George Soros is the most prominent among American billionaires who have injected a record $880 million on the US midterm elections. While the majority of their donations favour the Republicans, Soros has contributed $128 million to Democrats.
The 91-year-old billionaire infused money into the Democracy PAC, which he had established in 2019 to serve as his main political action committee to support the Democratic causes, candidates and committees. During the 2020 cycle, Soros put about $80 million into the group.
The head of Soros Fund Management said the money will back pro-democracy causes and candidates, irrespective of political party who are invested in strengthening the infrastructure of American democracy – voting rights and civic participation, civil rights and liberties, and the rule of law. He has successfully supported far-left leaning district attorneys in Democrat-run cities across the country.
Billionaire Spending to Touch $1B
According to Americans for Tax Fairness, billionaire spending is up 44 percent over the 2018 midterms. It's expected to touch the $1 billion mark in the coming week. Frank Clemente, executive director at Americans for Tax Fairness, believes the spending shows growing concerns over the outsized influence of the super-wealthy political donors who can now contribute unlimited sums of money to the so-called super PACs. "If we are going to have a democracy that works for everyone, we need to greatly curb the influence of billionaire money in our politics."
It should be noted that the billionaire donors are funding ideologies and parties on both sides, that is Democrats and Republicans. A report outlined that their spending was about three to two in favour of Republicans, conservative groups, or candidates.
Other Billionaires on the List
Richard Uihlein of Uline Inc. has emerged as the second biggest contributor, as per data from OpenSecrets. He has funded the Republicans with $80 million. He and his wife Elizabeth have contributed $67 million to Republican candidates, with the Club for Growth Action super PAC and Restoration PAC getting $20 million each for conservative Senate and House candidates.
Ken Griffin, the hedge-fund billion, comes in third with a donation of $66 million. He pumped funds into the Senate Leadership Fund and the Congressional Leadership Fund. Griffin also spent an additional $50 million on Richard Irvin who was vying for the Illinois governorship.
Jeffrey Yass, the founder of Susquehanna International Group, and Sam Bankman-Fried the FTX crypto mogul are also on the list, among others.