All articles tagged with #wealthy donors
Despite Donald Trump's conviction on 34 felony counts, wealthy backers like Stephen Schwarzman and Miriam Adelson continue to support him, normalizing criminal behavior in pursuit of a pro-business agenda. Trump's fundraising efforts remain strong, highlighting the deep political polarization in the U.S. as he prepares for the Republican National Convention.
Former President Donald Trump emphasized the importance of extending his signature tax cuts to wealthy political donors at a $50 million fundraising gala, where he also focused on key issues such as energy production, border security, and reducing inflation. The event, held at the home of billionaire hedge fund investor John Paulson, grossed $50.5 million for a joint fundraising effort benefiting Trump’s campaign, his Save America political action committee, the Republican National Committee, and state parties. Trump's remarks drew criticism from President Joe Biden, who accused him of promising tax cuts to his rich friends, and highlighted the potential cost of extending certain tax provisions.
Turmoil at the University of Pennsylvania and Harvard University highlights a new playbook for how wealthy donors are exerting influence in higher education. A new class of donors, often in the prime of their careers, are more outspoken about politics and willing to wage war on social media to effect change. These donors are increasingly engaging with expectations of a wider role in university life, threatening to withhold donations and demanding changes in governance and policies. The public nature of their pushback represents a shift in donor behavior, with many donors seeking to control academic decisions and determine what is taught. This trend raises concerns about the influence of money on university affairs and the potential loss of academic autonomy.
President Joe Biden is ramping up his fundraising efforts in preparation for the expensive 2024 campaign, with supporters paying top dollar for a glimpse of the world's most powerful man. Fundraisers take place in luxurious settings, such as sprawling estates and mountain villas, where attendees are directed to their seats with colored wristbands. Biden's hosts often introduce him with laudatory remarks, sometimes spiced with humor. Biden has a history of being more candid at fundraisers, sharing unexpected remarks and personal stories. He often talks about his legislative accomplishments, warns about the extreme right, and emphasizes the importance of defeating Trump for the sake of the country.
No Labels, a nonprofit group aiming to field a third party ticket for the 2024 presidential election, collected $21 million in annual revenue last year, with around 80% of it coming from wealthy donors who gave $100,000 or more. The group, which is not required to disclose donor names, focuses on citizen engagement, grassroots movement building, and ballot access. While it has secured a ballot line in 12 states, No Labels still lacks an actual candidate. The reliance on a small number of wealthy donors raises questions about its grassroots image. No Labels has an affiliated super PAC that has raised $1.4 million and is permitted to contribute to political campaigns.
Former U.S. Ambassador to the United Nations Nikki Haley is gaining momentum in the polls and has the opportunity to attract undecided wealthy donors during the upcoming debate. Haley is now tied with Florida Governor Ron DeSantis in an Iowa poll, with both trailing former President Donald Trump. Wealthy financiers such as Ken Griffin, Paul Singer, and Thomas Peterffy have yet to decide which candidate to support. Peterffy, who initially planned to support DeSantis but changed his mind due to the governor's stance on abortion, is now searching for an alternative candidate. Haley's position on abortion, while not calling for a national ban, has put her at odds with some members of her party. The debate will be aired on NBC at 8:00 PM ET.
Former Bridgewater CEO Dave McCormick, who recently announced his second run for a U.S. Senate seat from Pennsylvania, received support from a gathering of wealthy donors at a party hosted by fashion designer Tory Burch. Attendees included prominent figures from Wall Street such as Lloyd Blankfein, Steven Mnuchin, and Gary Cohn. Many of these individuals have indicated their intention to back McCormick's campaign against Democratic incumbent Sen. Bob Casey through campaign donations or fundraising efforts. Other potential backers include Paul Singer and Steve Schwarzman. If these executives contribute to the race, it could signal a costly campaign, potentially exceeding the $350 million spent in the 2022 Senate race in Pennsylvania.
Former South Carolina governor and Trump administration official Nikki Haley has received early support from several wealthy donors as she pursues the Republican nomination in the 2024 presidential race. Haley's campaign and two pro-Haley PACs received more than two dozen contributions from billionaires and wealthy executives during the first quarter. However, some of the biggest donors have remained on the sidelines, waiting for Florida Gov. Ron DeSantis to announce whether he'll run for the White House. Haley and longshot candidate Republican Vivek Ramaswamy are trailing former President Donald Trump in the polls.
Representative George Santos, who is under investigation for his campaign finances and personal business dealings, brokered the sale of a $19 million yacht between two of his wealthy donors before his election in November 2022. The sale has attracted the attention of federal and state authorities investigating Santos. While it is unclear if any laws were broken, the deal raises questions about the mixing of political and personal interests. Santos has denied wrongdoing, but his campaign finances and sudden jump in income remain under scrutiny.