Zohran Mamdani defeated a Republican, a fellow Democrat, and an army of billionaires when he emerged victorious in the New York City mayoral election on Tuesday. Mamdani, a self-described democratic socialist, will be the first Muslim to ever hold the position, and the youngest mayor in over a century. The Associated Press projected the assemblymember the winner shortly after 9.30 pm. [time-brightcove not-tgx=”true”]The 34-year-old campaigned during a time of rising financial insecurity on making the city more affordable for most of the city’s residents through rent freezes, free buses and universal childcare. To pay for those policies, he promised a modest tax increase for New York City’s millionaires and a rise in the corporate tax rate. Read More: A Politics of No Translation.’ Zohran Mamdani on His Unlikely RiseSpooked 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 of the United States’ most populous city, beginning during the Democratic primary campaign, when he faced former New York Gov. Andrew Cuomo for the first time. Most of the money was poured into three main super PACs, both pro-Cuomo and anti-Mamdani. Fix the City, the PAC supporting Cuomo’s bid since the primary, spent millions on television ads for the former mayor and against Mamdani. Anti-Mamdani PACs Defend NYC—started by former advisor to President Donald Trump, Jason Meister—and For Our City, have also taken in giant sums from billionaire donors like former mayor Michael Bloomberg and hedge fund manager Bill Ackman.During his campaign, Mamdani often remarked on the huge amounts of money being spent to defeat him. “They’re spending more money than I would even tax them,” he said in an interview with MSNBC last week. Read More: ‘Zohran Mamdani Could Be New York’s First Citi Bike MayorHe also agreed with the billionaires that his agenda posed a threat to their power. “Billionaires like Bill Ackman and Ronald Lauder have poured millions of dollars into this race because they say that we pose an existential threat,” Mamdani said at an Oct. 13 rally. “And I am here to admit something. They are right. We are an existential threat to billionaires who think their money can buy our democracy.”Here are some of the billionaires who tried to thwart Mamdani’s campaign.Michael Bloomberg ($13.3 million)Bloomberg, former three-term mayor of New York City and cofounder of Bloomberg L.P., now reportedly worth over $100 billion, gave $5 million to Cuomo’s Fix the City in the final month of the campaign, adding on top of more than $8 million in support of Cuomo during the Democratic primary. Bloomberg and Mamdani met for the first time in September, a meeting that Howard Wolfson, a political adviser to Bloomberg, told the New York Times was “definitely cordial” and “substantive.”Read More: ‘Michael Bloomberg’s Billion-Dollar Climate Bet Is Paying OffStill, Bloomberg reaffirmed his endorsement of Cuomo in late October.Lauder Family ($2.6 million)Ronald Lauder, son of cosmetics innovator Estée Lauder, donated $750,000 in September, followed by another $250,000 in October to Fix the City. Lauder has served as the president of the World Jewish Congress since 2007 and is a staunch supporter of Israel. His wife, Jo Carole Lauder, also donated $500,000 to Fix the City, while his nephew William Lauder has given $1 million—half during the primary, and half during the general election. Other members of the family have altogether donated hundreds of thousands more dollars According to Forbes, the Lauder family as a whole is worth $25.9 billion.Mamdani has called out Ackman and Ronald Lauder in particular in the general election.Joe Gebbia ($2 million)Joe Gebbia, a cofounder of Airbnb, has spent a total of $2 million on the race, including $1 million apiece to Fix the City and Defend NYC.Gebbia is the Chief Design Officer for President Donald Trump, who endorsed Cuomo in the final days of the election. He is worth around 7.7 billion.On Oct. 20, Gebbia posted to X that Sliwa could “still be the hero,” urging him to drop out to help Cuomo win—a narrative many centrist Democrats and Republicans pushed in an attempt to stop Mamdani’s win.Bill Ackman ($1.75 million)Hedge fund investor Ackman has been one of the most outspoken billionaires to come out against Mamdani. He had donated $1 million to Defend NYC and another $750,000 to Fix the City between April and October 2025.Ackman, who is worth over $8 billion according to Bloomberg, regularly commented on the mayoral race on social media, sharing Cuomo’s posts, New York Post articles calling Mamdani a “commie,” and commentary urging Republican nominee Curtis Sliwa to drop out. “Mamdani is not the right mayor because he is a socialist with no experience running anything,” Ackman said on X.Mamdani mocked Ackman on numerous occasions for his “1,000-word tweets” railing against his campaign. Barry Diller ($500,000)Diller, a media mogul who founded Fox with Rupert Murdoch and is the chairman of IAC and Expedia Group, made two donations totaling $500,000 to Fix the City.Diller, who is worth $5 billion, has been a longtime Democratic donor and endorsed Cuomo in March this year.Laurie Tisch ($150,000)The Tisch family, whose fortune is gained from the Loews Corporation, has also been active during the mayoral election.Laurie Tisch, a philanthropist known for the Laurie M. Tisch Illumination Fund, gave $150,000 to Fix the City over the course of the primary and general election. Other members of the family have also given over $1 million to the group combined.Steve Wynn ($500,000)Wynn, a real estate developer and Las Vegas luxury casino mogul, is a prominent donor to the Republican Party and was the finance chair of the Republican National Convention (RNC) from 2017 to 2018 before he resigned following a Wall Street Journal report regarding sexual harassment allegations. In the New York City mayoral campaign, Wynn donated $500,000 to Cuomo’s Fix the City in October.Wynn is worth around $3.9 billion.Alice Walton ($200,000) Heiress to the Walmart fortune, Walton has donated $200,000 to Fix the City in two donations, half in April during the primary and half in August.Walton’s art foundation has loaned works to and given grants to institutions in New York City, including the Whitney Museum of American Art, and is listed as the world’s 14th-richest person according to the Bloomberg Billionaires Index, worth $124 billionWalton has a checkered past with politics, with cross-party donations to both Republican and Democratic candidates. She donated to the re-election of former President George W. Bush and to a fundraising committee that supported 2016 presidential candidate and former Secretary of State Hillary Clinton.