Joe Biden’s big cash advantage over Donald Trump has been significantly reduced, with Trump’s main super-PAC catching up in funds after a New York jury convicted the former president on 34 felony counts. Biden’s rich supporters, concentrated in Silicon Valley and New York, have already donated $77 million to groups backing the president. Michael Bloomberg, the former New York City mayor, leads the pack with a $20 million donation this cycle, making him the top donor to Biden’s campaign.
Venture capitalist Reid Hoffman, who co-founded PayPal and LinkedIn, has donated $17.7 million to Biden groups, becoming one of the nation’s biggest Democratic donors. The late Jim Simons, founder of the quantitative trading firm Renaissance Technologies, donated $10.2 million before his passing. Michael Moritz, a partner at Sequoia Capital, has given $8.3 million to support Biden, while hedge fund manager Stephen Mandel and Facebook co-founder Dustin Moskovitz have donated $6.8 million and $4.2 million respectively.
Seth Klarman, former Republican donor, has shifted his allegiances and donated $3.6 million to Biden groups. Henry Laufer, who followed Simons to Renaissance Technologies, has given $3.5 million to support Democratic campaigns. Avram Glazer, co-chairman of Manchester United, and heiress Amy Goldman Fowler have also contributed $1.6 million and $1.2 million respectively to support Biden’s campaign.
Despite Biden’s criticism of Trump for being too close to billionaires, Biden’s top backers have a collective net worth of roughly $170 billion, more than triple the net worth of Trump’s top tycoons. Biden could potentially leap ahead of Trump in funds if Bloomberg, who has already donated $20 million this cycle, spends even a fraction of what he did in the 2020 election when he ran for president.
While Biden’s wealthy supporters have donated generously to his campaign, they have also supported various charitable causes and organizations over the years. These donors come from diverse backgrounds, including finance, technology, and real estate, and have been significant contributors to Democratic campaigns and causes. With the 2024 election approaching, the financial support from these wealthy backers will play a crucial role in shaping the outcome of the presidential race.
