According to data compiled by Opensecrets.org, seven of the top 10 campaign donors in federal elections are Republicans who have given somewhere around a quarter of a billion dollars to GOP causes. And the influence of the super-rich is being felt even more widely. A recent report from a group called Americans for Tax Fairness finds that a total of 465 billionaires from both parties have poured about $881 million into this campaign’s federal election. But perhaps more importantly, these billionaires from both parties signal big plans for 2023 and beyond. They’re already embroiled in major conflicts over issues like the regulation of big tech and cryptocurrencies, the GOP’s relationship with corporate America, and — of course — the 2024 presidential campaign. Here’s a look at some of the top sponsors and their causes:
George Soros
George Soros appears to be a lock to be the biggest donor to the 2022 election. He has given more than $128 million to Democratic candidates and petitions. George Soros answers questions on the sidelines of the World Economic Forum (WEF) annual meeting in May. (FABRICE COFFRINI/AFP via Getty Images) The Hungarian-born American businessman made his money in hedge funds and has already donated most of his fortune to his civil society group, the Open Society Foundation, which sends grants around the world. But the billionaire has also made his presence felt in the 2022 election. He has made more than a hundred contributions, distributing his money largely from the Democratic National Committee to individual candidates. But his biggest bid is for a fund that won’t be fully felt for years. Soros, who has become a prominent mouthpiece for Republicans and is often on the receiving end of anti-Semitic attacks, wrote a massive check for $125 million (more than 97% of his offering) to his own political action committee, Democracy PAC. According to FEC figures, the group has distributed only a fraction of that money, but it will clearly have plenty of money for the 2024 campaign and beyond. The story continues
Richard & Elizabeth Uihlein
The second biggest givers this election are the Uihleins, a longtime power couple when it comes to giving to Republican causes. In 2018, The New York Times called them the “Most Powerful Conservative Couple You’ve Never Heard Of,” though that has clearly changed in recent years. They made their fortune with a paperboard and paper company called Uline, which says it’s “North America’s leading distributor of shipping, packaging and industrial supplies.” The pair have directed millions to Republican candidates, with much of the money going to far-right Republicans who, like former President Donald Trump, are in denial about the results of the 2020 election. The logo of the shipping and logistics supply company Uline on a packing tape dispenser. (Smith Collection/Gado/Getty Images) A recent investigation of the pair by ProPublica found that they have spent a total of at least $121 million in these elections, on both state and federal candidates in recent years. Targets of their bigotry include Doug Mastriano, the Pennsylvania gubernatorial candidate who attended the Jan. 6 rally that turned into a riot, and other figures who continue to oppose the certification of Joe Biden’s 2020 victory, citing baseless allegations of fraud.
Ken Griffin
Number three on the donor list is hedge fund manager Ken Griffin, who has donated nearly $50 million to Republican causes. And the founder and CEO of Citadel LLC has already signaled that he wants to move even higher in the ranks of major donors. “Do I get a bronze medal?” he quipped recently in an interview with Politico, adding that he had already picked his 2024 running mate: Florida Gov. Ron DeSandis. The billionaire has already given millions to DeSantis for his potential re-election bid this year and appears poised to give more in the coming years. Billionaire hedge fund manager Ken Griffin recently moved his firm’s headquarters from Chicago to Miami. (Getty Images) And in a comment that certainly wouldn’t sit well among Trump’s former political advisers, Griffin told Politico that “for a lot of reasons, I think it’s time to move on to the next generation,” while discussing the Republican presidential field.
Samuel Bankman-Fried
Fourth on the list is a new figure in the mega-donor game: Samuel Bankman-Fried, who has given about $37 million to mostly Democratic causes this election cycle. The billionaire founder and CEO of FTX, a cryptocurrency exchange, has given the lion’s share of his money to his own PAC, which in turn has supported a number of lesser-known Democratic candidates such as Carrick Flynn in Oregon and Jasmine Crockett in Texas, who, if they win, could be players in a debate close to Bankman-Fried’s heart: cryptocurrency regulation. Samuel Bankman-Fried, founder and CEO of FTX, testified to Congress in February about Digital Assets. (SAUL LOEB/AFP via Getty Images) He has also given millions to groups that support Democratic candidates overall, while reducing scrutiny of some Republican causes, notably a PAC called America United, led by outgoing Republican Maryland Gov. Larry Hogan. Hogan is being discussed by some as a possible challenger to Trump and DeSandis in 2024.
Peter Thiel
Peter Thiel completes the top five. The billionaire businessman and co-founder of PayPal has left almost all of his contributions and influence for 2022 behind just two candidates. He is endorsing Blake Masters and JD Vance – his former staffers who are running for US Senate seats in Arizona and Ohio, respectively. Peter Thiel holds up hundred dollar bills as he speaks during a Bitcoin conference in Miami in April. (Marco Bello/Getty Images) Both candidates have been riding a wave of Republican support in recent weeks, and wins by either or both would set Thiel up for new clout in Washington next year on one particular issue: Big Tech. Thiel has also become a lightning rod for many on the left, particularly for past comments that even questioned democracy, once writing, “I no longer believe that freedom and democracy are compatible.” An open question is how Thiel might decide to wield his influence in the coming years. The unpredictable billionaire was a key supporter of Trump in 2016, but then passed on him during the 2020 campaign before returning to the political fray this year.
Other major sponsors
Other top donors include Susquehanna International Group co-founder Jeff Yass (about $28 million), Blackstone Group CEO Stephen Schwarzman (about $22 million), former Oracle CEO Larry Ellison (about $21 million ) and FTX Digital Markets Co-CEO Ryan. Salame (about $17 million)— key Republican contributors with a range of interests. Yass has been investigated by ProPublica for questionable tax avoidance strategies and contributions to election deniers. Salame focuses on cryptocurrency issues, while Schwarzman and Ellison have been close to Trump in the past but have yet to make their plans for 2024 known. Larry Ellison, founder and former CEO of Oracle; on a motor boat ahead of the America’s Cup World Series sailing competition. (REUTERS/Mike Segar) The only other major Democratic-focused donor in the top 10 is Fred Eychaner, chairman of Newsweb Corporation, who has given more than $20 million to Democratic causes. Overall, the 2022 campaign will go down as the most expensive midterm campaign in history. OpenSecrets.org recently estimated the cost of this cycle’s state and federal elections at $16.7 billion (at least). Ben Werschkul is a Washington correspondent for Yahoo Finance. Read the latest financial and business news from Yahoo Finance Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, YouTube and reddit.
