Bloomberg and 7 Millionaires Going on an Election Spending Blitz

As Election Day draws near, some high-powered donors are continuing to inject millions into their chosen candidate’s final campaign push. For instance, in mid-September, The Washington Post reported that former Democratic presidential candidate Mike Bloomberg planned to spend at least $100 million in Florida to help elect former Vice President Joe Biden. And he’s not the only donor making last-minute donations in the millions.

For this piece, GOBankingRates referenced OpenSecrets, Forbes’ lists of top 2020 presidential election donors and contemporary news coverage to identify wealthy donors who are making major late-game donations. Only donations in excess of $1 million made on or after July 31 were included to maintain the focus on current, last-minute spending.

Take a look at the whopping donations these millionaire and billionaire donors have made.

• Source of wealth: Las Vegas Sands
• Party affiliation: Republican
• Late-game donation: $20 million to $50 million
• Recipients: Preserve America, Republican National Committee

In mid-September, CNBC reported that Sheldon Adelson, CEO of Las Vegas Sands, was looking to spend between $20 million and $50 million as part of a last-ditch effort to help President Donald Trump overcome Biden. Much of the funds were expected to go to the pro-Trump super PAC Preserve America. Adelson was one of the major donors who helped get the super PAC up and running.

• Source of wealth: Bloomberg
• Party affiliation: Democrat
• Late-game donation: $100 million-plus
• Recipients: Independence USA, other Democratic groups to support Biden in Florida

Bloomberg decided to focus his final election spending on Florida following news reports that Trump had considered spending as much as $100 million of his own money in the final weeks of the campaign, The Washington Post reported. Bloomberg decided that a specific focus on Florida was the best use of his money, his advisors told the paper.

• Source of wealth: Home Depot
• Party affiliation: Republican
• Late-game donation: N/A
• Recipients: Preserve America

Like Adelson, Home Depot co-founder Bernie Marcus helped provide the initial funding for the Preserve America super PAC. Money from the super PAC was used to launch a pro-Trump advertising blitz on television and digital platforms, Politico reported.

• Source of wealth: Starbucks
• Party affiliation: Democrat
• Late-game donation: N/A
• Recipients: Biden campaign

In a Sept. 14 blog post, former Starbucks CEO Howard Schultz announced that he was endorsing Biden and said that he would be donating to the Biden campaign as well. In addition to an undisclosed contribution to the campaign, Schultz wrote that he and his wife, Sheri, would be “supporting nonpartisan initiatives to defend the legitimacy of our elections and ensure that the winner is not declared in the presidential contest until all votes are tallied. We also are backing organizations that are mobilizing historically marginalized groups and those who haven’t yet made voting a habit. We believe that every American deserves to have their voice heard.”

• Source of wealth: Blackstone
• Party affiliation: Republican
• Late-game donation: $27 million
• Recipients: Trump campaign

A Reuters review of regulatory filings found that Blackstone Group CEO, Stephen Schwarzman, was Wall Street’s largest campaign contributor as of September. Schwarzman has donated $27 million since the beginning of the year to back various Republican politicians, including Trump, U.S. News reported.

• Source of wealth: Farallon
  
• Party affiliation: Democrat
• Late-game donation: $2 million
• Recipients: NextGen Climate Action

Former Democratic presidential nominee Tom Steyer has been steadily funding the NextGen Climate Action Committee super PAC, a liberal-leaning PAC that he founded in 2013. Through the group, Steyer hopes to mobilize youth to vote in elections. His most recent contribution was a $2 million donation on July 31.

• Source of wealth: Uline
  
• Party affiliation: Republican
• Late-game donation: $10 million
• Recipients: Club for Growth

Richard Uihlein, founder of the packaging supplies magnate Uline, donated $10 million to the Club for Growth in August, The New York Times reported. The Club for Growth is a conservative political group that has used funds to run television ads opposing Biden and supporting Trump in the pivotal states of Arizona, Pennsylvania and Wisconsin.

• Source of wealth: Susquehanna International Group
  
• Party affiliation: Republican
• Late-game donation: $10 million
• Recipients: Club for Growth

Jeff Yass, the co-founder of global quantitative trading firm Susquehanna International Group, has been steadily donating to support Republican PACs and candidates throughout the year and has made two $5 million donations to the super PAC Club for Growth in August of this year.

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