In a stunning political upset, Zohran Mamdani has been elected as New York City’s mayor, defeating both a Republican challenger and powerful Democratic rival Andrew Cuomo. The 34-year-old democratic socialist, who ran on promises of affordability and social justice, overcame a multi-million-dollar campaign funded by some of America’s wealthiest figures. His victory marks a historic first, Mamdani is not only the city’s youngest mayor in over a century but also its first Muslim to hold the position.
A Historic Win for Progressives
Zohran Mamdani’s victory on Tuesday reshaped New York City’s political landscape. The Associated Press projected the assemblymember’s win shortly after 9:30 p.m., ending one of the most expensive mayoral races in the city’s history. Running on a progressive platform, Mamdani campaigned during a period of deep financial uncertainty, pledging rent freezes, free bus rides, and universal childcare. His proposal to fund these initiatives through modest tax hikes on millionaires and corporations became the center of national attention.
A Socialist Vision for New York
Mamdani, a self-described democratic socialist, positioned himself as a champion of working-class New Yorkers. His campaign message focused on making the city livable again for ordinary residents. “They’re spending more money than I would even tax them,” he joked in an MSNBC interview last week, referring to billionaire-funded attacks. His ideas resonated with voters frustrated by economic inequality and housing unaffordability, helping him build a grassroots coalition that defied political norms.
Billionaires Fight Back
Spooked by Mamdani’s tax agenda and his outspoken belief that “billionaires shouldn’t exist,” America’s wealthiest donors mobilized against him. More than 20 billionaires reportedly funneled millions into three major super PACs, Fix the City, Defend NYC, and For Our City, to derail his candidacy. Many of these efforts began during the Democratic primary, where Mamdani faced former governor Andrew Cuomo. Despite their massive spending, the billionaire-backed ads and attacks failed to sway a majority of voters.
Bloomberg’s Costly Support for Cuomo
Former New York City Mayor Michael Bloomberg was among the most prominent opponents of Mamdani’s rise. Worth over $100 billion, Bloomberg contributed a total of $13.3 million to Cuomo’s campaign, $5 million in the final month alone. While Bloomberg met Mamdani once in what adviser Howard Wolfson described as a “cordial” and “substantive” meeting, he reaffirmed his support for Cuomo weeks before the election. Bloomberg’s financial influence, however, could not stop the progressive wave that swept Mamdani into office.
The Lauder Family’s Millions
The Lauder family, heirs to the Estée Lauder fortune and valued at $25.9 billion, also poured large sums into anti-Mamdani efforts. Ronald Lauder, president of the World Jewish Congress, donated $1 million to Fix the City through two contributions in September and October. His wife Jo Carole Lauder and nephew William Lauder added $1.5 million more, while other family members contributed hundreds of thousands. Mamdani called out Ronald Lauder and Bill Ackman specifically for trying to “buy our democracy.”
Silicon Valley’s Entry: Joe Gebbia
Airbnb cofounder Joe Gebbia spent $2 million in total, split evenly between Fix the City and Defend NYC, to support Cuomo’s campaign. Gebbia, now serving as Chief Design Officer for President Donald Trump, is worth an estimated $7.7 billion. In the race’s final days, he posted on X urging Republican nominee Curtis Sliwa to drop out to help Cuomo win. Despite this coordinated push from centrist Democrats and tech elites, voters rejected the billionaire-backed narrative.
Wall Street’s Voice: Bill Ackman
Hedge fund investor Bill Ackman emerged as one of Mamdani’s loudest critics. Donating $1.75 million across two PACs, he frequently posted online calling Mamdani a “socialist with no experience running anything.” The billionaire also shared anti-Mamdani content from Cuomo and the New York Post, intensifying his online campaign. Mamdani, in turn, mocked Ackman’s lengthy social media posts, saying he was “writing 1,000-word tweets” about his campaign.
The Final Push and Victory
Despite the overwhelming financial opposition, Mamdani’s people-powered campaign triumphed. At an October rally, he openly embraced his image as a threat to the wealthy elite. “Billionaires like Bill Ackman and Ronald Lauder have poured millions of dollars into this race because they say that we pose an existential threat,” he declared. “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.”