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WelcomeFest’s Billionaire Backers Reveal Its True Mission
Like Third Way and the Democratic Leadership Council before it, Welcome is yet another donor- and elite-driven operation seeking to drag the Democratic Party rightward on economic policy.
Jun 04, 2025
If the Abundance universe is to be believed, the hottest ticket this summer is WelcomeFest.
Wednesday’s confab is the second such annual gathering organized by the centrist group Welcome Party and its political action committee WelcomePAC, with this year’s event touting a distinct abundance flair. The conference boasts a rogues’ gallery of corporate-friendly cosponsors, including Third Way, the New Democratic Coalition, Inclusive Abundance, and the Blue Dog Caucus. A sizzle reel from last year’s event paints WelcomeFest as an Internet Hippo tweet come to life, complete with cameos from A-listers like ex-CNN anchor John Avlon and Democratic influencer Olivia Julianna.
Taken together, WelcomePAC’s leadership and funding are at odds with their claimed opposition to the “buttoned-up [politics] of Washington elites.”
This year’s “Responsibility to Win” session (misspelled on the event’s official poster) has drawn viral attention online—both for its bizarre AI Ghibli promos and stacked lineup of neoliberal pundits, conservative Democratic lawmakers, and wunderkind pollsters serving up Dick Morris’ reheated leftovers.
Speakers include:
- Derek Thompson, co-author of Abundance.
- Matt Yglesias, confidently-wrong pundit and, per Thompson, the “OG grandfather of Abundance.”
- Sen. Elissa Slotkin (D-Mich.), who doesn’t think Democrats should use the term “oligarchy.”
- Rep. Ritchie Torres (D-N.Y.), Abundance champion and darling of AIPAC and crypto lobbyists.
- Reps. Jake Auchincloss (D-Mass.), Adam Gray (D-Calif.), and Kristen McDonald Rivet (D-Mich.),founding members of the Abundance-themed Build America Caucus.
- Reps. Marie Gluesenkamp Perez (D-Wash). and Jared Golden (D-Maine), current and former co-chairs of the conservative Blue Dog Caucus.
- Adam Jentleson, anti-”Groups” crusader currently distancing himself from his 14-month stint as Sen. John Fetterman’s (D-Pa.) chief of staff.
- David Shor, pollster and prolific party animal.
WelcomePAC’s Donors
Campaign finance records reveal that WelcomePAC, the primary organizers of WelcomeFest, has raked in sizable contributions from billionaires and corporate oligarchs:
- Reid Hoffman: LinkedIn cofounder Reid Hoffman has given over $1.8 million to WelcomePAC since 2021. A major donor to former Vice President Kamala Harris’ 2024 campaign and the pro-Harris SuperPAC Future Forward, Hoffman strongly opposed the Biden administration’s anti-monopoly policies and publicly demanded that Harris fire Federal Trade Commission Chair Lina Khan if she won the election. Hoffman has also bankrolled the Mainstream Democrats super PAC, which spent heavily in Democratic primaries in 2022 and 2024 to defend conservative Democrats like Kurt Schrader and Henry Cuellar and defeat progressives like Cori Bush and Nina Turner.
- Walton family: WelcomePAC has received over $1.1 million from relatives and heirs of Walmart founder Sam Walton—the richest family in America.
- S. Robson (Rob) Walton: Rob Walton, the eldest son of Walmart founder Sam Walton, has given $100,000 to WelcomePAC since 2024.
- Samuel R. Walton: Samuel R. Walton, grandson of Sam Walton and owner of a natural resources holding company, has given $625,000 to WelcomePAC since 2024.
- Christy Walton: Christy Walton, widow of one of Sam Walton’s sons, has given $125,000 to WelcomePAC since 2022.
- Alice Walton: Alice Walton, daughter of Sam Walton, has given $25,000 to WelcomePAC since 2022.
- Carrie Walton Penner: Walton Penner, daughter of Rob Walton, has given $150,000 to WelcomePAC since 2022. She is also a prolific donor to the anti-public education charter school movement.
- Greg Penner: Penner, the husband of Carrie Walton and son-in-law of Rob, has given $150,000 to WelcomePAC since 2022. Penner is also Chairman of Walmart’s Board of Directors and a managing partner for the Walton family’s private equity firm.
- Bekenstein family: Bain Capital co-chairman Joshua Bekenstein and his wife Anita have given a combined $375,000 to WelcomePAC since October 2024.
- Michael Bloomberg: Billionaire and former New York City mayor Michael Bloomberg has given $100,000 to WelcomePAC since August 2024. Bloomberg is best known for his controversial mayoralty (which saw the expansion of racist “stop-and-frisk” policing tactics and anti-Muslim surveillance) and his expensive, widely-mocked 2020 presidential campaign.
- James & Kathryn Murdoch: James Murdoch—the estranged younger son of News Corp founder Rupert Murdoch—and his wife Kathryn have given a combined $2.5 million to WelcomePAC since April 2024.
- Rob Granieri: Granieri, the co-founder of Wall Street quantitative trading firm Jane Street, has given $100,000 to WelcomePAC since June 2024.
- Edward Fishman: Fishman, a managing director at hedge fund D.E. Shaw, has given $200,000 to WelcomePAC since February 2022.
- Mark Heising: Heising, the founder of private equity firm Medley Partners, has given $250,000 to WelcomePAC since June 2024.
- David Nierenberg: Nierenberg, an investment manager and former national finance co-chair for Mitt Romney’s 2008 and 2012 presidential campaigns, and his wife Patricia have given a combined $726,600 to WelcomePAC since March 2024.
- Americans Together Inc: Americans Together Inc, a centrist group founded by former Sen. Joe Manchin’s (D-W.Va.) daughter Heather Manchin Bresch, has given over $1 million to WelcomePAC since February 2024. A core plank of Americans Together’s policy platform is opposing any repeal or reform of the Senate filibuster (the goal, ironically, of a 2021 book by WelcomeFest speaker Adam Jentleson).
- Bresch, the former CEO of pharma company Mylan, attracted national attention in 2016 for defending Mylan’s EpiPen price-gouging.
Who’s Actually Welcome to the Party?
While WelcomePAC’s donor roster makes clear who the group wants to welcome into the Democratic tent, its website is quite explicit about who they wish to exclude. WelcomePAC blames the Democratic Party’s woes on an “extreme right and socialist left […] conspiring with conflict-driven media to trash the Democratic brand.” In a poorly-aged 2021 Substack post calling for a “Jim Clyburn Day,” Welcome co-founder Lauren Harper celebrated Clyburn’s 2020 endorsement of Biden for “steering the party away from further polarization that would have led to a second Trump term.”
WelcomeFest organizers have explicitly juxtaposed their event with the purportedly left-wing Democratic National Committee, offering a refuge to those put off by the Democratic Party’s current leadership. They firmly reject unspecified “progressive purity tests” (read: having values), but lack a compelling explanation for why swing and red state voters are flocking to the progressive-populist fight against oligarchy.
Bafflingly, for a group that promises to offer “a vision for a depolarized United States,” WelcomeFest only features Democrats speaking about the need to moderate. The group, which proudly touts the label of “centrist insurgency,” has seemingly little to offer a polarized Republican Party—which is perhaps why their previous campaign to convince five House Republicans to caucus with Democrats failed so spectacularly. This has hardly hampered their push for moderation at all costs. In pursuit of this end, the group has even invented a metric that claims safe blue congressional seats are undemocratic, encouraging Republican challengers to pursue previously uncontested blue seats.
Some of WelcomePAC’s top staff have also spent their careers working to move the Democratic Party to the right. Co-founder Liam Kerr previously spent 10 years working for Democrats for Education Reform, a charter school advocacy organization founded and funded by hedge fund managers. Welcome Party board member Catharine Bellinger has also spent her career working for the same pro-charter school groups as Kerr. WelcomePAC’s political director, Daniel Conway, spent nearly six years working for No Labels, the centrist dark money group co-founded by the late Joe Lieberman that repeatedly attempted to recruit a third party candidate to run for president in 2024.
Taken together, WelcomePAC’s leadership and funding are at odds with their claimed opposition to the “buttoned-up [politics] of Washington elites.” Like Third Way and the Democratic Leadership Council before it, Welcome is yet another donor- and elite-driven operation seeking to drag the Democratic Party rightward on economic policy. That “rebranded neoliberalism” approach risks further alienating the very constituencies that Democrats lost in 2016 and 2024, and ceding further ground to right-wing faux-populists like Vice President JD Vance.
Given the WelcomeFest lineup, it’s clear that the donor class views Abundance as key to carrying out this self-serving crusade against populism.
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Third Way And Its Regressive Politics Should Have No Place in the Democratic Party
The party is very much at a crossroads: It can embrace progressivism and forge a new, compelling identity or it can take cues from the donor and consultant class and embrace the very policies that precipitated our current political crisis.
Mar 05, 2025
Over the weekend, Politicoreported that, in early February, a group of Democratic “consultants, campaign staffers, elected officials, and party leaders” had convened in Virginia to chart a course forward for the party. The so-called “Comeback Retreat” was organized by the corporate centrist think tank Third Way and resulted in a summary document highlighting some of the top takeaways from the convening. In a series of bullet points, the authors of the document summarize the ways that, in their view, Democrats can reconnect with working class voters.
The Democratic Party is still reeling from its loss to President Donald Trump and the MAGA movement in November, and party leaders are correct in thinking they should adopt a new tack. However, Third Way, and its brand of tried-and-failed Republican-lite politics, should not have any say in the way the Democratic Party reforms itself as it heads into the 2026 midterm and 2028 presidential election.
The Comeback Retreat summary focuses on Democrats’ cultural disconnect with working class voters, as well as Democrats’ lack of “economic trust” with voters. The document first points to issues in each category and then offers solutions for rebuilding across both lines. Some of these issues and prescriptions are of the milquetoast variety typically generated by the consultant class. Democrats should “acknowledge [voters’] struggles and speak to real concerns,” advises one point, while elsewhere the document recommends “[improving] Democratic communication and media strategy.” No political strategist would disagree that these are both good practices for any successful campaign.
If Democrats really want to speak to voters’ concerns, they should start by addressing trends that are making life unlivable for so many Americans.
However, situated alongside these poli-sci bromides are some truly reactionary ideas. In the cultural dimension, the document encourages Democrats to “embrace masculinity” and celebrate “traditional American imagery (e.g., farms, main streets).” Apparently, Third Way and its colleagues don’t consider city dwellers to be traditionally American. On the economic side, the document encourages Democrats to stop “demonizing wealth and corporations” and to “avoid an anti-capitalist stance.” The party also, per Third Way, needs to “move away from the dominance of small-dollar donors whose preferences may not align with the broader electorate.”
If the party “moves away” from small-dollar donors, that apparently means “moving toward” millionaire, billionaire, and corporate donors.
Finally, the document devotes a fair amount of time to “reduc[ing] far-left influence and infrastructure.” Recommendations include building a pipeline of moderate Democrats to staff the ranks of the party and run for office, banning “far-left” candidate questionnaires, and “push[ing] back” against far-left staffers and groups who, according to Third Way, exert “disproportionate influence” in the party. (I’m pleased, as a member of the so-called “far-left,” to learn that we wield so much power within the party—and expect that our influence on party policy will become visible any day now.)
Taken together, a very clear image emerges of the Democratic Party envisioned by Third Way: It is pro-capitalist, pro-corporate, and preferential to big donors over small ones. It also celebrates masculinity and a traditional America while rejecting “identity-based” concerns. To put it another way, it sounds a lot like the modern GOP right before the MAGA movement took over.
This list of prescriptions—cooked up at a retreat held in the richest county in the U.S., where I seriously doubt there were working class voters present—is a recipe for disaster for the Democratic Party. In 2024, former Vice President Kamala Harris ran a campaign that was heavily focused on Republicans disaffected with Trump and aimed at presenting the Democrats as a kinder, gentler GOP, the kind that we might have today if Jeb Bush or Mitt Romney had become the standard-bearer instead of Donald Trump. This strategy backfired catastrophically. Doubling down on it would be pure political malpractice.
The Democratic Party does need to emphasize “shared values,” as the document says. These values, though, include the notion that healthcare is a human right that should be provided by the government, not a privilege. They embrace the idea that the U.S. needs to develop more clean energy sources, not drill for more oil and gas—with renewable energy creating more jobs than drilling. And Americans agree that corporations and the wealthy should be taxed more, not celebrated for their ingenuity in hoarding wealth.
If Democrats really want to speak to voters’ concerns, they should start by addressing trends that are making life unlivable for so many Americans. The affordability crunch caused by corporate greed, the climate crisis, our ever-more-expensive healthcare system, and our flailing democracy all provide the party with openings to take bold, progressive policy stands. However, these stances are completely incompatible with the regressive, triangulating politics that Third Way envisions.
The Democratic Party is very much at a crossroads: It can embrace progressivism and forge a new, compelling identity that speaks directly to voters’ concerns—especially working-class voters. Or it can take cues from the donor and consultant class and embrace the very policies that precipitated our current political crisis. The former approach requires bravery and risk-taking; the latter only asks that the party backslides into its old habits and, quite possibly, political obsolescence.
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No Labels Denounced for 'Dangerous' Dark Money Ploy to Boost Trump in 2024
"Their decision to move forward with a dark-money, Trump donor-funded third-party fantasy bid is shameful and puts millions of Americans at risk," said one opponent.
Mar 08, 2024
With Democratic U.S. President Joe Biden expected to face former GOP President Donald Trump in the November election, No Labels on Friday confirmed it is pushing ahead with plans for a third-party "unity" ticket that critics fear could help the Republican return to the White House.
"The consequences of the next presidential election could not be more serious or more existential, and, despite this, No Labels has put their dangerous, reckless thought experiment ahead of the rights and freedoms of millions of Americans and the future of our democracy," declared MoveOn Political Action executive director Rahna Epting. "Their decision to move forward with a dark-money, Trump donor-funded third-party fantasy bid is shameful and puts millions of Americans at risk."
"Their own founder said they are 'not in it to win it,' and several current and past supporters of No Labels have implored them to stand down. And yet, they have decided to pump millions of dollars of dark money into a run that would swing the election to Donald Trump," she warned. "Any candidates who join the No Labels presidential ticket will be complicit in making it easier for Donald Trump and MAGA extremists to win a second term in the White House."
"Any candidates who join the No Labels presidential ticket will be complicit in making it easier for Donald Trump and MAGA extremists to win a second term."
Epting's comments came after No Labels national convention chair Mike Rawlings said in a statement that "earlier today, I led a discussion with the 800 No Labels delegates from all 50 states. These citizen leaders have spent months discussing with one another the kind of leadership they want to see in the White House in 2024. These are some of the most civic-minded, thoughtful, and patriotic Americans I have ever met. They take their responsibility seriously."
"Even though we met virtually, their emotion and desire to bring this divided nation back together came right through the screen. I wasn't sure exactly where No Labels delegates would land today but they sent an unequivocal message: Keep going," he added. "They voted near unanimously to continue our 2024 project and to move immediately to identify candidates to serve on the unity presidential ticket. Every one of our delegates had their own explanation for wanting to move ahead."
No Labels is a dark money group with secret far-right donors.
It’s not trying to find the so-called “middle ground.”
It’s trying to put Donald Trump back in the White House.
Be warned. pic.twitter.com/5cJgBTFGNj https://t.co/PCluXaWhBQ
— Robert Reich (@RBReich) March 8, 2024
While Rawlings provided some examples of delegates' statements from the call, so did journalists who obtained recordings of it. The New Republic's Greg Sargent—who got the audio from Matt Bennett, co-founder of the Democratic-centrist group Third Way—reported on concerns about a No Labels candidate being a spoiler for Trump:
For instance, a No Labels leader in Idaho said that while members are all for a run, they believe the ticket should "only" be offered to a candidate who has a "reasonable path to succeed and not be a spoiler." A leader in Iowa said the candidate must be "strong" and have "the ability to win."
Many others echoed these sentiments. At one point a party member from New Hampshire said: "We are in it to win it. But we also don't want to look like liars when we're telling people that we're not going to be a spoiler."
However, participants in the call expressed support for pursuing a unity ticket, according toPolitico's Shia Kapos and Daniel Lippman, who also obtained a recording and reported that "delegates compared what No Labels was doing to Abraham Lincoln delivering the Gettysburg Address and the Founding Fathers during the American Revolution."
Third Way's Bennett said in a statement Friday: "What part of 'no' is so hard to understand? Time and again, voters, candidates, and election experts have told No Labels that a third-party presidential ticket can't win and would help Trump."
Just in case you forgot: No Labels is not what they say they are. They\u2019re a political party masquerading as a non-profit to promote the interests of their wealthy donors.\n\nDark money has no place in politics. We\u2019re helping to lead the fight to hold No Labels accountable by filing\u2026— (@)
As Andrew Perez and Nikki McCann Ramírez detailed Friday for Rolling Stone:
Over the past year, the dark-money group has been leading a reported $70 million campaign to secure ballot access nationwide for a potential 2024 "unity" ticket. No Labels has refused to disclose who's funding this effort, claiming that this is to protect its donors from "agitators and partisan operatives." Thanks to a quirk in America's broken system of campaign finance laws, the group will never be required to disclose who funded its ballot access effort—and would only have to start reporting donors if it were to formally back candidates.
So far, No Labels has secured ballot access in 16 states, and is trying to do so in 17 other states. The group has given no concrete hints as to which two divide-spanning politicians might run on its unity ticket, or to what party they might belong.
Outgoing U.S. Sen. Joe Manchin (D-W.Va.)—a right-winger who weighed a run for president—suggested last week that a No Labels ticket would be a spoiler, saying that "right now, if you can't get on 50 states and you're going to basically hit in some of the battleground states that could be very detrimental to what the outcome would be."
During Biden's State of the Union speech on Thursday night, Trump said that it was "interesting" that Manchin and retiring Sen. Mitt Romney (R-Utah)—the 2012 GOP nominee—were sitting together, "and nobody wants to talk to them."
"I think they'd make a great No Labels team!" added Trump—whose only remaining primary challenger, former U.N. Ambassador Nikki Haley, dropped out earlier this week. She has also publicly opposed running with No Labels.
Sen. Kyrsten Sinema of Arizona, an Independent who ditched the Democratic Party shortly after the 2022 election, revealed this week that she is not seeking another term in November but she is also "not running for president."
Another potential No Labels candidate, former Republican Maryland Gov. Larry Hogan, recently resigned from the group's board in frustration and has decided to run for Senate. He remains opposed to both major candidates, saying Thursday that "I'm like 70% of the rest of people in America who do not want Joe Biden or Donald Trump to be president."
While No Labels searches for candidates, the group's critics continue to warn of the consequences of its potential ticket.
"There is no path to victory for No Labels. They will only ensure a second Trump presidency that serves the interests of their billionaire and corporate special interest backers," End Citizens United president Tiffany Muller said Friday. "It's why they've fought every effort to play by the rules and disclose their donors."
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