Tuesday, 02 January 2024 12:17 GMT

$22M Spent To Block Zohran Mamdani? US Billionaires Bill Ackman, Bloomberg, Lauder Family Splurge On NYC Mayor Polls


(MENAFN- Live Mint) New York City's mayoral candidate Zohran Mamdani has more than just Andrew Cuomo and Curtis Sliwa to contend with. He's also up against some of America's billionaires.

A self-described democratic socialist, Mamdani has pushed back against billionaires on multiple occasions.

“I don't think we should have billionaires,” the 34-year-old told CNBC in June, explaining that“so much money in such inequality” was undesirable to the creation of a more egalitarian society.

With his well-documented disdain for billionaires, Mamdani has undoubtedly made enemies in high places, and now, some of them are pushing back.

According to a report by Forbes, 26 billionaires and members of billion-dollar families from across America have spent at least $100,000 each on supporting Mamdani's opponents.

Also Read | Zohran Mamdani receives long-awaited Hakeem Jeffries endorsement for NYC mayor

While $100,000 isn't a small amount, some of the biggest donations to Mamdani's opponents dwarf this, as we will see.

These donations have gone to the campaigns of Mamdani's opponents and associated groups, which have in turn, flooded residents with anti-Mamdani content, reported Forbes.

In total, these billionaires have spent over $22 million to stop Mamdani from leading the biggest city in the US.

Some of the largest donations to Mamdani's opponents have come from towering figures and families, with some of his biggest foes being:

1. Michael Bloomberg: $8.3 million

The co-founder of Bloomberg LP and three-time New York Mayor, the longtime Democrat has poured $8.3 million into a group called Fix the City, which supports now-independent candidate Andrew Cuomo.

2. Joseph Gebbia: $3 million

The Airbnb co-founder and current 'Chief Design Officer' for US President Donald Trump, Gebbia has donated $3 million to groups such as Fix the City, Defend NYC, Put NYC First, all against Mamdani.

A vocal critic of Mamdani, Gebbia has on social media reposted a user calling the Indian-descent Democrat a "terrorist".

3. Lauder family: $2.6 million

Several members of the family behind cosmetics giant Estée Lauder Companies Inc. have contributed in various capacities to campaigns against Mamdani, donating a total of $2.6 million.

William and Gary Lauder, the late Estée's grandsons, have given $1 million and $25,000, respectively, to Fix the City.

Lauder's son Ronald and his wife Joe Carole, meanwhile, have donated $750,000 and $250,000 respectively to the same group.

Ronald's grandson Jack Zinterhofer too has made donations totalling $500,000 to Fix the City, and has sent another $50,000 to a separate group called Sensible City, as per Forbes.

Also Read | Mamdani is promising a cheaper New York. But can he afford to pay for it? 4. Bill Ackman: $1.75 million

Pershing Square Capital Management co-founder Bill Ackman, another vocal Mamdani critic, has also contributed $1.75 million in total to anti-Mamdani PACs like Fix the City and Defend NYC.

The hedge fund manager, a pro-Cuomo billionaire, has also called for Sliwa to drop out of the mayoral race so that anti-Mamdani votes don't get siphoned away from the candidate of his choice.

5. Tisch family: $1.2 million

With their wealth coming from insurance-to-energy conglomerate Loews Corp and their ownership of the New York Giants, the Tische family is among America's richest.

While the brothers Bob and Larry Tische who established the empire have passed away, their descendants have donated to campaigns against Mamdani.

Jonathan Tisch and his wife Elizabeth have donated $250,000 to Fix the City, while Andrew Tisch and his wife Ann have donated $100,000 in total.

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Andrew's Andrew's sister-in-law Alice contributed has $500,000 to Fix the City, while Larry's grandkids Abigail and Maude have each sent $100,000.

Interestingly, one member of the family, Jessica Tisch has not donated to any campaign: she is currently New York's police commissioner and Mamdani has pledged to keep her on if voted to power.

6. John Hess and family: $1 million

Oil and gas billionaire Johnathan Hess, the CEO of Hess corporation, and family have donated $1 million to anti-Mamdani PAC Fix the City, but further details aren't known.

7. Daniel Loeb: $775,000

Investor and hedge fund manager and founder of New York-based Third Point, Loeb has donated $775,000 to pro-Cuomo Fix the City as well.

8. Barry Diller: $500,000

Co-founder of the Fox Broadcasting Company along with Rupert Murdoch, Diller is currently chairman and senior executive of IAC Inc. and the Expedia Group.

Diller's donations came in two tranches of $250,000 to Fix the City.

9. Steve Wynn: $500,000

A real-estate developer known for his involvement in the luxury casino and hotel industry, the Florida-based billionaire has donated $500,000 to Fix the City.

10. Marcella Guarino Hymowitz (spouse of Gregg Hymowitz): $400,000

The spouse of investor billionaire Gregg Hymowitz, Marcella has a long-standing relationship with Cuomo, and has attributed her large donations to Fix the City and Put NYC First to their friendship.

Other billionaire donors to anti-Mamdani campaigns

Some other billionaires who donated to campaigns and groups against Mamdani include David Walentas ($350,000), Reed Hastings ($250,000), John Fish ($250,000), David Lichtenstein ($250,000), Alice Walton ($200,000), Deborah Simon ($200,000), Jerry Speyer ($150,000), Stephanie Coleman ($150,000), the Durst family ($110,000), the Fisher family ($110,000), Daniel Och ($100,000), Ken Langone ($100,000), James and Kathryn Murdoch ($100,000), Bruce and Suzie Kovner ($100,000), Richard Kurtz, ($100,000), and the Elghanayan family ($100,000).

When is the New York City mayoral election?

With the last debate between candidates completed, early voting began on Saturday, 4 October, while 4 November has been designated as election day.

Voters can cast their ballots till 9PM local time on 4 November.

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