New York City elites band together to fund anti-Mamdani war chests

Many of New York City's financial elites this week are banding together to fund an opposition to Democratic New York City mayoral nominee Zohran Mamdani, even as they split on whom the opposing candidate should be. 

The election has been floated as potentially the most expensive race in New York City history, after Mamdani defeated former New York Gov. Andrew Cuomo for the nomination. Cuomo appears to still be running as an independent, alongside incumbent New York City Mayor Eric Adams. 

Mamdani's unexpected victory has been credited to his growing social media following and influence from other progressive Democrats like New York Democratic Rep. Alexandria Ocasio-Cortez, who is also known for being a democratic socialist.

“How do we stop this guy?” Bo Dietl, a financier who is planning on raising about $10 million with former New York City Mayor Rudy Giuliani, told the Wall Street Journal. “No one’s dealing with him. In the polls, he’s getting so much attention, and none of these other candidates are stepping up.” 

The newest independent expenditure group, which filed its paperwork with the New York State Board of Elections on Tuesday, has approximately $20 million, the outlet reported.

The new expenditure group, named "New Yorkers for a Better Future Mayor 25," has not endorsed a specific candidate. But real-estate developer Gary Barnett, who said he is supporting Adams, has pledged $250,000 to the group.

Another big name in New York politics that is considering donating to opposition candidates is Pershing Square CEO Bill Ackman. The billionaire has already spoken with the new expenditure group about donating to its war chest, but has already publicly backed Adams.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.