Tim Scott’s White House bid gets significant support from seven billionaires.
Super PACs Supporting Sen. Tim Scott’s 2024 White House Bid Receive Massive Donations from Influential Business Leaders
Recent records reveal that Super PACs supporting Sen. Tim Scott’s (R-SC) potential 2024 presidential campaign have received substantial donations from a group of influential business leaders.
The pro-Scott committees, Opportunity Matters Fund Action and Trust In The Mission, which are not allowed to coordinate directly with Scott’s campaign but can accept unlimited cash contributions, disclosed on Monday that they received a combined total of $6.1 million from seven billionaires between March and June.
Wall Street Evaluates Republican Hopefuls for 2024 Presidential Election
These donations highlight how Wall Street is assessing which Republican candidate could gather enough support to challenge President Joe Biden in the 2024 presidential election. According to a recent New York Times/Siena College GOP primary survey, former President Donald Trump leads with 54% support, followed by Gov. Ron DeSantis (R-FL) at 17%, ex-Vice President Mike Pence, Tim Scott, and former Ambassador to the United Nations Nikki Haley at 3%, and entrepreneur Vivek Ramaswamy at 2%.
“Tim Scott is the one candidate in this race that has shown movement and momentum,” said Nathan Brand, the communications director for Scott’s presidential campaign, in an interview with the Washington Examiner. “His consistently conservative record, positive message, and ability to connect with voters everywhere is why Tim Scott is resonating. This is why he’s the candidate that Democrats fear the most.”
Opportunity Matters Fund Action notably received significant contributions, including $80,000 from investor Nelson Peltz, non-executive chairman of the Wendy’s Company, $600,000 from business magnate Jeffrey Yass, and $150,000 from former hedge fund manager Stanley Druckenmiller, according to campaign finance disclosures. However, billionaire and former Oracle CEO Larry Ellison, who previously donated over $35 million to another Scott-affiliated PAC between 2020 and 2022, was absent from the latest list of contributors.
Peltz, who hosted a fundraising dinner in 2020 to support Trump’s presidential bid but later distanced himself after the Jan. 6 Capitol riot, expressed concerns about Gov. DeSantis’ anti-abortion policies. Yass, co-founder of the Philadelphia-based Susquehanna International Group, has previously supported efforts opposing a Trump nomination within the GOP. Druckenmiller, a former managing director at Soros Fund Management, is co-hosting a fundraiser in the Hamptons to support Scott, along with ex-Gov. Bill Haslam (R-TN).
Trust in the Mission PAC received a $300,000 contribution from Haslam, as well as $25,000 each from billionaire couple Jimmy Haslam and Dee Haslam, owners of the Cleveland Browns in the NFL. Additionally, the PAC received $5 million in June from South Carolina businessman Ben Navarro, founder of Sherman Financial Group and owner of Credit One Bank.
While Trump currently dominates the GOP polls, Scott may have an opportunity to gain traction, considering recent challenges faced by the DeSantis campaign, such as overspending, low fundraising, and staff layoffs. The pro-DeSantis super PAC Never Back Down reported $97 million in cash-on-hand and plans to raise another $100 million by March 2024.
Steven Cheung, a spokesman for the Trump campaign, expressed confidence in the former president’s nomination and victory over President Biden, stating, “Americans want to return to a prosperous nation, and there’s only one person who can do that — President Trump.”
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