• Latest
  • Trending
  • All
  • News
  • Business
  • Politics
  • Science
  • World
  • Lifestyle
  • Tech
Big-Name Democratic Donors Line Up Behind Joe Biden With Huge Checks

Big-Name Democratic Donors Line Up Behind Joe Biden With Huge Checks

July 16, 2020
UK to launch hotel quarantine for arrivals

UK to launch hotel quarantine for arrivals

January 27, 2021
Holocaust Memorial Day: #everynamecounts

Holocaust Memorial Day: #everynamecounts

January 27, 2021
France’s Sanofi to help make rival vaccine

France’s Sanofi to help make rival vaccine

January 27, 2021
Why I Make Sure Every Employee at My Company Talks to Our Customers Directly

Why I Make Sure Every Employee at My Company Talks to Our Customers Directly

January 27, 2021
How older adults with chronic illnesses can assess whether to get the Covid-19 vaccine

How older adults with chronic illnesses can assess whether to get the Covid-19 vaccine

January 27, 2021
Jewish leaders denounce Uighur plight on Holocaust Memorial Day

Jewish leaders denounce Uighur plight on Holocaust Memorial Day

January 27, 2021
The Modi government will be relying on disinvestment to spur budget spending

The Modi government will be relying on disinvestment to spur budget spending

January 27, 2021
Belarus: Amnesty accuses security forces of torture

Belarus: Amnesty accuses security forces of torture

January 27, 2021
Balan Wonderworld is a strange game of furry musicality

Balan Wonderworld is a strange game of furry musicality

January 27, 2021
Shoah survivors to get vaccine on Auschwitz liberation day

Shoah survivors to get vaccine on Auschwitz liberation day

January 27, 2021
Newly released incident reports paint timeline of the fire that led to Tony Hsieh’s death

Newly released incident reports paint timeline of the fire that led to Tony Hsieh’s death

January 27, 2021
Netflix Takes World Rights To Venice Film Festival Winner ‘The Disciple’, Exec-Produced By Alfonso Cuaron

Netflix Takes World Rights To Venice Film Festival Winner ‘The Disciple’, Exec-Produced By Alfonso Cuaron

January 27, 2021
DNYUZ
  • Home
  • News
    • U.S.
    • World
    • Politics
    • Opinion
    • Business
    • Crime
    • Education
    • Environment
    • Science
  • Entertainment
    • Culture
    • Music
    • Movie
    • Television
    • Theater
    • Gaming
    • Sports
  • Tech
    • Apps
    • Autos
    • Gear
    • Mobile
    • Startup
  • Lifestyle
    • Arts
    • Fashion
    • Food
    • Health
    • Travel
No Result
View All Result
DNYUZ
No Result
View All Result
Home News

Big-Name Democratic Donors Line Up Behind Joe Biden With Huge Checks

July 16, 2020
in News, Politics, U.S.
Big-Name Democratic Donors Line Up Behind Joe Biden With Huge Checks
497
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Former Vice President Joseph R. Biden Jr. raised tens of millions of dollars in the last three months from major donors who gave more than $100,000, relying on some of the Democratic Party’s deepest pockets to sharply shrink President Trump’s financial advantage, according to new federal filings.

Mr. Biden’s biggest benefactors in the second quarter of 2020, when he became the presumptive Democratic presidential nominee, represent a who’s who of billionaires and influencers in Silicon Valley, Hollywood, Wall Street and beyond. Among those who gave at least $500,000 were Laurene Powell Jobs, the philanthropist and widow of Steve Jobs; Meg Whitman, a former Republican candidate for governor of California and now the chief executive of the streaming company Quibi; George Soros, the billionaire progressive financier; Jeffrey Katzenberg, the Hollywood producer; and Dustin Moskovitz, a co-founder of Facebook.

Mr. Biden had previously announced that he narrowly edged Mr. Trump in total fund-raising with their parties in the last full three months, $282 million to $266 million. New Federal Election Commission filings released late Wednesday shed the first light on the biggest contributors powering Mr. Biden’s financial turnaround, from a candidate who struggled to raise money in the primaries to one now outpacing the incumbent president.

Ever since Mr. Biden became the presumptive nominee in early April, the financial floodgates have opened, as major donors who once backed his rivals rallied behind him and small contributors surged toward the chance to oust Mr. Trump. James Murdoch, the son of the media mogul Rupert Murdoch, and his wife, Kathryn, each gave $615,000 in June to Mr. Biden’s shared committee with the Democratic Party. During the primary campaign, Mr. Murdoch had donated to Pete Buttigieg, the former mayor of South Bend, Ind.

Donation limits during the general election skyrocket because, as the expected nominee, Mr. Biden can raise money simultaneously for his own campaign, the Democratic National Committee and state parties. Checks can be as large as $620,600.

Donors who gave at least $100,000 accounted for more than $53 million of Mr. Biden’s total haul in April through June, records show. The Biden and Trump campaigns will not file full reports for their spending and fund-raising until next Monday, though Wednesday’s disclosures offered important revelations both about how much cash Mr. Biden has accumulated and whom he and Mr. Trump have raised money from.

Mr. Biden’s campaign has closely guarded exactly how much cash he has in the bank, along with the D.N.C. But the latest filings suggested he had far surpassed $210 million in cash on hand entering July, a remarkable number given his earlier difficulties.

His two committees that filed on Wednesday showed balances of $92.5 million. Mr. Biden’s main committee and the D.N.C. account had combined for another $118 million, including debts, at the end of May, and spending patterns suggest those balances only rose in June, by far the campaign’s best fund-raising month.

Mr. Trump’s campaign has said he entered July with $295 million in the bank, but his edge over Mr. Biden has eroded from $187 million at the start of April to a fraction of that now.

Mr. Trump has previously leaned heavily on major donors to bankroll his run, tapping many of the mainstays of the Republican money circuit months ago. But in the spring, as the coronavirus pandemic shut down traditional fund-raisers, he relied mostly on online contributions, with $167.6 million of his donations — more than 62 percent — coming via the Republicans’ main online processing site, WinRed, new records show.

Mr. Trump still had some major contributors, raising $27 million via his joint committee with the Republican National Committee that can accept outsize checks. But that was a fraction of the sum that Mr. Biden raised from larger contributors.

Among Mr. Trump’s bigger contributors were Isaac Perlmutter, the former chief executive of Marvel Entertainment, who has been a presence at Mr. Trump’s Mar-a-Lago club, and Bernard Marcus, the billionaire co-founder of Home Depot, who recently dined with Mr. Trump at the White House.

Some super PACs also made financial disclosures on Wednesday.

The Democratic group American Bridge, which has been running anti-Trump ads in some key battleground states, raised more than $15 million, led by top contributors including Phillip T. Ragon ($1.25 million), the founder of a software company; Deborah Simon ($1 million), a shopping mall heiress; S. Daniel Abraham ($1 million), the retired founder of Slim-Fast; Kenneth Duda ($1 million), a software engineer; and Henry and Marsha Laufer ($1.25 million), major party fund-raisers in Florida.

The group also received money via nonprofit groups that do not disclose their donors — so-called dark money — including a portion of a $5.7 million donation from a group called the Sixteen Thirty Fund and millions more from its own affiliated nonprofit.

Stephen F. Mandel Jr., the hedge fund manager who founded Lone Pine Capital, emerged as one of the Democratic Party’s biggest donors in recent months. He contributed $1.5 million to the American Bridge super PAC in May and another $1 million to the Lincoln Project, a Republican-run anti-Trump super PAC, in June.

The Lincoln Project raised nearly $17 million in the second quarter, with donations from some of the Democratic Party’s biggest donors. It has earned a reputation as an irritant to Mr. Trump, running ads during some of the famously voracious television consumer’s favorite shows.

Lincoln Project contributors included David Geffen, the film producer, who gave $100,000; Joshua Bekenstein, a co-chairman of Bain Capital, who contributed $100,000; and Ron Conway, a Silicon Valley venture capitalist, who contributed $50,000 after previously contributing $50,000 in the first three months of the year.

The post Big-Name Democratic Donors Line Up Behind Joe Biden With Huge Checks appeared first on New York Times.

Share199Tweet124Share

Trending Posts

The football team who were promoted after no one wanted to play them

The football team who were promoted after no one wanted to play them

January 27, 2021
India’s freshly-minted female entrepreneurs have big hopes from budget 2021

India’s freshly-minted female entrepreneurs have big hopes from budget 2021

January 27, 2021
$15 minimum wage a sticking point as Biden pushes COVID rescue plan

$15 minimum wage a sticking point as Biden pushes COVID rescue plan

January 27, 2021
Seoul’s mayor died before he could face sexual harassment claims in court. A new report says the allegations were credible

Seoul’s mayor died before he could face sexual harassment claims in court. A new report says the allegations were credible

January 27, 2021
Hong Kong’s Lam praises sudden lockdown that found one COVID case

Hong Kong’s Lam praises sudden lockdown that found one COVID case

January 27, 2021

Copyright © 2020.

Site Navigation

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Follow Us

No Result
View All Result
  • Home
  • News
    • U.S.
    • World
    • Politics
    • Opinion
    • Business
    • Crime
    • Education
    • Environment
    • Science
  • Entertainment
    • Culture
    • Gaming
    • Music
    • Movie
    • Sports
    • Television
    • Theater
  • Tech
    • Apps
    • Autos
    • Gear
    • Mobile
    • Startup
  • Lifestyle
    • Arts
    • Fashion
    • Food
    • Health
    • Travel

Copyright © 2020.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.