- Zohran Mamdani is projected to be the Democratic nominee for mayor of New York City.
- The Democratic socialist assemblyman is expected to defeat former Gov. Andrew Cuomo in the primary by a large margin.
- Several billionaires had poured money into the race to try to boost Cuomo and stop Mamdani.
For some of New York's billionaires, it's time for plan B.
New York State Assemblyman Zohran Mamdani shocked the world on Tuesday when he became the presumptive Democratic nominee for mayor of New York City, defeating former Gov. Andrew Cuomo.
Cuomo had enjoyed the support of big names in business and finance as he sought to fend off Mamdani, a Democratic socialist who has proposed a rent freeze and higher taxes on the city's wealthiest residents.
Most of them donated to Fix the City, an outside nonprofit group that spent money on pro-Cuomo and anti-Mamdani ads. The group has reported receiving nearly $25 million in contributions.
Here are the business leaders and billionaires who cut big checks to efforts to elect Mamdani's rivals.
Michael Bloomberg
$8.3 million of that sum came from Michael Bloomberg, himself a former NYC mayor and the billionaire owner of Bloomberg LP.
"I also know his strengths as a leader and manager," Bloomberg said in a statement endorsing Cuomo. "Of all the candidates, Andrew has the skills our city needs to lead us forward."
Bill Ackman
Billionaire hedge fund manager Bill Ackman and William Lauder, the executive chairman of The Estée Lauder Companies, each gave $500,000 to the group. In the days leading up to the primary, Ackman wrote or reshared multiple posts on X that were critical of Mamdani.
On Wednesday morning, Ackman wrote on X that he had a "great idea" for the city that he would share "as soon as I can."
"I was a bit depressed when I woke up this morning, but I am now optimistic," Ackman wrote.
Barry Diller
Media mogul Barry Diller donated $250,000 to the pro-Cuomo group.
Diller is chairman of Expedia and IAC.
Reed Hastings
Netflix chairman Reed Hastings, who stepped down as CEO of the streaming giant in 2023, donated $250,000 to the PAC.
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Daniel Loeb
Billionaire hedge fund manager Daniel Loeb, founder and CEO of New York-based firm Third Point, also donated $250,000.
Alice Walton
Alice Walton, a billionaire philanthropist from the family that founded Walmart, contributed $100,000 to the PAC.
Walton, who has an estimated net worth of $117 billion, per Bloomberg's Billionaires Index, is the youngest of Walmart founder Sam Walton's children.
Ken Griffin
Citadel CEO Ken Griffin gave $50,000 to Sensible City, a separate anti-Mamdani group.
Several of the billionaires — including Ackman, Loeb, and Griffin — who supported efforts to elect Mamdani's rivals supported President Donald Trump's 2024 campaign, a fact that Mamdani frequently emphasized on the campaign trail.
As of Wednesday morning, Mamdani leads with 43.5% of the vote, compared to Cuomo's 36.4%, with 93% of votes in. Because New York City uses a ranked-choice voting system, final results may take a week to determine, but Mamdani is expected to prevail. Cuomo conceded the primary Tuesday night.
Cuomo could still run as a third-party candidate in the general election in November, but it is unclear if he will. On Tuesday, he told supporters that he was still considering his next move.
Current mayor Eric Adams is running as an independent, while Curtis Sliwa is the Republican nominee. Jim Walden, an attorney, is also running as an independent.
If Cuomo decides not to run in the general election, the billionaires who previously backed his campaign could theoretically support another one of these candidates.
Adams' reelection prospects are in question after Trump's Justice Department moved to drop corruption charges against the mayor earlier this year.