The billionaires who bet big on the NYC mayoral primary — and lost

• Zohran Mamdani is projected to be the Democratic nominee for mayor of New York City.
• The Democratic socialist assemblyman is expected to defeat former Gov. Andrew Cuomo in the primary by a large margin.
• Several billionaires had poured money into the race to try to boost Cuomo and stop Mamdani.

High-profile billionaires poured millions of dollars into the New York City mayoral election. On Tuesday, they lost their first battle.

New York State Assemblyman Zohran Mamdani is projected to become the Democratic nominee for mayor of New York City, defeating former Gov. Andrew Cuomo.

Cuomo had enjoyed the support of big names in business and finance as he sought to fend off Mamdani, a Democratic socialist who has proposed a rent freeze and higher taxes on the city's wealthiest residents.

Most of them donated to Fix the City, an outside nonprofit group that spent money on pro-Cuomo and anti-Mamdani ads. The group has reported receiving nearly $25 million in contributions.

$8.3 million of that sum came from Michael Bloomberg, himself a former NYC mayor and the billionaire owner of Bloomberg LP.

"I also know his strengths as a leader and manager," Bloomberg said in a statement endorsing Cuomo. "Of all the candidates, Andrew has the skills our city needs to lead us forward."

Billionaire hedge fund manager Bill Ackman and William Lauder, the executive chairman of The Estée Lauder Companies, each gave $500,000 to the group. In the days leading up to the primary, Ackman wrote or reshared multiple posts on X that were critical of Mamdani.

Media mogul Barry Diller, Netflix chairman Reed Hastings, and billionaire hedge fund manager Daniel Loeb each donated $250,000.

Alice Walton, a billionaire philanthropist from the family that founded Walmart, contributed $100,000. Citadel CEO Ken Griffin gave $50,000 to Sensible City, a separate anti-Mamdani group.

Several of those same billionaires — including Ackman, Loeb, and Griffin — supported President Donald Trump's 2024 campaign, a fact that Mamdani frequently emphasized on the campaign trail.

As of Wednesday, Mamdani leads with 43.5% of the vote, compared to Cuomo's 36.4%, with 93% of votes in. Because New York City uses a ranked-choice voting system, final results may take a week to determine, but Mamdani is expected to prevail. Cuomo conceded the primary Tuesday night.

Cuomo could still run as a third-party candidate in the general election in November, but it is unclear if he will. On Tuesday, he told supporters that he was still considering his next move.

Current mayor Eric Adams is running as an independent, while Curtis Sliwa is the Republican nominee. Jim Walden, an attorney, is also running as an independent.

If Cuomo decides not to run in the general election, the billionaires who previously backed his campaign could theoretically support another one of these candidates.

Adams's reelection prospects are in question after Trump's Justice Department moved to drop corruption charges against the mayor earlier this year.