Most billionaires tried to block rise of NYC Mayor-elect Mamdani, but 2 helped him win: Report
According to Forbes, two wealthy donors backed Zohran Mamdani’s campaign, even as more than two dozen billionaires spent millions trying to prevent his election as New York City’s next mayor.
Historic victory and rare support
Zohran Mamdani made history on Tuesday as the first Muslim and South Asian to be elected Mayor of New York City. While most elite financiers opposed his run, two donors offered crucial help, Forbes reported.
Backing from Elizabeth Simons and Tom Preston-Werner
- Elizabeth Simons, daughter of the late hedge fund billionaire Jim Simons, donated $250,000 in August to New Yorkers for Lower Costs, the independent group supporting Mamdani. She leads the Heising-Simons Foundation, known for giving over $1.3 billion to programs focused on climate, education, and human rights.
- Tom Preston-Werner, GitHub co-founder and venture capitalist from California, gave $20,000 to the same group in April. Since 2019, his foundation has distributed approximately $28 million, Forbes noted.
Wider opposition from billionaire donors
Forbes found that at least 26 billionaires invested more than $22 million in groups opposing Mamdani’s candidacy. Contributors included Michael Bloomberg and Reed Hastings, who supported rival campaigns. Simons’ and Preston-Werner’s donations accounted for around 10% of the funds raised by New Yorkers for Lower Costs.
“Two billionaires broke ranks with their peers to support Zohran Mamdani, helping fuel a campaign that reshaped New York City’s political landscape.” — Forbes
Author’s Summary
Two donors, Elizabeth Simons and Tom Preston-Werner, stood out among the wealthy elite by funding Zohran Mamdani’s historic New York City mayoral victory despite broad billionaire opposition.