Billionaires Unleash $15M+ Onslaught Against Zohran Mamdani's Surging NYC Mayor Campaign

Billionaires Unleash $15M+ Onslaught Against Zohran Mamdani's Surging NYC Mayor Campaign

New York City's mayoral showdown intensifies on October 28, 2025, with Democratic socialist Zohran Mamdani holding a narrow lead in the latest Siena College poll released this morning. The 33-year-old state assemblyman, who clinched the Democratic nomination in a stunning June upset, pushes bold reforms like a 2% tax on incomes over $1 million to fund affordable housing and transit upgrades.

Yet his vow to curb extreme wealth—"I don't think we should have billionaires," he declared on Meet the Press in June—has ignited a firestorm from the city's elite. As early voting shatters records with over 500,000 ballots cast this weekend, a cadre of tycoons funnels millions into super PACs to derail his path to City Hall.

Zohran Mamdani speaks passionately to supporters at an outdoor campaign event, outlining his vision for New York City.

Mamdani's Momentum Meets Cuomo's Comeback: The Race in Real Time

Mamdani's platform resonates in a city grappling with $2,500 average rents and crumbling subways, drawing crowds of 10,000 to his Queens rally on Sunday alongside Bernie Sanders and AOC. Polls show him at 42% against Andrew Cuomo's 38% and Curtis Sliwa's 15%, a tightening from his 15-point edge last week. Eric Adams' September exit and Cuomo endorsement fused moderate forces, but Mamdani's grassroots surge—fueled by small donors averaging $27—keeps progressives energized amid voter turnout topping 2021 highs.

Outreach to business leaders yields mixed signals, with some Wall Street voices praising his focus on economic equity while others decry his "billionaire tax" as a flight risk for high earners. As November 4 looms, the contest pits working-class dreams against establishment muscle, with every ad dollar amplifying the divide.

Wall Street's Wallet Warriors: The Billionaire Donors Betting Big Against Mamdani

Fear of Mamdani's wealth tax has unlocked checkbooks across the Forbes 400, channeling over $15 million into anti-Mamdani super PACs since the primary. Fix the City, a Cuomo-aligned group, hauls $7.3 million, while Defend NYC stockpiles $2.5 million for attack ads branding the candidate as a "socialist threat" to jobs and safety. Here's who’s leading the charge:

• Joe Gebbia, Airbnb co-founder ($7.9 billion net worth), dropped $2 million split between the PACs and urged Sliwa to bow out on X, decrying Mamdani's "anti-growth" stance.
• Bill Ackman, Pershing Square CEO ($9.2 billion), wired $1.25 million post-primary atop $500,000 earlier, after Mamdani name-checked him as a top foe.
• Ronald Lauder, Estée Lauder heir and World Jewish Congress president ($4.9 billion), funneled $750,000 to Fix the City, extending his Cuomo loyalty.
• William Lauder, Estée Lauder chairman ($1.7 billion), added $500,000 since June to match his prior gift.
• Steve Wynn, casino magnate ($3.9 billion), contributed $500,000 in October.
• Daniel Loeb, Third Point CEO ($3.8 billion), tallied $350,000 recently for a $600,000 total.
• Barry Diller, Expedia/IAC chairman ($4.2 billion), gave $250,000 after an equal pre-primary sum.
• Alice Walton, Walmart heiress ($115.5 billion), chipped in $100,000 in August atop another $100,000.
• Laurie Tisch, Loews heir ($1.2 billion family stake), donated $100,000 last month plus $50,000 prior.

These infusions dwarf Mamdani's $8 million war chest, mostly from everyday New Yorkers, underscoring the lopsided firepower in local races.

Mamdani Fires Back: "They Are Right—We Threaten Their Grip on Power"

Mamdani confronts the cash deluge head-on, framing it as proof of his threat to unchecked influence. At a Washington Heights rally last week, he rallied supporters: "A few billionaires want you to believe that if you make the ultra-wealthy pay their fair share, they’ll pack up and leave. But history shows they stay—and they pay." His words echo a broader defiance, positioning the race as a referendum on whether money calls the shots in democracy.

Former Governor Andrew Cuomo appears at a public hearing, days after joking he’d move to Florida if Zohran Mamdani wins the NYC mayoral race.

The Billionaire Bet: How Political Donations Double as Tax Shields for the Ultra-Rich

Super PACs like Fix the City operate as unregulated war chests, allowing unlimited anonymous spending to boost allies or bury foes through ads and voter turnout ops. In plain terms, they're legal megaphones for the wealthy, sidestepping direct candidate limits since the 2010 Citizens United ruling. This race's $15 million billionaire blitz—up 160% from 2021's mayoral spend—serves as a preemptive strike against Mamdani's 2% millionaire levy, which could extract $20-50 million yearly from donors like Ackman alone.

For average New Yorkers, the stakes hit home: Policies shaped by big money often prioritize tax breaks for the top 1%, inflating housing costs by shielding developer incentives while everyday rents climb 7% annually. According to analysis reviewed by Finance Monthly, cities with heavy donor sway see 12-15% less funding for public transit and schools, hiking commuter fares and tuition by $200-500 yearly per household. A stark data point: In similar races, super PAC-backed winners enact 25% fewer progressive taxes, per OpenSecrets tracking, preserving $100 billion in untaxed wealth nationwide since 2016.

The savvy counter? Track donor flows via free tools like OpenSecrets' donor lookup to spot patterns—say, hedge fund clusters backing anti-tax candidates—and pivot your vote or small donation ($5-25) to counter-PACs like those from progressive coalitions. Fresh edge: Pair it with apps like DonorLookUp for real-time alerts on local races; users in 2024 midterms amplified grassroots funds by 18%, flipping three donor-saturated districts. Start today by searching your zip code—it's the quiet rebellion that rebalances the ledger before policies pinch your pocket.

Election Eve Buzz: What New Yorkers Are Asking About Mamdani's Money Fight

Why Are Billionaires Pouring Millions into Anti-Mamdani PACs?

Donors fear his 2% millionaire tax would cost them millions annually, viewing super PACs as a hedge to install friendlier leaders like Cuomo.

How Has Zohran Mamdani's Wealth Tax Proposal Evolved for 2025?

It targets incomes over $1 million at 2%, funding $10 billion in housing and transit, with exemptions for small businesses to ease adoption.

What Is Zohran Mamdani's Net Worth in 2025?

Estimates place it at $400,000, drawn from his $110,000 assembly salary and modest assets like Ugandan family land, reflecting his renter lifestyle.