Topline
Several billionaires have stakes in Tuesday’s elections, with closely watched contests in New Jersey, Virginia and New York City and a consequential ballot issue in California.
New York Independent mayoral candidate, former New York Gov. Andrew Cuomo arrives to vote on election day at The High School of Art and Design on November 04, 2025 in New York City. (Photo by Alexi J. Rosenfeld/Getty Images)
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Key Facts
Despite Democratic New York City mayoral candidate Zohran Mamdani’s insistence that billionaires should not exist, at least two have donated to support his campaign, Forbes reported previously.
Elizabeth Simons, heir to hedge fund billionaire Jim Simons’ fortune, donated $250,000 to the main group supporting the self-described democratic socialist, New Yorkers For Lower Costs, in August, while GitHub cofounder Tom Preston-Werner donated $20,000 to New Yorkers for Lower Costs in April.
At least 26 other billionaires and members of billionaire families have donated more than $22 million to Mamdani’s opponents, largely to back former New York Gov. Andrew Cuomo, who is running as an independent—these are the five biggest donors to anti-Mamdani groups, as of Oct. 22:
Michael Bloomberg has donated $8.3 million to the Cuomo-aligned Fix the City super PAC, while Airbnb cofounder Joseph Gebbia has given $3 million to Fix the City and two other anti-Mamdani groups, Defend NYC and Put NYC First.
The Lauder family has donated $2.6 million to Fix the City and the anti-Mamdani group Sensible City, while Pershing Square’s Bill Ackman has given $1.75 million to Fix the City and Defend NYC, and the Tisch family has given $1.2 million to Fix the City.
At least several billionaires have donated in support of the GOP candidate in Virginia’s gubernatorial race, Lt. Gov. Winsome Earle-Sears: Black Entertainment Television cofounder Robert Johnson ($500,000) and Interactive Brokers founder Thomas Peterffy ($300,000), according to OpenSecrets, while the Brennan Center for Justice reported packaging company billionaire Elizabeth Uihlein gave $250,000, and the Virginia Center for Investigative Journalism reported Arizona Diamondbacks owner Ken Kendrick gave $200,000.
LinkedIn cofounder Reid Hoffman gave $350,000 to support Virginia’s Democratic gubernatorial nominee, former Rep. Abigail Spanberger, according to the Virginia Public Access Project.
In the New Jersey gubernatorial race, billionaire Reebok CEO Paul Fireman gave $100,000 to a super PAC supporting Republican gubernatorial candidate Jack Ciattarelli, according to the Brennan Center for Justice.
Hedge fund billionaire Thomas Steyer spent $12 million to support a California ballot measure that would add five Democratic-leaning congressional seats, while billionaire Charles Munger Jr. put $30 million toward opposing the initiative, Proposition 50.
Surprising Fact
Fix the City has raised more than $8.7 million, the most ever raised by a super PAC in a city election, Politico reported.
What To Watch For
Polling strongly indicates the high-dollar effort to keep Mamdani from winning in New York City will fail. Mamdani holds a more than 14 percentage point advantage over Cuomo in the latest RealClearPolitics polling average.
Key Background
Tuesday’s election is seen as one of the first major electoral tests of President Donald Trump’s second-term agenda and a bellwether for next year’s midterm elections. In addition to the New York City mayoral contest, Democrats are favored to win the gubernatorial races in Virginia and New Jersey.
Further Reading
Here Are The Two Billionaires Supporting Zohran Mamdani (Forbes)
Anyone But Mamdani: These Billionaires Are Spending Big To Stop Him From Becoming NYC’s Mayor (Forbes)
Election Day 2025: These Are The Races To Watch—And What They Say About National Political Trends (Forbes)