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Billionaires Elizabeth Simons and Tom Preston-Werner both donated to New Yorkers For Lower Costs, an independent group that backed Zohran Mamdani’s New York City mayoral campaign. Simons donated $250,000 to the group in August, according to data from the New York City Campaign Finance Board. Elizabeth is the daughter of billionaire Jim Simons, who died in 2024, and she shares his $32.5 billion fortune with her stepmother and two siblings, Forbes reported. Elizabeth is chair of the board of the Heising-Simons Foundation. The foundation has given away $1.282 billion since 2007 to groups working in climate and clean energy, science, education and human rights, according to its website. Preston-Werner donated $20,000 to New Yorkers For Lower Costs in April, according to the New York City Campaign Finance Board. Preston-Werner is a co-founder of GitHub, which was acquired by Microsoft for $7.5 billion. He is now a co-founder and general partner at venture capital firm Preston-Werner Ventures, according to the firm’s website. His net worth is estimated at $1 billion, according to Forbes. Newsweek reached out to the Heising-Simons Foundation and Preston-Werner for comment. Why It Matters Mamdani defeated former governor Andrew Cuomo, who ran as an independent, and Republican nominee Curtis Sliwa on Tuesday. Cuomo received support from 26 billionaires and members of billion-dollar families, as per Forbes. “I don’t think we should have billionaires, because frankly, it is so much money in a moment of such inequality,” Mamdani said on NBC News in June. What To Know Elizabeth Simons comes from a family with a history of political giving. Her father, who founded investment fund Renaissance Technologies, was a major Democratic donor and gave over $100 million into federal races between 2015 and 2024, Forbes reported. Elizabeth worked in Spanish-bilingual and English as a Second Language (ESL) classrooms, according to Learning Policy Institute. She has served on the boards of The Marshall Project, The Foundation for a Just Society, Math for America and Smart Justice California. She also volunteers at The Beat Within, a magazine by and for incarcerated youth. Elizabeth has signed the Giving Pledge, which encourages billionaires to give the majority of their wealth to philanthropic causes. Preston-Werner has also signed the Giving Pledge. He and his wife have given about $2 million in federal races since 2019, Forbes reported. He has also given money to COVID-19 relief and racial justice efforts, according to the outlet. Other notable donors to Mamdani’s campaign include RocketMoney founders and brothers Haroon and Idris Mokhtarzada, Jane Fonda and Cynthia Nixon, Forbes reported. Donations to actual campaigns are capped at $2,100, the outlet added, noting that Mamdani’s campaign for mayor attracted over 40,000 donors with an average donation of $98. What People Are Saying Zohran Mamdani, referring to billionaire contributions in opposition to his campaign, in comments to MSNBC: “They’re spending more money than I would even tax them.” Bill Ackman, billionaire and CEO of Pershing Square, wrote on X: "While I did not support Mamdani for mayor and have concerns about the unintended and negative consequences of his policies, I want to do everything I can to help NYC." What Happens Next Mamdani will take office on January 1, 2026.
