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timothy mellon
'Thanks to Citizens United': 50 Megadonors Have Put Over $1.5 Billion Into 2024 Election
The top 50 contributors "skew Republican" but the list includes donors to both major parties, an analysis from The Washington Post showed.
Aug 26, 2024
Just 50 donors have contributed more than $1.5 billion in total to the 2024 federal elections, The Washington Post reported Monday, based on an analysis of Federal Election Commission data.
The Post's top 50 list, which includes contributions reported by August 20, is comprised mainly of individual megadonors but also includes some organizations. Most of the contributions accounted for in the list have gone to super political action committees (PACs), which can accept unlimited funds from individuals and corporations, thanks to the 2010 Citizens United ruling by the U.S. Supreme Court that loosened campaign finance law.
Monday's list led critics of the political system to lash out on social media, with one X user arguing that billionaire influence is undemocratic and leads to policies that hurt the working class, and another positing that it showed "capitalists bankrolling both capitalist parties."
Thanks to Citizens United and the Supreme Court.
Meet the megadonors pumping millions into the 2024 election https://t.co/PJHj74bm2U
— Jeff (Gutenberg Parenthesis) Jarvis (@jeffjarvis) August 26, 2024
The Post reported that those on the list "skew Republican" and the top several individual donors on the list are in fact Republicans.
The top donor is Timothy Mellon, an 82-year-old billionaire who was heir to a banking fortune and has given $165 million in total this cycle. He contributed $125 million to the Make America Great Again (MAGA) Inc. super PAC, which supports Republican nominee Donald Trump, and $25 million to Robert F. Kennedy Jr.'s now defunct campaign.
Kennedy withdrew from the presidential race Friday and endorsed Trump. Former U.S. Labor Secretary Robert Reich, who's now a a professor and progressive commentator, said the Trump-Kennedy union was no surprise, given that they shared the same "billionaire nepo baby" donor.
Number two on the Post's individual list is Kenneth Griffin, a billionaire hedge fund manager who's given $75.7 million this cycle, largely to congressional races. The top individual Democratic donor is Michael Bloomberg at $41 million.
The list's top organizational donor is Coinbase, a corporation that hosts a cryptocurrency exchange platform and pushes for deregulation of the industry. Coinbase made an $86 million contribution to the pro-crypto super PAC Fairshake, which spent heavily to influence primaries in both parties. For example, Fairshake spent $2 million to help defeat Rep. Jamaal Bowman (D-N.Y.), a progressive who was also the target of pro-Israel super PACs.
Coinbase is one of several cryptocurrency organizations on the list, as the industry moves to expand its influence in Washington. Sen. JD Vance (R-Ohio), Trump's running mate, reportedly has ties to cryptocurrency interests.
Super PACs aren't legally allowed to coordinate their electioneering efforts with campaigns but regularly do so, according to media reports, and in any case can wield great influence by, for example, buying advertising to support—or attack—a candidate. The FEC has also eased coordination rules for canvassing and paid materials.
Progressives have recently amplified their calls for campaign finance reform. Last week, OpenSecrets, a nonprofit campaign finance watchdog, released an analysis showing that super PACs had spent over $1.1 billion on federal elections through August 15, more than half of it on the presidential election.
OpenSecrets said this was roughly double what super PAC spending had been up until the same point in the 2020 cycle. The group found that MAGA Inc. was by far the largest super PAC spender so far this cycle, with about $125 million in outflows.
Sen. Bernie Sanders (I-Vt.) spoke forcefully about the need for a better campaign finance system in a speech at the Democratic National Convention last week.
"Billionaires in both parties should not be able to buy elections, including primary elections," he said. "For the sake of our democracy, we must overturn the disastrous Citizens United Supreme Court decision and move toward public funding of elections."
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As RFK Jr. Backs Trump, Here's the Secretive Billionaire Plutocrat Funding Them Both
Timothy Mellon, the reclusive heir to a Gilded Age fortune, has poured over $165 million into the 2024 election so far, with tens of millions backing both Donald Trump and Robert F. Kennedy Jr.
Aug 24, 2024
Joining Republican presidential nominee Donald Trump onstage at a campaign rally in Arizona Friday night, Robert F. Kennedy Jr. tried to emphasize what the two share.
"We talked about not the values that separate us, because we don't agree on everything, but on the values and issues that bind us together," Kennedy said shortly after suspending his independent presidential bid to throw his support behind Trump.
But Kennedy did not mention that he and Trump have in common the same billionaire megadonor, a reclusive heir to a Gilded Age fortune who has pumped over $165 million into the 2024 campaign thus far.
Timothy Mellon, the grandson of plutocrat Andrew Mellon, has poured tens of millions of dollars into the campaigns of both Trump and Kennedy, making the secretive billionaire the top individual donor to both.
The campaign finance watchdog OpenSecrets noted Friday in an analysis of Mellon's donations that the billionaire "made a $50 million cash infusion to pro-Trump super PAC Make America Great Again, Inc." in July, according to new Federal Election Commission filings.
"This brings his total contributions to the group to $125 million this election cycle, including a $50 million check he wrote to the super PAC the day after Trump was convicted of 34 felonies," OpenSecrets added. "Mellon's latest $50 million contribution accounts for over 90% of what MAGA, Inc. raised in July."
As for Kennedy, his hybrid PAC American Values 2024 received $25 million from Mellon earlier this year. OpenSecrets observed that Kennedy is quoted on the cover of the billionaire's autobiography, "praising Mellon as a 'maverick entrepreneur.'"
"He and Trump both shared the same major donor—billionaire nepo baby Timothy Mellon. RFK Jr.'s campaign was always a MAGA spoiler."
Robert Reich, the former U.S. labor secretary, wrote Friday that "it's no surprise" Kennedy dropped out of the 2024 race and endorsed Trump.
"He and Trump both shared the same major donor—billionaire nepo baby Timothy Mellon," Reich added. "RFK Jr.'s campaign was always a MAGA spoiler."
Mellon is a member of a powerful group known as "guardian angels," a label "for big donors who supply 40% or more of a committee's funds and are a political group's top contributor," OpenSecrets explained.
Spending from super PACs and other outside groups has topped $1 billion this election cycle, and the largest spender to date has been MAGA, Inc.
But U.S. billionaires, who are collectively richer than ever, aren't exclusively backing pro-Trump groups. Former New York Mayor Michael Bloomberg has cut huge checks to Democratic PACs, and groups backing Democratic nominee Kamala Harris have received large donations from LinkedIn co-founder Reid Hoffman and Netflix executive chairman Reed Hastings, among other rich executives.
In his primetime speech at the Democratic National Convention in Chicago on Tuesday, Sen. Bernie Sanders (I-Vt.) condemned the outsized influence of billionaire "oligarchs" on the U.S. political process, particularly in the wake of the Supreme Court's 2010 Citizens United ruling.
"Billionaires in both parties should not be able to buy elections," said Sanders. "For the sake of our democracy, we must overturn the disastrous Citizens United Supreme Court decision and move toward public funding of elections."
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Billionaire Grandson of Gilded Age Plutocrat Gives Trump Super PAC $50 Million
Timothy Mellon is one of at least a dozen billionaires backing Donald Trump's bid for another four years in the White House.
Jun 21, 2024
Billionaire businessman Timothy Mellon, the grandson of Gilded Age plutocrat Andrew Mellon, made a $50 million donation to a pro-Donald Trump super PAC last month, a day after the former president was convicted by a New York jury on 34 felony counts.
Mellon had previously donated $25 million to super PACs backing both Trump, the presumptive Republican nominee, and Robert F. Kennedy Jr., an independent presidential candidate. The New York Times noted late Thursday that Mellon, a reclusive GOP megadonor who has described safety net programs as "slavery redux," is "now the first donor to give $100 million in disclosed federal contributions in this year's election."
"The grandson of Andrew Mellon peering out from behind a shrubbery to drop $50 million on an effort to defeat the strongest anti-monopolist element in government in decades is poetic," The American Prospect's David Dayen wrote in response to Mellon's donation, alluding in part to the Lina Khan-led Federal Trade Commission's bold efforts to fight corporate consolidation.
Matt Stoller, director of research at the American Economic Liberties Project, wrote in his book on monopoly power and American politics that Andrew Mellon used his corporate empire and appointment as U.S. treasury secretary "to fuse government and business to make the world safe for monopolists."
"Unlike other tycoons, he did not specialize in one area. At one point, five Fortune 500 companies owed their lineage directly to Mellon: Alcoa, Gulf Oil, Mellon Bank, Carborundum, and Koppers. He controlled a network of ninety-nine banks. He had interests in coal, steel, chemicals, oil, sleeping cars, railroads, building construction, utilities, magnesium, and airplanes," Stoller wrote. "Mellon even commandeered the use of an entire element of earth—aluminum—through his control of the monopoly aluminum producer Alcoa."
Timothy Mellon's donation to the Make America Great Again Inc. super PAC was the largest single campaign contribution this election cycle and accounted for most of the roughly $70 million that the pro-Trump outfit raised last month.
The Times reported that "within days of the contribution," the super PAC "said in a memo that it would begin reserving $100 million in advertising through Labor Day."
Mellon is one of at least a dozen billionaires supporting Trump's bid for another four years in the White House. The former president has solicited donations from fossil fuel executives and hedge fund investors, promising to deliver regulatory rollbacks and more tax cuts if he defeats President Joe Biden in November.
Trump has also actively courted casino billionaire Miriam Adelson—his biggest 2020 donor and a fervent supporter of Israel—with apparent success: Politico reported last month that Adelson is "planning to play a major role in funding Preserve America, a pro-Trump super PAC founded during the former president's 2020 reelection campaign."
"How much Adelson will donate to the super PAC is not clear, though the person familiar with her plans said the group was expecting to spend more than it did four years ago when Adelson and her late husband, Sheldon, donated $90 million to Preserve America," the outlet noted. "Their funds accounted for about 85% of what the organization raised in total."
Biden's campaign, meanwhile, has received roughly $20 million in donations from billionaire former New York Mayor Michael Bloomberg. The Washington Post reported Thursday that "the transfer of funds includes a $19 million check to FF PAC, an independent pro-Biden group also known as Future Forward, and a max-out donation of $929,600 to the Biden Victory Fund, an amalgamation of Biden campaign and Democratic Party committees."
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