Wealthy Backers Urge Candidates to Withdraw for Adams’ Mayoral Campaign

NEW YORK CITY, NY — Billionaire investor Bill Ackman is pushing for rival candidates to exit the New York City mayoral race to improve incumbent Eric Adams‘ reelection chances against Democratic nominee Zohran Mamdani. Ackman has reportedly contributed $500,000 to actions opposing Mamdani in the Democratic primary.

A source close to Ackman revealed that he hopes former Governor Andrew Cuomo and GOP candidate Curtis Sliwa will step aside, giving Adams a clearer path to victory. “Bill thinks the only thing that works is for Adams to run and everyone else to drop out,” the insider said, requesting anonymity.

The concern among some business leaders is that if Cuomo and Sliwa continue with their campaigns, it risks splitting moderate voters and could allow the left-leaning Mamdani to win. Mamdani, who became a U.S. citizen in 2018, is backed by politicians like Representative Alexandria Ocasio-Cortez and Senator Bernie Sanders.

Boaz Weinstein, another billionaire investor, expressed optimism about high voter turnout this November, asserting, “I bet you that we get a record turnout.” He noted that Mamdani secured only 430,000 votes in a city with around 4.7 million eligible voters.

Conversely, Wall Street investor Whitney Tilson warned that Mamdani’s election could drive wealthy residents away from New York and negatively impact the city’s economy. “It would poison the business environment,” he stated.

Adams, a Democrat elected in 2021, is now seeking a second term as an independent after corruption charges against him were dropped in April 2025. Meanwhile, Sliwa remains steadfast in his Republican candidacy, declaring, “The only way I drop out is if I’m in a pine casket six feet under.”

Flagstar Bank shares fell by 6% amid concerns over Mamdani’s vow to freeze rent increases. Deutsche Bank analyst Bernard von-Gizycki highlighted the exposure of the bank’s multi-family loan portfolio to New York rent regulations, with estimates suggesting up to $18 billion could be at risk.

Mamdani, a state assemblyman from Queens, aims to attract voters with promises of affordable initiatives like free city buses and universal child care. His campaign, fueled by over 50,000 volunteers and ranked-choice voting, garnered 43.5% of first-round primary votes. If successful, he would become the city’s first Muslim and South Asian mayor.