New York’s financial and political elite are scrambling to halt the momentum of Zohran Mamdani, the democratic socialist who stunned the establishment by winning the Democratic primary for mayor. According to The Wall Street Journal, Wall Street donors, real estate magnates, and political veterans are pooling millions into independent expenditure groups designed to stop Mamdani's advance ahead of the general election.

A newly registered super PAC, New Yorkers for a Better Future Mayor 25, has already secured at least $20 million to fuel a multi-platform anti-Mamdani campaign. Backed by major figures including hedge fund manager Bill Ackman and former Mayor Rudy Giuliani, the effort marks the clearest sign yet of panic among New York’s donor class.

Elite panic: 'How do we stop this guy?'

“How do we stop this guy?” asked former NYPD officer and conservative commentator Bo Dietl, who is working with Giuliani to raise another $10 million. Giuliani has not made any public comment.

The fear is shared widely. Mamdani’s victory over establishment heavyweights, including former Governor Andrew Cuomo and former hedge fund manager Whitney Tilson, sent shockwaves through the city’s power structure. JPMorgan Chase CEO Jamie Dimon dismissed Mamdani’s platform as “more Marxist than socialist” and described his policies as “ideological mush".

Despite the financial firepower being mobilized, insiders say the anti-Mamdani campaign suffers from internal disorganization and a lack of a clear alternative candidate. Columbia University professor and former Bloomberg advisor Ester Fuchs warned that negative campaigning alone could backfire: “You have to turn out people to vote. This is the only place in which people without money actually have the same influence in the outcome.”

Tilson, who lost to Mamdani in the primary, predicted that over $100 million may ultimately be spent to stop him, calling the task “challenging” given Mamdani’s grassroots base and strong turnout machine.

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Mamdani engages the business community

At 33, Mamdani, a Queens-based assemblyman and self-described democratic socialist, has already begun outreach to the city’s business elite. He is scheduled to speak at a closed-door Partnership for New York City event, which includes representatives from JPMorgan, Citigroup, and Morgan Stanley. Notably, Dimon sits on the group’s executive board.

Despite their hostility to his policy agenda, which includes freezing rents and launching public grocery stores, some financial leaders appear open to dialogue, while others are doubling down on opposition.

Mamdani's path to City Hall is complicated by a fragmented general election field. Although he won the Democratic primary, Cuomo has refused to drop out, while incumbent Mayor Eric Adams, former federal prosecutor Jim Walden, and Republican nominee Curtis Sliwa remain in the race.

Ackman, a Trump supporter and previous Cuomo backer, is reportedly in talks with the anti-Mamdani super PAC and has already donated $250,000 to a related group. Real estate tycoon Gary Barnett, a major Adams backer, has matched that contribution. Jeff Leb, the group’s treasurer, said it is polling the electorate to determine the most effective strategy.

Meanwhile, some donors are hedging their bets. Entrepreneur Lisa Blau is preparing a super PAC that could support either Cuomo or Adams, depending on how the race evolves.

Fundraising frenzy as Mamdani momentum grows

Mayor Adams, whose campaign is now being bankrolled by concerned real estate developers, is expected to hit the $8 million donation cap by the end of the month. At a recent fundraiser hosted by SL Green CEO Marc Holliday, guests paid $2,000 each, raising roughly $1 million. TV personality Dr. Phil also addressed the gathering, telling donors, “Nothing is for free, folks,” in a swipe at Mamdani’s economic agenda.

Some ultra-wealthy figures have even floated long-shot write-in campaigns, with names like Jamie Dimon circulating, though sources say Dimon has no interest in running.

For now, New York’s political and financial establishment appears united in opposition, but not in strategy. As Gary Ginsberg, a former Rupert Murdoch advisor, put it, “Groups that were very active in the primary at mayoral and city council level, like the New York Solidarity Network, are taking a wait-and-see attitude.”

The only certainty is that Mamdani’s insurgent campaign has forced the city’s power brokers into unfamiliar territory, and they’re still scrambling to figure out how to respond.

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