Former New York Mayor Michael Bloomberg injected $5 million into super PACs mobilized against democratic socialist candidate Zohran Mamdani this week, making the billionaire businessman the largest individual donor in the current mayoral cycle.
The funds, which poured into independent expenditure groups backing former Gov. Andrew Cuomo’s independent run, were aimed at thwarting Mamdani’s mayoral bid.
Bloomberg’s contributions include roughly $1.5 million to the super PAC Fix the City and about $3.5 million to the newly formed For Our City, marking a sharp escalation in outside money as the general election draws near.
In endorsing Cuomo, Bloomberg emphasized the former governor’s “experience and toughness” as essential for leading a city he described as facing “immense challenges.”
Mamdani has galvanized younger voters and progressive constituencies by proposing bold reforms — including a new tax on millionaires and city-run grocery stores — which have rattled parts of the business and real estate sectors.
The mobilization of the financial elite against Mamdani is notable for its scale: Several billionaires have donated six- and seven-figure sums, with combined outside-spending totals topping tens of millions.
Bloomberg had previously met Mamdani in a September meeting described as “cordial and substantive,” though the former mayor now backs Cuomo in the race.
Campaign-finance watchdogs say the influx of mega-donor money into anti-Mamdani efforts may make this mayoral election the most expensive in the city’s history.
Bloomberg’s latest push arrives as early voting is underway for next week’s election, signaling that the donor class is shifting into high gear to influence the outcome.
For Mamdani’s supporters, the wave of outside spending is proof of his political threat to entrenched power — but it also raises questions about the influence of big-money donors in local races.
As the contest moves toward the finish line, Bloomberg’s emergence as this cycle’s single largest donor stands as a stark symbol of how high stakes the New York mayoral race has become.
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