdani-new-york-2025-10
