Billionaire Michael Bloomberg, the former mayor of New York City, has invested an additional $1.5 million into a super PAC backing Andrew Cuomo’s bid for mayor. This late contribution seems aimed at countering Democratic Socialist candidate Zoran Mamdani before the elections on Tuesday.
The funds have gone to Fix the City, a committee supporting Cuomo that has focused on anti-Mamdani advertising and voter outreach as the campaign nears its end, based on recent filings.
Since the primary in June, the super PAC has reportedly raised over $7.3 million.
Bloomberg’s latest support brings his total contributions for Cuomo to $9.5 million, making him the largest financial backer of the former governor’s campaign for reinstatement.
Previously, Bloomberg contributed $8 million to another pro-Cuomo super PAC when Mamdani defeated him in the Democratic primary by nearly 13 points.
“Being mayor of New York is probably one of the hardest jobs in the U.S.,” Bloomberg noted. He went on to address the challenges that the next mayor will face, emphasizing the need for strong leadership.
Bloomberg stated his belief that Cuomo has the experience necessary to advocate for New Yorkers and to implement concrete solutions.
This financial backing comes as many early votes have already been cast.
A recent Quinnipiac University poll shows Cuomo has narrowed the gap with Mamdani, who is still ahead by 10 points. Republican Curtis Sliwa is in third place.
Bloomberg’s support was highlighted following Mamdani’s primary win. He had a private meeting last September with a congressional member, and while the discussions were described as constructive, Bloomberg confirmed his backing for Cuomo.
The endorsement from the 83-year-old media mogul is considered by some as reflective of rising concern among New York’s business leaders about Mamdani’s proposals to tax the wealthy and enhance public services.
Mamdani has suggested a 2% surcharge on income exceeding $1 million, a measure that opponents argue could drive wealthy residents away.
Despite these counterarguments, Mamdani maintains his lead in polls, particularly among younger voters and progressives who see him as a departure from traditional political norms.
According to an analysis, at least 26 billionaires, along with affluent families, have invested over $22 million into pro-Cuomo or anti-Mamdani campaigns.
Major contributors include hedge fund manager Bill Ackman, Airbnb co-founder Joseph Gebbia, and families like the Lauder and Tisch families. Ackman donated $1.75 million to Fix the City, while Gebbia has contributed $2 million across various committees.
Mamdani, a New York City councilor aged 34, promotes policies such as increased taxes and public transportation benefits, which have raised alarm in financial and real estate circles.
Bloomberg, known for amassing a fortune of $110 billion, has traditionally been at odds with the city’s left through his media and financial empire.
His political journey has seen him shift from Republican to independent to Democrat, often clashing with labor unions and progressive lawmakers on issues like education and policing.
Cuomo and Bloomberg have had a complicated history, previously at odds over various tax and labor policies. However, their shared skepticism of the far-left wing of the Democratic Party has brought them back together during this mayoral election.
Cuomo, now running as an independent after losing the Democratic nomination, is positioning himself as a defender against what he describes as “reckless socialism” from Mamdani.
His campaign strategy leans heavily on negative ads from Fix the City, suggesting that Mamdani’s approach jeopardizes jobs and public safety.
The press has reached out to Bloomberg, Cuomo, and Mamdani’s campaigns for their comments.
