Market Overview

A Super PAC Of Billionaires Is Supporting Hillary Clinton's Campaign

Share:
A Super PAC Of Billionaires Is Supporting Hillary Clinton's Campaign
Related SPY
Fed Rate Hike Chatter Grows Louder As Economic Data Point To Strong Momentum
Technical Alert: S&P 500 Index Futures Unchanged After Jobs Report
A Secular Bull Market For Stocks? Not Without An Intimidating Bearish Interlude (Seeking Alpha)

According to federal data presented Friday, the campaign committee of presumptive presidential candidate for the Democratic Party Hillary Clinton managed to raise roughly $25.1 million in April, ending the month holding more than $30 million in cash. And, while Democratic rival Sen. Bernie Sanders managed to raise about $1.8 million more than Clinton, the figure amassed by the former secretary of state is not at all negligible, especially when compared with the $14 million in receipts disclosed by Donald Trump’s campaign, and the $5.8 million in cash that Sanders’ campaign had on hand after its April expenses.

Related Link: Activist Heavyweights Form Lobbying Group

Two things should be noted here, though. First off, unlike most recent candidates, Sanders has consistently criticized contributions from large, corporate donors, noting they have too much influence on politics, and consequently funding his campaign mostly via individual contributions. On the other hand, Trump, who has repeatedly assured his campaign was self-funded — alleging this provided him with more independence than other candidates, has recently set up a fundraising organization in his campaign’s behalf and inked a joint fundraising arrangement with the Republican Party. Moreover, most of the money Trump put into his campaign were actually loans, meaning he can still ask the organization to pay him back.

The Billionaires Super PAC

Priorities USA Action is a pro-Clinton Super PAC that is not allowed to coordinate with the Clinton campaign, but is permitted to spend its money to support her. The Super PAC, which includes several well-known billionaires, said it had raised $8.6 million to support Clinton in April, ending the month with $46 million available. Among other uses, the group is planning to utilize the money to pay for negative ads against Trump, a CNBC article reported.

Some of the donors supporting Clinton include:

  • Media tycoon Haim Saban, one of the co-owner’s of Univision, who gave $1.5 million.
  • Haim Saban's wife, Cheryl, who donated another $1.5 million.
  • George Soros’ son, Alex Soros, who bequeathed $1 million — Soros Senior had already bestowed $6 million to Priorities USA Action last year.
  • Daniel Abraham, known for founding the company that introduced Slim-Fast, who contributed $1 million.
  • Former hedge fund manager and current chief scientist of medical research firm D.E. Shaw Research, David E. Shaw, who gave $750,000.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.

Posted-In: Bernie Sanders Donald Trump Hillary Clinton Priorities USA ActionPolitics Crowdsourcing Economics General Best of Benzinga

 

Related Articles (SPY)

View Comments and Join the Discussion!