A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide for wealthy investors and consumers. Register to receive future editions, straight to your inbox.
Super PACs supporting Andrew Cuomo and opposing Zohran Mamdani in the New York mayoral race have raised more than $40 million, including millions from prominent billionaires and family dynasties, election records show.
New York billionaires Bill Ackman, Ronald Lauder, William Lauder, Barry Diller and Dan Loeb have all made large donations to a special committee called Fix the City that supports independent candidate Andrew Cuomo, according to election filings. Other non-New Yorkers who have donated to the group include casino mogul Steve Wynn and Alice Walton, the world’s richest woman.
The wave of big money highlights the growing fear of a Mamdani victory among many of New York’s wealthy and national conservatives. Describing himself as a democratic socialist, Mamdani’s platform includes a rent freeze, free buses, free child care for all and government-run grocery stores. To fund these programs, he proposed an additional 2 percent tax on New Yorkers who earn more than $1 million a year.
Even though Mamdani maintains a double-digit lead in most polls, a vast money machine built on several pro-Cuomo PACs has gained momentum as Election Day approaches. Fix the City is by far the largest of the so-called “independent expenditure committees,” super PAC-like political fundraising groups that can accept unlimited funds and were created to circumvent New York City’s campaign finance limits. They are not tax deductible for donors and are not allowed to coordinate their efforts with a specific candidate’s campaign.
According to filings, Fix the City has raised more than $32 million, with many large donations following Mamdani’s primary victory in June. Two other anti-Mamdani committees include Defend NYC, which has raised $2.5 million, and New Yorkers for a Better Future, which has raised $1.5 million.
A PAC supporting Mamdani, called New Yorkers for Lower Costs, has raised just under $2 million. The only donor known to have contributed to this special committee is Elizabeth Simons, the daughter of the late billionaire hedge fund investor James Simons.
Many of the largest donations to Fix the City were made before the primaries, including two donations in June from Michael Bloomberg totaling $8.3 million. Bloomberg, who met with Mamdani in September to give him advice, has not donated to the group since.
Many billionaires increased their donations after the primaries. Joe Gebbia, Airbnb co-founder, Tesla board member and White House design director, gave two gifts of $1 million each to two pro-Cuomo PACs in October.
Gebbia declined to comment on the gifts, as did several other billionaires mentioned in this article. Others could not be reached for comment.
Democratic mayoral candidate Zohran Mamdani speaks during a news conference celebrating his primary victory with city union leaders and members on July 2, 2025 in New York.
Angela Weiss | Afp | Getty Images
The Lauder family, heirs to the Estée Lauder fortune, donated more than $2 million to anti-Mamdani committees. Ronald Lauder gave $750,000 to Fix the City in September, while William Lauder, chairman of The Estee Lauder Companies, gave $500,000 in late August. Other members of the Lauder family have collectively donated more than $750,000 since June.
More than a half-dozen members of the Tisch family, whose fortunes span from real estate and hospitality to energy, packaging and sports, have donated to Fix the City. Abigail, Louise, Maude and Laurie Tisch each donated $100,000 in October, while Alice Tisch donated $500,000. Elizabeth, Jonathan and Merryl Tisch also donated to the PAC after the primary.
The Tisch family’s donations take on added symbolism since Jessica Tisch, daughter of Loews Corp. CEO James Tisch, is the famed New York City police commissioner who has overseen a steady decline in crime in the city. Mamdani said he planned to retain Tisch in his role as commissioner, but also called for an overhaul of policing and the creation of a new “department of public safety.”
Most of the big donors supporting Cuomo are hedge funds. Bill Ackman, who supported President Donald Trump’s re-election last year, gave $250,000 to Fix the City in October, following two donations of $250,000 each before the primaries. Dan Loeb of Third Point gave $100,000 in October following a $100,000 donation in June.
Some of the biggest donors appear to have only loose ties to New York City.
Steve Wynn, the longtime Republican donor who listed his Las Vegas address, gave $500,000 to Fix the City in October. Alice Walton, the world’s richest woman, listed her address as a post office box in Bentonville, Arkansas — Walmart’s hometown — when she made a $100,000 donation in August, in addition to a $100,000 donation in April. Walton has little history of political donations in New York, beyond donations to pro-charter school groups and candidates. Mamdani said he opposed the expansion of charter schools.
While most of the anti-Mamdani billionaires are Republicans, a notable exception is Barry Diller, IAC president and longtime New York philanthropist, whose donations generally lean Democratic. Diller has given $500,000 to Fix the City through two donations, the most recent in October.
The fear among some Cuomo supporters is that donations from billionaires and family dynasties could backfire in an increasingly populist political climate. Mamdani has made such donations a point of pride on the campaign trail, saying spending by the wealthy is proof that his policies would return power to ordinary New Yorkers.
“They spend more money than I would tax them,” Mamdani said in an interview with MSNBC on Tuesday.