Most Billionaires Opposed NYC Mayor-elect Mamdani, but Two Supported Him
A report from Forbes revealed that while more than two dozen billionaires invested heavily to prevent Zohran Mamdani from becoming New York City’s next mayor, two wealthy donors played a surprising role in backing his campaign.
Historic Win for Zohran Mamdani
On Tuesday, Zohran Mamdani made history as New York City’s first Muslim and South Asian mayor-elect. His victory came despite a multimillion-dollar effort from the city’s wealthiest individuals to block his rise.
Billionaire Opposition and Support
At least 26 billionaires reportedly spent over $22 million trying to stop Mamdani’s election, according to Forbes. However, two prominent donors broke ranks with their peers to support him.
- Elizabeth Simons, daughter of late hedge fund billionaire Jim Simons, contributed $250,000 in August to New Yorkers for Lower Costs, an independent group backing Mamdani’s bid. She also chairs the Heising-Simons Foundation, which has granted more than $1.3 billion to initiatives focusing on climate change, education, and human rights.
- Tom Preston-Werner, co-founder of GitHub and a California venture capitalist, donated $20,000 to the same group in April. His foundation has allocated about $28 million since 2019, as noted in tax filings cited by Forbes.
Financial Impact
Together, their donations accounted for roughly 10% of total funds raised by New Yorkers for Lower Costs. Their actions stood in contrast to a roster of billionaire figures such as Michael Bloomberg and Reed Hastings, who financed Mamdani’s opponents.
“Two wealthy donors helped Mamdani win against overwhelming opposition from some of the richest people in the country,” reported Forbes.
Author’s Summary
While many billionaires attempted to block Zohran Mamdani’s path to New York City’s mayoralty, two major donors defied expectations and helped secure his historic victory.