Billionaires beaten! How Zohran Mamdani trumped Michael Bloomberg, Estée Lauder’s heir, and Airbnb’s cofounder

Zohran Mamdani

Zohran Mamdani, 34, was elected mayor of New York City on Tuesday, marking a rapid rise for the state lawmaker who is now set to become the city's most progressive leader in decades. The Indian-origin Democrat defeated former Governor Andrew Cuomo and Republican Curtis Sliwa, securing a decisive win for the Democratic Party's progressive wing.

When Mamdani takes office on January 1, he will become the highest-ranking elected Muslim official in U.S. history, powered by a new coalition of young voters and immigrants who backed his grassroots campaign with small donations and record voter turnout.

A progressive breakthrough

Mamdani's victory is seen as a defining moment for progressives in American politics. His campaign drew massive enthusiasm among working-class voters, students, and immigrants, many of whom viewed him as a symbol of political change in a city long dominated by establishment figures.

Despite facing fierce resistance from New York's political and business elite, Mamdani's message of social equity and economic fairness resonated across the five boroughs, making him the first Muslim mayor in the city's history.

'Tax the rich' pledge shook the establishment

Mamdani's campaign alarmed major Democratic donors and real estate tycoons with his pledge to freeze rent prices and increase taxes on the wealthiest 1% of New Yorkers.

In September, several of New York's wealthiest landlords and business leaders reportedly met with Andrew Cuomo to "plot his path to City Hall," as cited by The New York Times. The city's largest developers urged one another to unite in their efforts to block Mamdani's rise.

Speaking to MSNBC last week, Mamdani remarked, "They're spending more money than I would ever tax them," highlighting the scale of opposition from billionaire donors.

Billionaires who tried to stop Mamdani

Despite tens of millions spent against him, Mamdani overcame a well-funded opposition effort led by some of the nation's wealthiest figures.

Michael Bloomberg: The former New York mayor and Bloomberg LP cofounder, worth over $100 billion, donated $5 million to Cuomo's "Fix the City" committee in the final month of the campaign, after contributing $8 million during the Democratic primary.

Joe Gebbia: The Airbnb cofounder and Chief Design Officer for President Donald Trump contributed $2 million, split between "Fix the City" and "Defend NYC." He publicly backed Cuomo in the race's final stretch, according to The Times.

Lauder family: Ronald Lauder, son of cosmetics pioneer Estée Lauder, gave $1 million across two donations, joined by his wife Jo Carole and nephew William Lauder, who together contributed another $1.5 million.

Barry Diller: The media magnate and IAC chairman donated $500,000 through two payments to "Fix the City," per The Times.

Bill Ackman: The hedge fund billionaire, one of Mamdani's most outspoken critics, donated $1.75 million across the "Defend NYC" and "Fix the City" committees between April and October 2025.

Record turnout seals Mamdani's victory

Despite the immense financial push against him, Mamdani prevailed, drawing over 2 million votes - the highest turnout in a New York City mayoral race since 1969.

His victory not only cements his place in U.S. political history but also signals a shifting tide in urban politics - one that favors grassroots movements and progressive reform over entrenched wealth and influence.