In a recent review of filings, it has been revealed that billionaire George Soros and other prominent billionaires have made significant contributions to bolster President Biden’s re-election efforts during the third quarter. These deep-pocketed donors have each provided six-figure contributions to the Biden Victory Fund, a joint fundraising venture that includes Biden’s campaign, the Democratic National Committee (DNC), state Democratic parties, and the Democratic committee in Washington, D.C.
The joint fundraising committee structure allows wealthy benefactors to donate up to $929,600 per election cycle. This approach has gained traction with both political parties, as it enables donors to contribute a larger sum to one entity, which then distributes the funds among the various groups involved in the campaign.
According to recent filings, George Soros made his largest contribution to Biden’s re-election efforts during the third quarter, sending $250,000 to the Biden Victory Fund on September 29. This donation followed a maxed-out contribution directly to Biden’s campaign earlier in the summer. Soros and his son Alex, who recently took control of the Open Society Foundations network, have both contributed $6,600 to Biden’s campaign on June 30. It is expected that the Soroses will continue to provide substantial support to Biden’s re-election efforts and also back outside super PACs supporting his candidacy, as they did during the 2020 elections.
During the previous presidential election, George Soros contributed $500,000 to the Biden Victory Fund and sent millions more to super PACs supporting him. Alex Soros, on the other hand, added $721,300 to the Biden Victory Fund in 2020. It is worth noting that Alex Soros has had close access to Biden’s White House, visiting at least 20 times since the president took office. He has also been actively engaging with prominent congressional Democrats, such as House Minority Leader Hakeem Jeffries.
Apart from George Soros, other prominent billionaires have also contributed to Biden’s joint fundraising committee during the third quarter. Filings show that Laurene Powell Jobs, the widow of Steve Jobs, provided $929,000 to the fund in September. Powell Jobs is the founder of the Emerson Collective, a private grantmaking foundation focused on climate, education, journalism, and other important matters. She has previously funded a network of liberal “fake news” sites, according to the Washington Free Beacon.
In addition to these contributions, the Biden Victory Fund received maximum contributions of $929,600 from individuals like sports executive Casey Wasserman, casino magnate Neil Bluhm, real estate mogul Kurt Rappaport, businessman Haim Saban, and philanthropist Ellen Bronfman Hauptman over the past three months. The fund raised over $48 million during the third quarter, with $17.75 million being funneled into Biden’s campaign in late September and $5 million recently transferred to the DNC.
These significant contributions from wealthy donors have raised eyebrows and sparked discussions about the influence of big money in politics. Critics argue that such donations can sway political decisions and potentially undermine the voices of ordinary citizens. Proponents, on the other hand, view these contributions as a means to support the candidate and advance their preferred policies.
As the 2024 campaign trail unfolds, it will be interesting to see how these financial contributions impact the political landscape and shape the direction of the Biden administration’s agenda.
