These Billionaires Won—And Lost Big Time—On Election Night

Topline

Democrats swept the major elections Tuesday, delivering a blow to billionaires who mostly funded Republican campaigns—particularly in New York City, where more than 26 billionaires donated to campaigns against Mayor-elect Zohran Mamdani.

New York City Mayoral candidate Zohran Mamdani celebrates during an election night event at the Brooklyn Paramount Theater in Brooklyn, New York on November 4, 2025. New Yorkers elected leftist Zohran Mamdani as their next mayor November 4, 2025 broadcasters projected, on a day of key local ballots across the country offering the first electoral judgement of Donald Trump’s tumultuous second White House term. (Photo by ANGELA WEISS/AFP via Getty Images)

AFP via Getty Images

Key Facts

In addition to Mamdani, a democratic socialist and New York Assembly member, Democratic former Rep. Abigail Spanberger beat Republican Lt. Gov. Winsome Earle-Sears to win the Virginia gubernatorial race, Democratic Rep. Mikie Sherrill defeated Republican Jack Ciattarelli in the New Jersey gubernatorial race, and California voters approved a new congressional map drawn by Democrats that will add five Democratic-leaning seats.

Billionaire Election Winners: Github’s Preston-Werner, Linkedin’s Hoffman

Two billionaires donated to groups working to elect Mamdani: Elizabeth Simons, the daughter of heir to the late hedge fund billionaire Jim Simons’ fortune, donated $250,000, while GitHub cofounder Tom Preston-Werner donated $20,000.
Billionaire LinkedIn cofounder Reid Hoffman supported Spanberger in Virginia.
Hedge fund billionaire Thomas Steyer spent $12 million in support of California’s ballot measure.

Billionaire Election Losers: Bloomberg, Ackman—and Others

At least 26 billionaires spent at least $27 million between March and Oct. 22 on groups campaigning against Mamdani, Forbes reported previously:

Former New York City Mayor Michael Bloomberg spent more than any other individual billionaire donor ($8.3 million) and made last-minute $5 million donations to anti-Mamdani groups in the days leading up to the election.
Joseph Gebbia: $3 million
Lauder family: $2.6 million
Bill Ackman: $1.75 million
Tisch Family: $1.2 million
John Hess and family: $1 million
Daniel Loeb: $775,000
Barry Diller: $500,000
Steve Wynn: $500,000
Marcella Guarino Hymowitz (spouse of billionaire Gregg Hymowitz): $400,000
David Walentas: $350,000
Reed Hastings: $250,000
John Fish: $250,000
David Lichtenstein: $250,000
Alice Walton: $200,000
Deborah Simon (of the Simon family): $200,000
Jerry Speyer: $150,000
Stephanie Coleman (spouse of billionaire Chase Coleman III): $150,000
Durst family: $110,000
Fisher family: $110,000
Daniel Och: $100,000
Ken Langone: $100,000
James and Kathryn Murdoch: $100,000
Bruce and Suzie Kovner: $100,000
Richard Kurtz: $100,000
Elghanayan family: $100,000

At least several billionaires donated in support of Earle-Sears:

In New Jersey, Reebok CEO Paul Fireman donated in support of Ciattarelli.

Billionaire Charles Munger Jr. donated $30 million to defeat the California ballot initiative.

Tangent

In addition to Ackman, some business leaders suggested they were open to working with Mamdani, who has said billionaires should not exist and campaigned against wealth inequality. BlackRock cofounder Ralph Schlosstein told Bloomberg “I’m certainly not a socialist . . . I’m not going anywhere, whoever the mayor is. I’m going to do whatever I can to help him be successful.” Citigroup Inc. CEO Jane Fraser told Bloomberg “we hope to work with the Mayor-elect on making the city an even better place for our people and clients to live and work.” Billionaire developer Stephen Ross told The New York Times “I think a lot of business leaders are going to ask themselves where they can be successful considering new laws and policies they may come up against,” suggesting they could move out of New York City.

Key Background

Mamdani won the race when it was called by the Associated Press with 50.5% of votes, ahead of independent candidate, former Gov. Andrew Cuomo (41.4%) and Republican Curtis Sliwa (7.3%). In Virginia, Spanberger won 55% of the vote and Earle-Sears polled at 45% when the race was called. Sherrill won 57% of the vote, ahead of Ciatterelli with 43%. Democrats’ sweep is widely viewed as a rebuke on President Donald Trump’s aggressive second-term agenda and could help re-energize Democrats ahead of next year’s midterm elections.