The Billionaires Who Tried—and Failed—to Stop Zohran Mamdani
Over 20 billionaires donated to super PACs either supporting Cuomo or opposing Zohran Mamdani in the New York City mayoral race.
Zohran Mamdani overcame a Republican, a fellow Democrat, and opposition funded by wealthy donors to win the mayoral election on Tuesday.
Historic Victory and Record Turnout
Mamdani, a self-described democratic socialist, will be the first Muslim mayor of New York City and its youngest in over 100 years.
More than 2 million New Yorkers voted in the race, marking the largest turnout for a mayoral election in over five decades.
By Wednesday morning, with about 90% of ballots tallied, Mamdani secured just over 50% of the vote.
Campaign Platform
- Address rising financial insecurity
- Make the city more affordable through rent freezes, free bus service, and universal childcare
- Fund policies with a modest tax increase on millionaires and higher corporate taxes
Opposition from Billionaires
“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.”
The billionaire opposition began during the Democratic primary when Mamdani first faced former Governor Andrew Cuomo.
Author’s Summary
Despite billionaires’ financial firepower, Zohran Mamdani’s historic and progressive campaign won New York City’s largest mayoral turnout in 50 years.