Over $22 million was spent by billionaires to prevent the democratic socialist from becoming mayor-elect, estimates say.

Today’s Forbes Daily newsletter covers the billionaires backing Zohran Mamdani, a hampered CFPB, Reddit's most profitable quarter yet, Jeff Bezos gets a boost and more.

The 34-year-old democratic socialist made history by vanquishing Andrew Cuomo.

Bill Ackman, one of Mamdani’s fiercest critics, was conciliatory: “If I can help NYC, just let me know what I can do.”

Zohran's Mamdani's election as New York City Mayor left Wall Street billionaires reeling, but what does it mean for small business owners?

“If anyone can show a nation betrayed by Donald Trump how to defeat him, it is the city that gave rise to him,” Mamdani told supporters.

Over $22 million was spent by billionaires to prevent the democratic socialist from becoming mayor-elect, estimates say.