Michael Bloomberg, one of the most prominent liberal donors in the United States, is throwing his financial weight behind President Joe Biden.
On June 20, a pair of committees linked to the president’s reelection effort published their monthly disclosures with the Federal Election Commission. The filings showed Biden For President and FF PAC collectively raised about $77.1 million in May. Together, the two groups ended the month with about $183.9 million in cash on hand.
In a June 20 statement to the press, the principal campaign committee for Biden For President announced that the campaign raised more than $85 million during the month and entered June with a “$212 million war chest.”
However, the release did not specify where those funds were deposited. Furthermore, the claims cannot be independently verified because not every committee associated with President Biden released disclosure statements on June 20. A full accounting cannot be performed until the president’s joint fundraising committees publish their financials on July 15.
While the documents do not provide a complete picture of the president’s campaign finances, they shed light on who is offering millions to support his campaign.
Bloomberg Steps Up
President Biden’s allied hybrid political action committee received an eight-figure boost in May.
On May 30, former New York Mayor Michael Bloomberg sent FF PAC, or Future Forward, $19 million. The check was the largest cashed by the Biden-supporting PAC in 2024.
Mr. Bloomberg, the founder of the media and financial services company Bloomberg LP, served as New York City’s mayor from January 2002 to December 2013. He was elected as a Republican and changed to an independent in 2007. He briefly ran for president as a Democrat in 2020.
The former mayor and billionaire entrepreneur is the current chair of the Defense Innovation Board. The board exists to consult the U.S. Department of Defense “on catalyzing innovation,” according to its website. Reid Hoffman, a fellow Democrat Party megadonor and Future Forward supporter, also sits on the Board.
In addition to his business career and government work, Mr. Bloomberg is one of the most significant financial supporters of liberal causes.
According to the watchdog organization OpenSecrets, Mr. Bloomberg was the fifth-largest individual donor of the 2022 election cycle, the second-largest donor of the 2020 cycle, the second-largest donor of the 2018 cycle, the tenth-largest donor of the 2016 cycle, the second-largest donor of the 2014 cycle, and the fifth-largest donor of the 2012 cycle.
All told, Mr. Bloomberg has used about $364 million of his wealth on federal political causes between 2012 and 2022. It almost always went toward the Democrat Party or progressive causes.
Mr. Bloomberg is the main financier of Independence USA PAC. According to FEC records, Independence spent about $56.5 million in support of President Biden in 2020.
Simons, Soros, Eychaner, Unions
In May, FF PAC also received millions in donations from a fund linked to liberal megadonor George Soros and from crucial Democrat Party supporters James Simons and Fred Eychaner.
On May 3, a week before his death, legendary investor James Simons sent FF PAC $6.6 million. Mr. Simons was the founder of Renaissance Technologies.
Mr. Simons, who is survived by his wife Marilyn, was a prolific supporter of the Democrat Party and progressive causes. Recently, he contributed $2.5 million to the Democrat-supporting Senate Majority PAC and $2 million to its counterpart House Majority PAC.
On May 7, Democracy PAC, the group linked to Mr. Soros, the Open Society Foundation founder, sent $5 million to FF PAC.
Democracy PAC has received money directly from Mr. Soros, but most of its funding comes from the Fund for Policy Reform Inc., a 501(c)(4) nonprofit organization. According to its tax records, the Fund lists George Soros’ son, Alexander Soros, as a director.
On May 31, NewsWeb Corp. President Fred Eychaner sent $2 million to FF PAC. Mr. Eychaner, a consistent financial ally of President Biden and the Democrats, has now sent $5 million to FF PAC in 2024, according to federal records.
According to donor rankings maintained by OpenSecrets, between the beginning of 2023 and the end of April 2024, Mr. Eychaner made about $18.4 million in political donations. Most of that money went to Democrats or liberal causes.
Along with the megadonors, FF PAC cashed a slew of six- and seven-figure checks from various unions or their associated political action funds and PACs.
In May, five groups—the United Food and Commercial Workers International Union, Service Employees International Union, Laborers’ International Union of North America, Transport Workers Union of America, and The United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry of the United States and Canada—sent about $3.2 million to the hybrid PAC.
At least two of those unions, SEIU and LIUNA, formally endorsed President Biden’s 2024 campaign. Out of the aforementioned groups, the United Association is the largest individual supporter of FF PAC. According to FEC records, it’s now given the PAC about $1.5 million.
