NEW YORK (Diya TV) — Billionaire hedge fund manager Bill Ackman has donated $1 million to a political action committee working to block progressive Democrat Zohran Mamdani’s bid to become New York City’s next mayor. The large contribution underscores the growing clash between Wall Street’s wealthy elite and a rising left-wing movement challenging the city’s political establishment.
Ackman, the founder and CEO of Pershing Square Capital Management, gave the donation to Defend NYC, a super PAC led by former Trump campaign adviser Jason Meister. The contribution, reported Wednesday to the state Board of Elections, makes Ackman one of the biggest donors in the race.
Defend NYC was created to oppose Mamdani, a 33-year-old Democratic Socialist assemblyman from Queens. The group has branded him as a “radical socialist” and an “inexperienced ideologue.” Meister said the PAC plans to flood New York with ads across subways, bus stops, and billboards warning voters about Mamdani’s policies.
While Ackman’s $1 million check is the largest for the group, hedge fund manager Daniel Loeb, CEO of Third Point LLC, also reportedly donated $100,000. In total, Defend NYC has raised more than $1.3 million from nine contributors.
Ackman’s move comes as several major investors and business leaders rally to stop Mamdani’s campaign. Ahead of the June primary, Ackman also gave $500,000 to Fix the City, a pro–Andrew Cuomo super PAC. Former Mayor Michael Bloomberg topped that list, giving $8.3 million to the same group.
Mamdani currently holds a 13-point lead over Cuomo, according to a recent Quinnipiac University poll. The Democratic Socialist has built his campaign around housing reform, workers’ rights, and higher taxes on the wealthy. His success has alarmed many in New York’s business and real estate sectors, who see his platform as a threat to their interests.
Ackman has long defended free-market capitalism and opposed left-wing economic policies. He is also an outspoken supporter of Israel and has used his social media platform to denounce what he calls “anti-Israel extremism.” Since the war in Gaza began in October 2023, Ackman has campaigned against pro-Palestinian activism on U.S. campuses, including Harvard, his alma mater.
Mamdani, who could become New York’s first Muslim mayor, has been a fierce critic of Israel’s war on Gaza. He has called it a genocide and urged U.S. leaders to cut ties with companies profiting from Israeli military operations. Mamdani has even said he would enforce the International Criminal Court’s arrest warrant for Israeli Prime Minister Benjamin Netanyahu if he visited New York.
The contrast between Ackman and Mamdani highlights a deeper ideological divide within the Democratic Party and the city itself — between the financial elite and grassroots progressive movements.
Mamdani’s campaign quickly criticized Ackman’s donation, framing it as an effort by billionaires to buy influence over New York’s future.
“Bill Ackman cannot stand the idea of New Yorkers being the ones to choose their next mayor,” campaign spokesperson Dora Pekec said in a statement. “Zohran defeated the billionaires once, and he’ll do it again because we can’t be bought and New York City is not for sale.”
The campaign has used the donations from Ackman and other financiers as a rallying cry, urging supporters to donate small amounts and volunteer. Mamdani has built his campaign through tenant unions, community groups, and labor activists who see his movement as a fight for working-class power.
While big donors continue to pour money into anti-Mamdani efforts, overall super PAC fundraising has slowed since the primary. Independent committees raised $54.3 million before the June vote but only $11.8 million since, according to the New York City Campaign Finance Board.
Defend NYC has not yet reported major spending beyond consulting and polling fees. Meister declined to comment on future advertising plans.
Ackman’s allies say his spending reflects concern for New York’s fiscal health, not personal ideology. Meister said donors like Ackman want to “protect jobs, law and order, and growth” from what they view as “radical socialist experiments.”
The race between Mamdani and Cuomo has become a symbol of New York’s political crossroads — between a city driven by finance and one shaped by grassroots activism. As billionaire donors line up against Mamdani, his campaign continues to frame their opposition as proof of a movement powerful enough to scare the establishment.
“Billionaires like Bill Ackman and Ronald Lauder have poured millions into this race because they say that we pose an existential threat,” Mamdani told supporters at a rally this week. “I am here to admit something: they are right.”
