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Several billionaires and wealthy executives have invested heavily in the 2022 midterm elections, providing tens of millions of dollars to both Republican and Democratic candidates, as well as the PAC.

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Major donors, many of whom made their fortunes in the tech and financial sectors, have unleashed a record avalanche of political campaign donations. Overall, a whopping $9.3 billion is expected to be spent on the 2022 federal election, breaking the previous inflation-adjusted record of $7.1 billion set in 2018, according to a conservative estimate by OpenSecrets, a website that analyzes political data. expenses.

“We are seeing a lot more money, more candidates and more political controversy than in 2018,” Sheila Krumholtz, chief executive of Open Secrets, said in September. “Spending is skyrocketing in this medium-term cycle, fueling a polarization vortex that shows no signs of slowing down.”

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Major donors accounted for approximately 43% of all political donations during the 2021-2022 cycle, compared to 20% received from small dollar donors, the next largest category. PAC provided 8% of the money raised.

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The biggest contributor to the current cycle has been George Soros, a prolific billionaire liberal donor who made his fortune in the financial sector and heads his investment firm, Soros Fund Management. Since the beginning of the cycle, Soros has directed more than $128 million exclusively to Democratic candidates and organizations on the left.

Most of the money came in a single $125 million contribution in September 2021 to the Democratic PAC, the liberal super-PAC it created in 2019, according to the Federal Election Commission (FEC). Super PAC has been associated with Democratic Party PACs and PACs associated with various leftist causes such as racial justice and abortion.

FEC records showed that Soros also recently made maximum donations to Democratic candidates in swing states, such as Senators Katherine Cortez Masto, D-Nevada, and Mark Kelly, D-Arizona, Cheri Beasley of North Carolina, and Mandela Barnes. who is working to unseat GOP Senator Ron Johnson in Wisconsin. Soros also donated millions of dollars directly to the Democratic National Committee and state Democratic parties.

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In addition to Soros, Reid Hoffman, co-founder of LinkedIn and partner at Greylock Partners; Reed Hastings, CEO of Netflix, billionaire investor Sam Bankman-Fried, who founded the FTX cryptocurrency exchange; Tom Steyer, founder of hedge fund Farallon Capital Management and 2020 Democratic presidential nominee; Fred Eichaner, founder of the media company Newsweb Corporation; and Stephen Mandel, founder of hedge fund Lone Pine Capital, has poured money into left-wing campaigns.

Steve Ballmer, former CEO of Microsoft, and Michael Bloomberg, former mayor of New York and founder of Bloomberg, who ran for president in 2020 as a Democrat, have each donated more than $5 million exclusively to Democrats.

George Soros

On the Republican side, billionaires Kenneth Griffin, founder of large market maker Citadel Securities, and Richard Eilein, founder of shipping company Uline, have each donated tens of millions of dollars to conservative campaigns and organizations.

According to FEC records, Griffin contributed about $57.6 million to Republican political causes during the 2021-2022 cycle. Its largest contributions have gone to the Congressional Leadership Fund (CLF), a supercomputing committee whose goal is to elect Republicans to the House of Representatives. Since 2021, he has donated $25 million to the CLF.

Griffin has also donated to GOP groups the Senate Leadership Fund, the Rick Scott Victory Fund, and the Senate Republican National Committee. He has donated money to individual Republican candidates, including Senator Johnson, Senator Tim Scott, a member of the Royal Family, Herschel Walker, who is running for the Georgia Senate, and House Minority Leader Kevin McCarthy.

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And Uylein and his wife, with whom he co-founded Uline in 1980, have given another $57.1 million to Republican and GAC candidates in the current cycle, FEC records show.

Ken Griffin Citadel

In addition, Nike CEO Phil Knight; Peter Thiel of Thiel Capital; Jeff Yass, Managing Director of Susquehanna International Group; Steve Wynn of Wynn Resorts and Valmore Management; Steven Schwartzman, CEO of investment firm Blackstone Group; and Paul Singer, president of Elliott Investment Management, have invested millions of dollars of their own money to help elect Republican candidates across the country.

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Although Knight was not a major Republican donor in the last election, he donated $1 million Oregon Republican nominee Christine Drazan last month, according to Willamette Week. The billionaire businessman previously supported independent candidate Betsey Johnson but switched to Drazan as she is more likely to defeat Democratic nominee Tina Kotek, a far-left former state representative.

“One of the political cartoons after our legislative session showed a man snorting cocaine from a white mountain,” Knight recently told reporters, according to The New York Times. “He said, ‘Which of these is illegal in Oregon?’ And the answer was a plastic straw.”

Thiel donated $30.7 million to Republican candidates and groups, most of which went to PACs supporting Senate candidates Blake Masters of Arizona and J. D. Vance of Ohio.