- Republican Ohio Senate candidate JD Vance earned nearly $1 million in runups for his launch.
- Vance, who wrote the bestselling memoir “Hillbilly Alley,” is an ally of billionaire tech investor Peter Thiel and an advocate of Trump-style conservative populism.
- Venture capitalist Vance has made Big Tech the main focus of his campaign. Yet a substantial portion of his income came from ventures involving Thiel and other tech investors.
Republican Ohio Senate candidate JD Vance, an ally of billionaire tech investor Peter Thiel and an advocate of Trump-style conservative populism, raised nearly $1 million in income for the launch of his campaign.
Most of Vance’s earnings come from his Thiel-backed venture capital firm and royalties from his best-selling memoir “Hillbilly Elegy”, according to Vance. Financial Disclosure, which was reviewed by CNBC.
A spokesman for Vance’s campaign did not immediately return a request for comment on the newly released disclosure. It appears that Vance previously missed a 90-day extension to file after October 29, but her spokeswoman had previously suggested to CNBC that she had an additional 30 days to comply.
Vance spokeswoman Taylor van Kirk told CNBC last month: “We look forward to some additional pieces to be included in the report. Once received, we will do well within the 30-day period provided in the rules.” Will file like that.”
Vance announced his candidacy last summer. He has made attacks on Big Tech a central focus of his campaign for the US Senate seat that Sen. Rob Portman, R-Ohio is vacating. Yet a great deal of his income listed in the new disclosure report came from ventures involving Facebook board member Thiel and other tech investors.
Last year, Vance raised more than $400,000 in salary from his Ohio-based venture capital firm Nari Capital. The $93 million firm is backed by Thiel and fellow leading tech investors Marc Andreessen, Eric Schmidt and Scott Dorsey, According to Axis. Thiel has put $10 million towards Super PAC backing Vance. Vance once worked at an investment firm called Mithril Capital, which was co-founded by Thiel.
Vance earned a little over $125,000 from the Rise of Rest Seed Fund, a startup investment arm of Washington DC-based Revolution, founded by AOL co-founder Steve Case. Vance also received a salary of $125,000 from J.D. Vance Enterprises LLC, which, according to Ohio business records, “managed and promoted the speaking, writing, and media exposure of policy analyst and commentator J.D. Vance.”
Royalties from Vance’s 2016 book “Hillbilly Elegy,” which was adapted into a Netflix film last year, totaled more than $345,000.
His new disclosures also listed investments in dozens of companies, including Anduril Industries, a defense technology company that has received government contracts worth millions of dollars over the years.
Anduril was founded by Palmer Luckey, a past supporter of former President Donald Trump. Vance’s disclosure reveals that investments in corporate securities range between $1,000 and $15,000 and that he made little money from the investments. Thiel is Also an investor in Anduril, according to a Businesshala report.
Under its assets, Vance lists Nari Capital. He appears to have earned an additional $1 million-plus in returns from the fund.
Vance also listed BTC, an abbreviation for bitcoin, under its asset listing. The value of his investment in BTC ranges between $100,000 and $250,000. Vance first destroyed Efforts to regulate cryptocurrencies. He also has between $50,000 and $100,000 in Walmart stock.
Vance is running for the Republican nomination in the Ohio US Senate against fellow right-wing candidate Josh Mandel. US Representative Tim Ryan, who ran for president in the 2020 primary, is among the Democrats seeking the seat. Trump won the state in 2016 and 2020.