Democratic and Republican megadonors, alongside new contributors, funneled significant amounts of money into political action committees supporting the 2024 presidential candidates. According to federal filings, big money partisan donors and dark money funds threw their weight behind their favored candidates in June.
Financial statements from every committee registered with the Federal Election Commission between July 15 and July 20 revealed that committees supporting the Trump campaign collectively held $15.6 million more than those aiding the Biden campaign at the start of July.
By the end of June, campaign committees, political action committees, and joint fundraising committees working towards boosting former President Donald Trump’s candidacy had a total of $296.8 million in cash on hand. In comparison, groups supporting former President Joe Biden reported $281.1 million in cash on hand.
Following President Biden’s exit from the race on July 21, he endorsed Vice President Kamala Harris to take his place as the Democratic Party’s nominee for president. The next day, Ms. Harris secured the necessary number of delegates to become the likely nominee.
Subsequently, all committees associated with President Biden’s campaign rebranded as Harris for President, Harris Action Fund, and Harris Victory Fund. However, concerns have been raised regarding the legality of Ms. Harris using the funds raised for President Biden, with the FEC’s bipartisan commission expected to address the issue.
Biden Donors
In June, the most significant individual donations for the Democratic candidate went to the allied hybrid PAC Future Forward or FF PAC. The group raised about $32.8 million in that month.
The largest check came from a 501(c)(4) nonprofit that shares a key officer with the hybrid PAC. Future Forward USA Action sent the committee about $15.2 million in June. Those donations brought the total 2024 support of the PAC to about $27.3 million.
According to its most recent tax filings, Future Forward Action is led by Chauncey McLean. Mr. McLean is listed as the PAC’s treasurer. The PAC and the nonprofit also share a Capitol Hill address.
As a 501 nonprofit, Future Forward is not required to disclose its donors. For that reason, 501s are often called dark money groups.
Future Forward PAC also received a $5 million contribution from a fund linked to Open Society Foundations founder George Soros. In June, Democracy PAC sent $5 million to Future Forward, bringing its total 2024 giving to the PAC to $10 million.
According to FEC records, Democracy PAC has received repeated donations from Mr. Soros since its inception in 2019. The fund’s largest backer is the 501(c)(4) nonprofit Fund for Policy Reform. George Soros’s son, Alexander Soros, is listed as a director for the Fund in its most recent tax filing.
Reid Hoffman, the founder of LinkedIn Corp., sent $3 million to Future Forward in June. According to watchdog group OpenSecrets, Mr. Hoffman is the largest individual supporter of Democratic candidates and causes in the 2024 cycle in terms of total dollars and has now given $10 million to Future Forward in 2024.
Another technology figure, ex-Google chief Eric Schmidt, sent $1.6 million to Future Forward in June. Mr. Schmidt is the chair of the technology think tank The Schmidt Special Competitive Studies Project LLC. According to donor records maintained by OpenSecrets, Mr. Schmidt is a limited donor to the Democratic Party and liberal causes.
Future Forward also got $1 million in contributions from Amos Hostetter and the Laborers’ International Union of North America. Mr. Hostetter is the chairman of Pilot House Associates LLC and the co-founder of the Barr Foundation. LIUNA is a labor union that’s endorsed President Biden.
Two notable donors combined to make a $1 million contribution to Future Forward, too. According to FEC records, James Murdoch, the son of international media titan Rupert Murdoch and ex-head of 21st Century Fox, and his wife, Kathryn Murdoch, both gave $500,000 to the PAC.
The Murdochs are co-founders of the Quadrivium Foundation. James Murdoch is also the CEO of Lupa Systems. According to OpenSecrets donor records, Kathryn Murdoch is a consistent, multimillion-dollar supporter of liberal causes.
Additionally, the main Biden joint fundraising committee at the time, the Biden Victory Fund, collected 10 donations of more than $800,000.
Two heirs of the Simon family fortune, Cynthia Simon Skjodt and Debbie Simon, combined to give about $1.9 million. Jill Glazer, the wife of Tampa Bay Buccaneers and Manchester United owner Avram Glazer, gave about $929,000. Matt Cohler, a general partner at venture capital firm Benchmark, sent about $929,000.
Bloomberg LP founder Michael Bloomberg donated about $929,000. Laura Katzenberg, daughter of media mogul Jeffrey Katzenberg, gave about $929,000. Adam Lewis, grandson of Progressive Corp. co-founder Joseph Lewis, and his wife, Melony Lewis, both sent about $929,000. Ellen Bronfman Hauptman, an heir to the Seagram’s beverage fortune built by the Bronfman family and the co-chair of private investment firm Andell Holdings, gave $923,000. Robert Pohlad, a leader of the Pohlad Cos., gave $923,000.
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