New York City’s political landscape was dramatically reshaped this week as Democratic socialist Zohran Mamdani secured a stunning victory in the city’s Democratic mayoral primary. The win, which saw Mamdani defeat former Governor Andrew Cuomo, has drawn immediate and sharp criticism from several prominent billionaires, highlighting deep divisions within the city’s political and economic elite.
Mamdani, a 33-year-old state assemblyman, emerged victorious from the ranked-choice voting process on Tuesday, June 24, 2025, despite former Governor Cuomo receiving significant financial backing. Cuomo, who resigned in disgrace four years prior amid a sexual misconduct scandal, garnered 36.4% of the votes, with New York City Comptroller Brad Lander placing third. Mamdani’s triumph is widely interpreted as a significant rebuke of the Democratic establishment, which had largely supported Cuomo’s bid.
The outcome quickly provoked strong reactions from influential figures. Billionaire hedge fund manager Bill Ackman, CEO of Pershing Square Capital Management, who had contributed $500,000 to Fix the City, a super PAC supporting Cuomo, was among the most vocal critics. Ackman, whose net worth is estimated at $9.3 billion as of June 25, 2025, reposted a series of tweets lambasting Mamdani’s win. He highlighted turnout statistics from The New York Times, noting that Mamdani won districts with median incomes over $100,000 by 13 points, while Cuomo prevailed in areas with median incomes under $50,000 by 19 points. Ackman also expressed concern over the low voter turnout, stating, "if we allow 9.1% of registered voters [to] determine the future of New York City, then we deserve the city that we are going to get." Ackman, a long-time donor to Democratic candidates who endorsed Donald Trump in the 2024 presidential election, has been increasingly outspoken on political matters, including his public pressure on Harvard University’s leadership and his support for Israel’s actions in the Gaza war.
Other billionaires also weighed in. Republican billionaire John Catsimatidis, owner of the Gristedes grocery chain, criticized Cuomo’s campaign strategy and predicted that incumbent Mayor Eric Adams "has a chance to be a winner" if he secures former President Trump’s assistance in "cleaning up the streets of New York." Catsimatidis went further, threatening to relocate his grocery chain out of New York if Mamdani, who has advocated for city-run groceries in each of the five boroughs, were to be elected. Dan Loeb of Third Point hedge fund, another Cuomo backer, reacted to Mamdani’s victory by declaring "it’s officially hot commie summer" and disparaging New York Governor Kathy Hochul as "a clueless, unqualified buffoon" for her tweet acknowledging Mamdani’s "formidable" campaign. Tesla CEO Elon Musk also joined the chorus of criticism, responding with a crying laughing emoji to an X user who reposted Mamdani’s statement "queer liberation means defund the police," implying a lack of coherence in the statement.
The primary race saw unprecedented financial investment, with the Cuomo-aligned super PAC, Fix the City, raising a staggering $25 million. This sum, which included an $8.3 million contribution from billionaire and former mayor Michael Bloomberg, marked the largest super PAC ever created in New York City mayoral campaign history, underscoring the high stakes involved.
As the city looks ahead, the general election promises further political intrigue. Both former Governor Cuomo and incumbent Mayor Eric Adams, elected as a Democrat, are reportedly considering independent runs, potentially setting the stage for a multi-candidate contest that could further fragment the vote and redefine New York City’s political future.
