Billionaires in the New York Mayoral Race: Unexpected Support for Zohran Mamdani
In a surprising twist to New York City’s contentious mayoral race, at least 26 billionaires have collectively spent over $22 million to prevent Zohran Mamdani, a self-described democratic socialist who openly states that “billionaires should not exist,” from becoming the mayor of America’s largest city. The frontrunner has faced massive opposition from financial heavyweights, with Mike Bloomberg recently adding another $1.5 million to back Mamdani’s rival, former New York governor Andrew Cuomo. What makes this race particularly intriguing, however, is that amid this wealth-driven opposition, two billionaires have unexpectedly stepped forward to support Mamdani’s campaign, creating an unusual dynamic in this high-stakes election.
Elizabeth Simons, daughter of the late hedge fund titan Jim Simons, contributed $250,000 to New Yorkers For Lower Costs, the primary independent group backing Mamdani. This substantial donation reflects the Simons family’s long history of political engagement. Elizabeth’s father Jim, who passed away in April 2024 with an estimated fortune of $31.4 billion, was legendary in the investment world for founding Renaissance Technologies and creating the exclusive Medallion Fund, which consistently achieved remarkable 30% annual returns after fees. Beyond his financial success, Jim was a significant Democratic benefactor, contributing over $100 million to federal races between 2015 and 2024. Elizabeth has continued this tradition of political involvement and philanthropy, donating more than $25 million to Democratic candidates since 2015, including nearly $900,000 to Democratic campaign committees in 2024 alone.
Elizabeth Simons herself has built an impressive career focused on education and social justice. After earning degrees from UC Berkeley and Stanford, she taught in Spanish-bilingual and ESL classrooms before transitioning to nonprofit leadership. She now heads the Heising-Simons Foundation, which has distributed nearly $1.3 billion since 2007 to organizations working on climate change, education, human rights, and scientific advancement. Her commitment to progressive causes extends to her board memberships with organizations like the Marshall Project and the Foundation for a Just Society, as well as her volunteer work with The Beat Within, a publication created by and for incarcerated youth. Following in her father’s footsteps, Elizabeth has signed the Giving Pledge, committing to donate the majority of her substantial wealth to charitable causes throughout her lifetime.
The second billionaire backing Mamdani is Tom Preston-Werner, the 45-year-old co-founder of GitHub, who contributed $20,000 to New Yorkers For Lower Costs. Preston-Werner launched the software development platform in 2008 and achieved billionaire status after Microsoft acquired the company for $7.5 billion in 2018, leaving him with an estimated net worth of $1 billion. Now running Preston-Werner Ventures, his venture capital firm, he has a less extensive political giving history than Simons, with approximately $2 million donated to federal races since 2019. However, his philanthropic efforts are noteworthy, including $1 million for COVID-19 relief and $250,000 for racial justice initiatives in 2020. Like Simons, Preston-Werner has signed the Giving Pledge, and his foundation has distributed $28 million since 2019, demonstrating a growing commitment to using his wealth for social impact despite being relatively new to major political contributions.
Together, these two billionaires’ contributions represent approximately 10% of New Yorkers For Lower Costs’ total funding, placing them in direct opposition to the much larger contingent of wealthy Mamdani opponents that spans the political spectrum—from Democratic mainstays like Michael Bloomberg and Reed Hastings to Trump allies such as Joe Gebbia and Steve Wynn. Beyond billionaire support, Mamdani has attracted other notable donors, including the Mokhtarzada brothers (founders of RocketMoney) who contributed nearly $190,000 combined, actress Jane Fonda who donated $1,000, and New York resident Cynthia Nixon (who previously challenged Andrew Cuomo for governor in 2018) who contributed $5,000. This creates a fascinating dynamic where Mamdani, despite his anti-billionaire platform, has found support from a small number of the very ultra-wealthy individuals whose existence he questions.
The financial landscape of the race reveals interesting contrasts in fundraising approaches. While Mamdani has received less in private campaign donations than Cuomo ($4 million versus $5.9 million), his campaign has benefited significantly from New York City’s matching funds program, which favors candidates who attract smaller donations from more individuals. Mamdani’s campaign boasts over 40,000 donors with the lowest average donation amount of any campaign at just $98, while Cuomo has attracted approximately 10,000 donors with an average contribution of $593—the second-highest in the race. This grassroots fundraising success, combined with the unexpected backing from two billionaires who seem to support his progressive vision despite his anti-billionaire stance, has created a unique financial foundation for Mamdani’s campaign as New Yorkers prepare to cast their votes in Tuesday’s election, determining who will lead America’s largest and most influential city.
