The Associated Press officially announced the victory of 34-year-old Democrat Mamdani at 9:35 p.m. Eastern Time on Tuesday, shortly after polls closed. Celebrating at his campaign’s watch party, Mamdani took the opportunity to address the significant financial backing his opponent, independent candidate and former New York governor Andrew Cuomo, received from wealthy donors. “Tens of millions of dollars have been spent to redefine reality and to convince our neighbors that this new age is something that should frighten them,” Mamdani remarked, emphasizing the disconnect between the billionaire class and the working class.
Mamdani criticized the narrative pushed by the wealthy, stating, “The billionaire class has sought to convince those making $30-an-hour that their enemies are those earning $20-an-hour.” He highlighted the need for unity among the working class, urging them to focus on “remaking a long, broken system” instead of being pitted against each other. This message resonates strongly with voters who feel the impact of economic inequality in New York City.
According to Forbes, over 26 billionaires and affluent families collectively spent more than $22 million to support Mamdani’s opponents, including significant contributions from Bloomberg L.P. cofounder Michael Bloomberg, hedge fund manager Bill Ackman, and Airbnb cofounder Joe Gebbia. Each of these individuals donated at least $100,000 to independent expenditure committees and super PACs that supported Cuomo. Notably, Michael Bloomberg alone contributed an astounding $8 million to Cuomo’s campaign during the Democratic primary.
During his victory speech, Mamdani vowed that his administration would “refuse to let them dictate the rules of the game anymore,” asserting that “they can play by the same rules as the rest of us.” This statement underlines his commitment to creating a fairer political and economic landscape in New York City.
After Mamdani's primary win in June, some business leaders threatened to leave the city if he were elected mayor. However, following his recent victory, even some billionaires who opposed him are now offering their assistance. Bill Ackman, who previously spent $1.75 million to defeat Mamdani, congratulated him on X, stating, “Now you have a big responsibility. If I can help NYC, just let me know what I can do.”
Additionally, Jamie Dimon, CEO of JPMorgan Chase, expressed a willingness to support Mamdani, despite having referred to him as “more Marxist than socialist.” Dimon remarked, “If he becomes mayor, I will call him and offer my help,” indicating a potential shift in the business community's approach to Mamdani's leadership.
Despite some former critics softening their stance, political threats loom. Former President Donald Trump has indicated he may withhold federal funding from New York City if Mamdani assumes office. Trump, who endorsed Cuomo, stated on Truth Social that it was “highly unlikely” he would send more than the minimum required federal funds if Mamdani became mayor. During an interview on CBS News’ “60 Minutes,” Trump expressed his concerns, saying, “It’s going to be hard for me as president to give a lot of money to New York with Mamdani as mayor, because if you have a communist running New York, all you’re doing is wasting the money you’re sending there.”
Mamdani's win marks a significant moment in New York City’s political landscape, as the new mayor prepares to address the pressing issues of economic inequality, public safety, and community unity. As he embarks on this journey, the eyes of both supporters and critics will be firmly fixed on his administration's actions and policies in the months to come.
