Loyal Democratic and Republican megadonors and new contributors plowed huge sums into political action committees boosting the 2024 presidential candidates.
Big money partisan donors and dark money funds rallied behind their chosen candidates in June, according to federal filings.
Between July 15 and July 20, every committee registered with the Federal election Commission issued financial statements covering their recent activity. According to the documents, committees working to aid the Trump campaign cumulatively held about $15.6 million more than those helping the Biden campaign entering July.
At the end of June, a group of campaign committees, political action committees, and joint fundraising committees working to boost former President Donald Trump’s candidacy had about $296.8 million in cash on hand.
By comparison, a group of campaign committees, PACs, and joint fundraising committees working on behalf of former President Joe Biden reported a total of $281.1 million in cash on hand.
On July 21, President Biden dropped out of the presidential race after weeks of intense political pressure. Later the same day, he endorsed Vice President Kamala Harris to take his place and receive the Democratic Party’s nomination for president. On July 22, Ms. Harris secured the support of the necessary number of delegates to make her the likely nominee.
Shortly after President Biden’s announcement, all of the committees associated with his run rebranded as Harris for President, Harris Action Fund, and Harris Victory Fund. Nevertheless, there are questions surrounding the legality of Ms. Harris using the money raised for President Biden. The FEC’s bipartisan, six-member commission may ultimately settle the issue.
Trump Donors
As usual, the largest donations to the Trump campaign came into the super PAC Make America Great Again Inc. The committee cashed checks worth about $22.5 million in June. In the preceding month, it raised about $68.8 million, mostly on the strength of a $50 million check from Republican megadonor Timothy Mellon.
In June, the committee collected three $5 million contributions from previous donors: Robert Bigelow, Linda McMahon, and RAI Services Co.
With his gift, Mr. Bigelow, the founder, president, and program manager of Bigelow Aerospace in North Las Vegas, Nevada, brought his total 2024 support for the super PAC to about $14.2 million.
Ms. McMahon, administrator of the Small Business Administration during the Trump presidency, increased her total support to $10 million so far this year. The wife of former World Wrestling Entertainment CEO Vince McMahon, she was a significant supporter of former President Trump’s 2020 run. Then, she led the super PAC America First Action Inc.
RAI Services is part of British American Tobacco p.l.c. Through June, the group gave $8.5 million to MAGA Inc. According to federal donor records, RAI Services is backing Republican and conservative causes in the 2024 election cycle.
Along with those gifts, MAGA Inc. received six $1 million contributions.
Two came from former Sen. Kelly Loeffler, who is now chair of the nonprofit Greater Georgia Action Inc., and her husband, Jeff Sprecher, the CEO of Intercontinental Exchange Inc. Both have previously supported Trump-related causes.
Another million-dollar check was written by Patricia Duggan, the wife of Summit Therapeutics Chairman and CEO Bob Duggan. In 2020, both were multimillion-dollar supporters of America First Action, according to donor records maintained by watchdog group OpenSecrets.
Three business leaders also gave $1 million gifts in June: Thomas Klingenstein, Benjamin Leon Jr., and Roger Penske.
Mr. Klingenstein is a principal in the investment firm Cohen Klingenstein LLC. He is also the chairman of the Claremont Institute, a conservative think tank founded in 1979.
“[Mr. Klingenstein] believes that we are in a cold civil war and that our enemy—what he calls the ‘Woke regime’—are winning, in large measure, because Republican leaders have yet to engage,” a biography page for him on the Institute’s website said.
As a donor, Mr. Klingenstein is a consistent six-figure supporter of the conservative super PAC Club for Growth Action and a regular contributor to Republican causes, according to OpenSecrets records.
Born in Cuba, Mr. Leon is the founder and chairman of Miami-area health service provider Leon Medical Centers. In his political giving career, Mr. Leon supported both Republican and Democratic causes and candidates. However, according to OpenSecrets records, his largest gifts typically go to conservatives.
Mr. Penske is chairman and CEO of Penske Corp. Inc., a diversified transportation and automobile services company. According to donor records maintained by OpenSecrets, Mr. Penske and his privately owned company are not major political donors, but they typically support Republican and conservative causes. The MAGA Inc. gift is the largest of Mr. Penske’s giving career.
According to FEC records, 36 donors gave more than $800,000 to the joint fundraising committee Trump 47 Committee Inc. during the second quarter.
Notable contributors included Winklevoss Capital co-founders Tyler Winklevoss and Cameron Winklevoss, Home Depot Inc. founder Bernie Marcus, ABC Supply co-founder Diane Hendricks, Jimmy John’s founder James Liautaud, Miriam Adelson, owner of the Las Vegas Sands Corp., and Jared Kushner, a former senior adviser in the Trump White House, and Kushner Companies founder Charles Kushner.
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.
