Massive Donations Pouring into Political Campaigns Ahead of Record-Breaking Election
The race for the White House is heating up as megadonors on both sides of the aisle are opening their wallets in unprecedented ways. New filings reveal that businessman Timothy Mellon made a jaw-dropping $50 million donation to the super PAC supporting former President Donald Trump, making it the largest federal individual campaign contribution of the election cycle so far.
But Mellon isn’t the only one making waves with his donations. Billionaire Michael Bloomberg, who previously ran for president himself, has thrown his support behind President Joe Biden with a $19 million contribution to Biden’s top super PAC. Venture capitalists Marc Andreessen and Ben Horowitz also made headlines with their $12.5 million donations to a pro-cryptocurrency super PAC.
On the Republican side, Richard and Elizabeth Uihlein, the GOP megadonors behind the Uline shipping and packing company, gave a combined $10 million to MAGA Inc. Meanwhile, Democratic megadonors James Simons and Fred Eychaner contributed $6.5 million to a super PAC boosting House Democrats.
Even unexpected donors are getting in on the action. Movement Voter PAC, a progressive group, received a $10 million donation from a Massachusetts man named Jay Scheide, who had previously only been a small-dollar donor.
With hundreds of millions of dollars already raised by Biden and Trump for their political operations, and ad spending predicted to exceed $10 billion, this election is shaping up to be the most expensive ever. Stay tuned for more updates as the race continues to unfold.
