Zohran Mamdani Actually Has The Support Of These Two Billionaires

Key Concepts

• Zoran Mamdani: A self-described Democratic socialist running for Mayor of New York City.
• Billionaire Opposition: A significant number of billionaires are financially supporting efforts to prevent Mamdani from winning the mayoral race.
• Elizabeth Simons: Daughter of hedge fund billionaire Jim Simons, a significant donor to a group backing Mamdani.
• Jim Simons: Late hedge fund billionaire, founder of Renaissance Technologies, known for quantitative models and high investment returns.
• Tom Preston Warner: Co-founder of GitHub, another billionaire donor supporting Mamdani.
• New Yorkers for Lower Costs: An independent group receiving donations to support Mamdani's campaign.
• Giving Pledge: A commitment by wealthy individuals to donate the majority of their fortunes to philanthropy.
• Campaign Finance: The financial aspects of political campaigns, including donations and spending.

Billionaire Support for Zoran Mamdani

On election day in New York City, the race for mayor has seen significant financial backing from billionaires, both in opposition to and, surprisingly, in support of Zoran Mamdani, a Democratic socialist candidate who advocates for the abolition of billionaires.

Billionaire Opposition to Mamdani

Forbes' analysis of campaign finance records revealed that over $22 million has been poured into the race by 26 billionaires or billionaire families aiming to stop Mamdani, who was leading in the polls. This opposition includes prominent figures such as Michael Bloomberg, who donated an additional $1.5 million to a group supporting Mamdani's rival, Andrew Cuomo. Other notable billionaires opposing Mamdani include Reed Hastings, Joe Jebia, and Steve Win.

Billionaire Supporters of Mamdani

In contrast to the widespread opposition, at least two billionaires have emerged as financial backers for Mamdani's campaign.

Elizabeth Simons

• Donation: Elizabeth Simons, daughter of the late hedge fund billionaire Jim Simons, contributed $250,000 in August to "New Yorkers for Lower Costs," the primary independent group supporting Mamdani.
• Family Background: Her father, Jim Simons, was a legendary investor who founded Renaissance Technologies in 1982. He was known for his expertise in automated quantitative models and his "medallion fund," which achieved average annual returns of 30% after fees. Jim Simons was a significant Democratic donor, contributing over $100 million to federal races between 2015 and 2024.
• Elizabeth Simons' Profile: A resident of Atherton, California, Liz Simons holds degrees from UC Berkeley (journalism) and Stanford University (education). She has experience teaching in bilingual and ESL classrooms and is actively involved in the nonprofit sector. She serves on the boards of progressive organizations like the Marshall Project and the Foundation for a Just Society (founded by her sister Audrey) and volunteers for "The Beat Within," a magazine for incarcerated youth.
• Philanthropic Work: She heads the Heising Simons Foundation, which has distributed nearly $1.3 billion since 2007 to initiatives focused on climate change, education, human rights, and science.
• Giving Pledge: Like her father, Liz Simons has signed the Giving Pledge, committing to donate a substantial portion of her wealth to charity.
• Political Giving History: Prior to supporting Mamdani, Liz Simons has a history of political contributions, with over $25 million directed to Democrats since 2015, including approximately $10 million in the 2024 cycle. She has also contributed nearly $900,000 to the Democratic Congressional Campaign Committee (DCCC) and the Democratic Senatorial Campaign Committee (DSCC) this year.

Tom Preston Warner

• Donation: Tom Preston Warner, co-founder of GitHub, donated $20,000 to "New Yorkers for Lower Costs" in April.
• Background: Preston Warner, also a Bay Area resident, co-founded the software development platform GitHub in 2008. He became a billionaire after Microsoft acquired the company for $7.5 billion in 2018. Forbes estimates his current net worth at approximately $1 billion. He now manages a venture capital firm, Preston Warner Ventures.
• Political Giving History: Compared to Simons, Preston Warner's political giving history is less extensive. Federal Election Commission records indicate that he and his wife Teresa have contributed around $2 million to federal races since 2019.
• Philanthropic and Other Donations: Preston Warner, also a signatory of the Giving Pledge, has highlighted additional donations on his blog, including $1 million for COVID-19 relief and $250,000 for racial justice efforts in 2020. Their foundation has distributed $28 million since 2019.

Financial Impact and Context

The combined contributions from Elizabeth Simons and Tom Preston Warner represent approximately 10% of the total funds raised by "New Yorkers for Lower Costs" to date. These donations place them in opposition to a significant bloc of billionaires who are actively working to prevent Mamdani's election.

Conclusion

The New York City mayoral race highlights a stark division among billionaires regarding political ideologies and economic policies. While a majority are investing heavily to oppose Zoran Mamdani's progressive platform, a notable minority, including Elizabeth Simons and Tom Preston Warner, are providing financial support to his campaign, underscoring the complex and often contradictory nature of wealth and political influence. Neither donor responded to requests for comment regarding their contributions.

For further details, readers are directed to Kyle Khan Mullins's article on Forbes.com.