Business
Billionaires are spending big to stop Zohran Mamdani’s NYC mayoral bid
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Super PACs supporting Andrew Cuomo and opposing Zohran Mamdani in the New York City mayoral race have raised over $40 million, with millions coming from prominent billionaires and family dynasties, according to election filings.
New York billionaires Bill Ackman, Ronald Lauder, William Lauder, Barry Diller and Dan Loeb have all made large donations to a special committee called Fix the City that supports independent candidate Andrew Cuomo, according to election filings. Other non-New Yorkers giving to the group include casino mogul Steve Wynn and Alice Walton, the world’s richest woman.
The wave of big money highlights the growing fear of a Mamdani win by many of New York’s wealthy and national conservatives. A self-described Democratic socialist, Mamdani’s platform includes a rent freeze, free buses, free childcare for all and government-run grocery stores. To pay for the programs, he’s proposed an additional 2% tax on New Yorkers who make more than $1 million a year.
Even as Mamdani maintains a double-digit lead in most of the polls, a vast money machine built on several pro-Cuomo PACs has gained steam as Election Day nears. Fix the City is by far the largest of the so-called “independent expenditure committees,” political fundraising groups akin to super PACs that can accept unlimited funds and were created to get around the new York City’s campaign finance limits. They are not tax deductible to the donors and are not permitted to coordinate their efforts with a specific candidate’s campaign.
According to filings, Fix the City has raised over $32 million, with many large gifts coming after Mamdani’s primary win in June. Two other anti-Mamdani committees include Defend NYC, which has raised $2.5 million, and New Yorkers for a Better Future, which has raised $1.5 million.
A PAC supporting Mamdani, called New Yorkers for Lower Costs, has raised just under $2 million. The only known wealth donor to contribute to that special committee is Elizabeth Simons, the daughter of the late billionaire hedge fund investor James Simons.
Many of the largest donations to Fix the City came before the primary, including two gifts in June from Michael Bloomberg totaling $8.3 million. Bloomberg, who met with Mamdani in September to offer advice, has not made any donations to the group since.
Many billionaires have ramped up their giving after the primary. Joe Gebbia, co-founder of Airbnb, Tesla board member and White House chief design officer, gave two gifts of $1 million each to two pro-Cuomo PACs in October.
Gebbia declined to comment on the gifts, as did several other billionaires mentioned in this piece. Others could not be reached for comment.
Zohran Mamdani, Democratic candidate for mayor speaks during a press conference celebrating his primary victory with leaders and members of the city’s labor unions on July 2, 2025 in New York.
Angela Weiss | Afp | Getty Images
The Lauder family, heirs to the Estee Lauder fortune, have given over $2 million to anti-Mamdani committees. Ronald Lauder gave $750,000 to Fix the City in September, while William Lauder, chair of The Estee Lauder Companies, gave $500,000 in late August. Other members of the Lauder family have given more than $750,000 combined since June.
More than a half dozen members of the Tisch family, whose fortune stretches from real estate and hospitality to energy, packaging and sports, have given to Fix the City. Abigail, Louise, Maude and Laurie Tisch each gave $100,000 in October, while Alice Tisch gave $500,000. Elizabeth, Jonathan and Merryl Tisch also donated to the PAC after the primary.
The Tisch family donations carry added symbolism since since Jessica Tisch, daughter of Loews Corp. CEO James Tisch, is the popular New York City police commissioner who has overseen a continued drop in crime in the city. Mamdani has said he plans to keep Tisch in her role as commissioner but has also called for an overhaul of policing and a new “department of public safety.”
Many of the large donors backing Cuomo are hedge funders. Bill Ackman, who supported President Donald Trump’s re-election last year, gave $250,000 to Fix the City in October, following two gifts of $250,000 each before the primary. Dan Loeb of Third Point gave $100,000 in October after a $100,000 donation in June.
Some of the larger donors appear to have only loose ties to New York City.
Steve Wynn, the longtime Republican donor who listed his address as Las Vegas, gave $500,000 to Fix the City in October. Alice Walton, the world’s richest woman, listed her address as a post office box in Bentonville, Arkansas — Walmart’s hometown — when she made a $100,000 donation in August, on top of a $100,000 donation in April. Walton has little history of political giving in New York, beyond donating to pro-charter school groups and candidates. Mamdani has said he opposes the expansion of charter schools.
While many of the anti-Mamdani billionaires are Republicans, a notable exception is Barry Diller, the chairman of IAC and longtime New York philanthropist who’s giving has typically leaned toward Democrats. Diller gave $500,000 to Fix the City across two donations, with the most recent in October.
The worry by some pro-Cuomo supporters is that the giving by billionaires and the family dynasties could backfire in an increasingly populist political climate. Mamdani has made the donations a point of pride on the campaign trail, saying the spending by the rich is proof that his policies would restore power to everyday New Yorkers.
“They’re spending more money than I would even tax them,” Mamdani said in an interview with MSNBC Tuesday.
Business
WTO reform push: India flags dysfunctional dispute system at MC14, seeks review of e-commerce duty moratorium – The Times of India
India on Thursday urged members of the World Trade Organisation (WTO) to restore a fully functional dispute settlement system, saying the current mechanism has deprived countries of effective redressal, PTI reported.Speaking on the opening day of the WTO’s 14th ministerial conference (MC14) in Yaounde, Cameroon, commerce and industry minister Piyush Goyal stressed the need to revive the automatic and binding nature of dispute resolution within the global trade body.“A dysfunctional Dispute Settlement System has deprived Members from effective redressal. We must restore the automatic and binding dispute settlement system,” he said.The WTO’s dispute settlement mechanism has faced prolonged disruption since 2009 after the US blocked appointments to the Appellate Body.Goyal also called for a reassessment of the moratorium on customs duties on electronic transmissions, which WTO members have periodically extended since 1998. India has repeatedly raised concerns over the potential revenue implications of the arrangement.“In the absence of a common understanding among Members on the scope of the moratorium on customs duties on electronic transmissions and given its potentially significant implications, the continued extension of this moratorium warrants careful reconsideration,” he said.The four-day MC14 is scheduled to conclude on March 29.On broader WTO reforms, Goyal emphasised that any restructuring should be transparent, inclusive and member-driven, with development concerns at the centre. He underlined that core principles such as non-discrimination, consensus-based decision-making and equity must be upheld. The minister added that the principle of special and differential treatment (S&DT) should be made precise, effective and operational.On agriculture negotiations, he said a permanent solution on public stockholding for food security purposes, the special safeguard mechanism and cotton are long-pending mandated issues that member countries “must deliver on them on priority”.“India remains committed to negotiating a comprehensive Fisheries Subsidies Agreement that balances current and future fishing needs, protects the livelihoods of poor fishers, with appropriate and effective S&DT,” Goyal said.He also stated that incorporating plurilateral outcomes into the WTO framework should be based on consensus and should not undermine the rights of non-participants or impose additional obligations on them.“We will engage constructively to show that WTO remains central to global trade and strive to Reform it to remain responsive, Perform in delivering on development, equity, and inclusiveness, and Transform to better serve the interests of the poor, vulnerable, and marginalized people, anchored in consensus and multilateralism,” he said.Other WTO members also highlighted the need for reforms. According to a statement from US Trade Representative Jamieson Greer, the organisation has struggled to address systemic issues such as persistent trade imbalances, structural excess capacity, economic security and supply chain resilience.“As ministers, our focus should be on reforms that would make the WTO more responsive to Members and improve our ability to achieve outcomes that optimize our trading relationships,” Greer said, adding that countries should consider making the e-commerce duty moratorium permanent.Separately, a ministerial statement by the G-33 grouping of developing countries reiterated that public stockholding for food security remains a crucial policy tool for developing and least developed nations.“We urge all WTO Members to work together in reaching a permanent solution on this issue as per the Ministerial mandates,” the statement said.China also called for restoring a fully functioning dispute settlement mechanism at the earliest to strengthen the WTO’s role in global economic governance. The UK said it wanted to “improve accountability by reinstating a functioning dispute settlement system”.EU trade commissioner Maros Sefcovic warned that inaction could weaken the rules-based trading system. “Maintaining the status quo is not an option — we cannot go on as we are. If we do, we risk erosion of the rules-based system and the WTO sliding into irrelevance. Therefore, I strongly believe we must act urgently to reform the WTO,” he said
Business
Gulf crisis: British Airways and SWISS add India flights – The Times of India
NEW DELHI: With the big Gulf carriers operating a fraction of their schedules, foreign airlines are expanding their India flights to meet the increased demand for options to the likes of Emirates, Qatar Airways and Etihad. SWISS will operate a second daily light between between Delhi and Zurich from April 1 to May 31, 2026. British Airways will have a third daily service from Delhi starting April 7, followed by a third daily service from Mumbai from May 15. Air India has been adding flights to the west whenever possible during the Iran war.In a statement Thursday, Lufthansa group carrier SWISS said it is increasing its flight offering between Switzerland and India. “From April 1 to May 31, 2026, in addition to its regular service from Zurich to Delhi, SWISS will operate a second daily connection using an Airbus A330. Numerous passengers of other airlines are currently unable to take their originally booked flights via the Gulf region. As a result, many are switching to direct connections to and from Asia. SWISS is seeing a corresponding rise in demand for such nonstop services. We are pleased to offer our customers this additional flight to Delhi over the next two months. The flights are available for booking with immediate effect,” SWISS said in a statement.“Depending on further developments in the Middle East, SWISS continuously assesses how aircraft and capacities that become available can be deployed where demand is particularly strong. In addition to demand, key factors include operational constraints such as available airport slots, traffic rights and fleet deployment capabilities,” SWISS statement added.British Airways also announced additional flights from Delhi and Mumbai “to meet strong travel demand”. “In response to the ongoing situation in the Middle East, the airline is adding short-term capacity from Delhi and Mumbai to meet customer demand. A third daily service from Delhi will launch on April 7, followed by a third daily service from Mumbai from May 15. With this additional capacity, British Airways will operate up to 63 weekly flights with more than 1,000 additional seats per week between India and the UK, offering more options for customers travelling to the UK or connecting onwards across the airline’s global network,” BA said in a statement.Neil Chernoff, British Airways’ chief planning and strategy officer, said: “As we continue to respond to the evolving situation in the Middle East, we’ve been able to reallocate additional capacity to meet strong demand to other destinations across our route network. India remains one of our most important global markets, and these additional services from Delhi and Mumbai respond to customer demand and provide greater choice and flexibility for our customers when travelling to the UK and beyond. We will continue to review our network and make adjustments based on where our customers want to fly this summer.”
Business
Major outgoing CEOs are citing AI as a factor in their decisions to step down
Two major CEOs told CNBC in recent months that the rise of artificial intelligence contributed to their decisions to hand over the reins and step down from their positions.
It’s one of the latest insights into how America’s corporate leaders are sizing up the AI transition.
Coca-Cola CEO James Quincey told CNBC’s “Squawk Box” on Thursday that his decision to step down from his role was influenced by larger “waves of the organizational momentum.”
“My job is also to think who’s the best team to put on the field to get the next wave done,” Quincey said. “And I concluded that, actually, it was time to put someone else on the field for the next wave of growth.”
Quincey, who has served as CEO of the beverage giant since 2017, will be succeeded by current COO Henrique Braun, effective at the end of this month.
“In a pre-AI, a pre-gen-AI mode, we made a lot of progress. But now there’s a huge new shift coming along,” Quincey said.
While he said he’s leaning into the technological advances, he believes the beverage company needs “someone with the energy to pursue a completely new transformation of the enterprise.”
That person, Quincey said, is Braun, who he believes will uniquely equip the company to embrace its next chapter.
Quincey’s comments echo sentiments from former Walmart CEO Douglas McMillon in December ahead of his departure from that role.

McMillon, who had held the position as CEO of the global retailer since 2014, told CNBC’s “Squawk Box” at the time that he had decided to hand over the role to someone “faster.” John Furner, who was previously head of Walmart U.S., took over the top job on Feb. 1.
“With what’s happening with AI, I could start this next big set of transformations with AI, but I couldn’t finish,” McMillon told CNBC.
“About a year ago, I really started feeling like this next run, you could see what agentic commerce was gonna look like, the vision for AI shopping, and I started thinking about everything that needs to happen over the next few years, and it really caused me to think that now was the right time [to step down],” he said.
Walmart in December made the move to list on the Nasdaq, something McMillon said was symbolic of the progress the company has made with technology.
The retailer has been incorporating AI to optimize its supply chain, provide assistants for customers and more.
“I think what you’re going to see from the Walmart team is they’re just going to keep scaling what we’ve already started, build some new stuff on top, and then use AI to transform it all,” he said.
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