Billionaires vs. Zohran Mamdani: Here's what to know

CNBC Television

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Video Summary

New York City's mayoral race is marked by significant campaign spending, with pro- and anti-candidate factions collectively raising over $40 million. Major donors include billionaires like Bill Ackman and heirs to prominent families such as Estee Lauder and Tish, contributing millions to "Fix the City" and "Defend NYC" PACs. These contributions come from individuals benefiting from capitalism who are backing one side of the political spectrum, sparking debate about their motivations and the nature of political donations. A notable donation to the opposing side came from Abigail Disney, daughter of late hedge fund billionaire Jim Simons, drawing attention due to her inheritance and philanthropic background. The election is seen as potentially close, with early voting underway and polls indicating a narrowing lead for one candidate.

An interesting fact from the transcript is that Alice Walton, the world's richest woman, donated $100,000 despite listing an Arkansas address, highlighting broad national interest in New York's political landscape.

Short Highlights

Pro- and anti-candidate factions have raised over $40 million in the New York City mayoral race.
Major donors include billionaires like Bill Ackman ($1.2 million) and heirs from families like Estee Lauder ($2 million) and Tish family (six figures).
Joe Gibia, co-founder of Airbnb, donated $1 million to two PACs.
Alice Walton, the world's richest woman, contributed $100,000.
Abigail Disney, daughter of late hedge fund billionaire Jim Simons, donated to a pro-candidate PAC.

Key Details

Campaign Finance and Major Donors [00:00]

Over $40 million has been raised by pro and anti-candidate factions in the New York City mayoral race.
Prominent donors include billionaires like Bill Ackman, who gave over $1.2 million to two PACs, and heirs of the Estee Lauder Companies, who contributed over $2 million.
Other significant donors mentioned are Joe Gibia ($1 million), John Hess ($500,000), Steve Wynn ($500,000), and Barry Diller ($250,000).
Alice Walton, the world's richest woman, donated $100,000.

"And this was interesting. The world's richest woman, Alice Walton, gave $100,000 back in August, even though she listed Bentonville, Arkansas, as her current address."

Candidate's Campaign Strategy and Opposition [01:34]

A PAC supporting one candidate has raised about $2 million.
This candidate has used the significant donations from billionaires as a campaign strategy, highlighting them to suggest higher taxes.
Opponents argue that the "billionaire class" speaking out publicly against the candidate could be seen as an endorsement.
Donors supporting the opposing candidate state their motivations are not self-interest but a desire to protect New York's safety and economic growth.

"He has actually prided himself on the number of billionaires who are given to Cuomo. And he's yesterday he was talking about look they've given more than I'm going to tax them which of course is not true because this is $40 million."

Abigail Disney's Donation and Generational Wealth Debate [03:03]

Abigail Disney, daughter of late hedge fund billionaire Jim Simons, made a donation to a candidate's PAC.
This donation has sparked discussion about generational wealth and the perceived hypocrisy of individuals benefiting from capitalism donating to candidates perceived as opposing it.
The transcript notes the irony of heirs from families like Louder, Tish, and Walton donating on both sides of the political spectrum.

"But just explain it to me. How does someone benefiting from capitalism and whatever you think Jim Simons did? How is that person not giving money to someone who wants all children agree with their parents?"

Election Outlook and Prediction Markets [04:32]

The candidate's lead in the polls is narrowing, decreasing from 20 points to around 10 points.
There is speculation that the election could be close.
The role and potential manipulation of prediction markets, such as Poly Market, are discussed in relation to the election's outcome.

"Um, I think this could be a close election. We'll We'll see."