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
Tech oversight: Sebi to form working group on exchange technology; aim to strengthen market resilience – The Times of India
Markets regulator Sebi is planning to constitute a working group to identify the next technological frontier for stock exchanges, Sebi chairman Tuhin Kanta Pandey said on Saturday, underlining the regulator’s focus on strengthening market infrastructure amid rapid technological change, PTI reported.The proposed group will examine how exchange technology should evolve over the next five to 10 years, benchmark global best practices and suggest new approaches to enhance market systems. “We are going to constitute a working group on how it is going to be our next technological frontier in our stock exchanges,” Pandey told reporters on the sidelines of the 11th International Convention of the Commodity & Capital Participants Association of India (CPAI).Pandey explained that the technological frontier refers to the use of cutting-edge tools to improve market oversight, operational efficiency and investor protection. He stressed that technological robustness remains critical for the regulator, adding that Sebi takes every exchange-related glitch seriously.While acknowledging that disruptions can occur in a fast-evolving technology environment, he said there is a need for stronger safeguards. To address technical flaws, exchanges are required to carry out detailed root-cause analyses and submit comprehensive standard operating procedures (SOPs) along with corrective measures to the regulator.Responding to a query on the recent outage at the Multi Commodity Exchange (MCX), Pandey said Sebi follows a clearly defined process whenever a technical issue occurs at an exchange. This includes imposing strict penalties if the disruption crosses specified thresholds.He added that the regulator is also examining such incidents from a systemic perspective. “By identifying commonalities in these glitches, we aim to understand how we can better secure and strengthen our market technology,” Pandey said.
Business
Stocks Of Indian Company, With Just 2 Workers, Shot Up 55,000% Over Something That It NEVER Manufactured!
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RRP Semiconductor Ltd.’s spectacular stock rally is making headlines, but the company isn’t what its name suggests.
There is an ongoing probe on the shocking share surge. (Representative Image)
The stock market can be full of surprises, but few stories are as bizarre as this one. An Indian company, RRP Semiconductor Ltd., has seen its stock soar by a mind-blowing 55,000% in just 20 months, all this while reportedly having just two employees. What makes the story even stranger is that, despite its name, the company does not manufacture semiconductors at all.
The sheer absurdity of such a small company seeing this kind of surge makes it one of the most surreal episodes in recent Indian stock market history.
Trading Restricted By Stock Exchanges
Trading in RRP Semiconductor Ltd. has now been restricted by stock exchanges. On the BSE, the stock’s page displays the notice, “Trading Restricted – on account of Surveillance Measure.” RRP Semiconductor has been placed under Stage 1 of the Long-term Additional Surveillance Framework and Stage 0 of the GSM framework, reported CNBC-TV18.
A 55,000% Rally That Defies Fundamentals
The over 55,000% in the 20 months till December 17 is by far the biggest gain worldwide among companies with a market value above $1 billion, reported Bloomberg. This is despite the company posting negative revenue in its latest financial results.
The jaw-dropping stock market story is also doing the rounds on Instagram. According to a reel, “Rs 10,000 invested in it would have grown to Rs 55 lakhs during this window.”
Name Change Sparks Frenzy
Until 2024, RRP was a little-known real estate firm called GV Trading and Agencies. Things changed when Rajendra Chodankar, the founder of RRP, struck a deal to take over GD Trading and Agencies by repaying a Rs 8 crore loan owed to its founders. Chodankar renamed the company RRP Semiconductor. That single word, semiconductor, proved to be a powerful magnet for retail investors.
As the reel explains, “The moment the word ‘semiconductor’ entered this company’s name, retail investors went crazy.”
The timing was perfect. Global chipmakers like NVIDIA were soaring, AI was dominating headlines and India had no listed pure-play semiconductor manufacturing companies. For many investors, this stock seemed like a rare entry point into a hot global theme.
Hype, Rumours, Star Power
Fuel was added by unverified claims swirling on social media, including false rumours of cricket great Sachin Tendulkar being associated with the company and talk of 100 acres of land being allotted.
The real driver of the dizzying rally lay elsewhere. According to September shareholding data, Chodankar and a few of his close associates hold over 90% of the shares, leaving very little free float in the market.
Myths Busted
The reel also busts the biggest myths outright. “The talks of Sachin Tendulkar, 100 acres of land, all of that is completely fake.”
The episode has become a cautionary tale for investors caught in the fear of missing out. The narrator says. “NVIDIA is up, AI is everywhere and India has no semiconductor stocks. But this is a classic example of that desperation being exploited.”
SEBI Launches Investigation
The Securities and Exchange Board of India (SEBI) has launched a probe into the company. The market regulator is examining the sharp rise in RRP’s shares for possible wrongdoing.
Delhi, India, India
December 20, 2025, 14:50 IST
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New Delhi: Many bank customers are unsure whether bank branches are open or closed today, Saturday, December 20, 2025, leaving them confused about whether to step out for important work or postpone their visit. With different banking schedules on weekends and varying services available on Saturdays, people are keen to know if branches are operating today or if it’s better to wait until a regular weekday.
Bank Holiday Status Today: Are Branches Open on December 20, 2025?
Banks are open today, as December 20, 2025 falls on the third Saturday of the month. In India, bank branches remain closed on the second and fourth Saturdays, while they operate normally on the first, third, and fifth Saturdays. Since today is the third Saturday, customers can visit physical bank branches for their regular banking needs.
Banking Services Available Even on Holidays
Even if banks are closed on a holiday, you don’t have to worry about urgent transactions. Online banking and mobile banking apps continue to work, even on national holidays, unless the bank informs customers in advance about maintenance or technical issues. For cash withdrawals and payments, you can rely on ATMs, internet banking, fintech apps, and UPI services, which remain available round the clock.
December 2025 Bank Holidays: State-Wise List to Keep in Mind
Here’s a quick look at bank holidays falling in different states during December 2025, so you can plan your branch visits accordingly:
December 20, 2025 (Saturday): Banks remain closed in Sikkim on account of the Losoong and Namsoong festival.
December 22, 2025 (Monday): Banks are again closed in Sikkim to mark the Losoong and Namsoong festival.
December 24, 2025 (Wednesday): Banks will be shut in Mizoram, Nagaland and Meghalaya due to Christmas Eve.
December 25, 2025 (Thursday): Banks across India remain closed to celebrate Christmas.
December 26, 2025 (Friday): Banks are closed in Mizoram, Nagaland and Meghalaya as part of Christmas celebrations.
December 27, 2025 (Saturday): Banks remain closed in Nagaland on account of Christmas.
December 30, 2025 (Tuesday): Banks are closed in Meghalaya to observe the death anniversary of U Kiang Nangbah.
December 31, 2025 (Wednesday): Banks are shut in Mizoram and Manipur for New Year’s Eve and Imoinu Iratpa festival.
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