Meet The Billionaires Funding The Battle For Control Of The House Of Representatives

Three other billionaires donated $10 million apiece to the GOP super PAC: Insurer Patrick Ryan, private equity mogul Steven Schwarzman and casino heiress Miriam Adelson. Banking heir Timothy Mellon, whose family is worth an estimated $11.5 billion, also contributed $10 million (though because he’s not an individual billionaire, his donation is not included in Forbes’ totals.) Another four billionaires, including hedge fund investor Paul Singer, each gave $4 million or more.

The Democrats’ PAC–The House Majority PAC–had plenty of big backers as well, but the total amount they contributed was much less. Altogether 17 billionaires and their spouses (including Connie Ballmer, the wife of former Microsoft CEO Steve Ballmer, who made a $1 million contribution; Steve did not contribute) gave $20 million. Just over a quarter of that total came from the richest American in crypto: 30-year-old Sam Bankman-Fried, founder of the FTX exchange and trading firm Alameda Research. He directed $6 million of his $39 million in total political donations this year to the House Majority PAC. That’s more than all but five of the Republican PAC’s billionaire donors contributed.

“In the end, I care about policy more than politics,” Bankman-Fried told Forbes via email last week. “My giving has been bipartisan, and my goal is to help support great policy makers.”

Bankman-Fried has supported Republicans as well during this cycle, primarily through his $2 million contribution to the blockchain and cryptocurrency-focused GMI super PAC, but the bulk of his giving, including $27 million to the Protect Our Future super PAC, has ultimately ended up in the hands of Democrats. According to Bankman-Fried, “much of this was for primaries, rather than D vs R general elections” ($33 million of his contributions were made during the first four months of 2022.)

So far, the Republican PAC has spent more of its money, spreading $109 million across House races as of its most recent filing of disbursements through October 7; $14 million has gone toward touting Republican candidates, while the rest has funded attacks on their opponents. The Democratic PAC, meanwhile, appears to be just getting started, having only spent $32 million on House races as of its most recent filing of disbursements through October 7. All but $2 million of that has gone to attack Republicans.

Despite having already spent sizable sums, both parties still have big stockpiles: $127 million for the Republicans as of their most recent cash filing through September 12 and $78 million for the Democrats as of August 31. (Updated filings are expected on October 15 for the Republicans and October 20 for the Democrats.) That money will likely flood the airwaves with ads in the next few weeks. Over the last two election cycles, the Republican PAC spent 60% of its expenditures in October (On Monday, the PAC announced its fall TV and streaming ad reservations now total more than $190 million.) The Democratic PAC shelled out even more, nearly 80% of its expenditures, in the final push.

^{🔴 REPUBLICAN DONORS}

Here are the billionaires and their spouses identified by Forbes who contributed to the Republicans’ Congressional Leadership Fund from Jan. 1, 2021 through Sept. 12, 2022:

1. Ken Griffin

Net Worth: $29.8 billion

Source of Wealth: Hedge Funds

Residence: Miami, FL

Amount Donated: $18.5 million

2. Patrick Ryan

Net Worth: $8.5 billion

Source of Wealth: Insurance

Residence: Winnetka, IL

Amount Donated: $10 million

3. Steven Schwarzman

Net Worth: $29.1 billion

Source of Wealth: Investments

Residence: New York, NY

Amount Donated: $10 million

4. Miriam Adelson

Net Worth: $28.9 billion

Source of Wealth: Casinos

Residence: Las Vegas, NV

Amount Donated: $10 million

5. Charles Schwab

Net Worth: $11.2 billion

Source of Wealth: Discount Brokerage

Residence: Woodside, California

Amount Donated: $6.5 million (with wife Helen)

6. Jude Reyes

Net Worth: $7 billion

Source of Wealth: Food Distribution

Residence: Palm Beach, FL

Amount Donated: $4.2 million

7. Chris Reyes

Net Worth: $7 billion

Source of Wealth: Food Distribution

Residence: Hobe Sound, FL

Amount Donated: $4.2 million

8. Paul Singer

Net Worth: $5.5 billion

Source of Wealth: Hedge Funds

Residence: New York, NY

Amount Donated: $4 million

9. Warren Stephens

Net Worth: $3.2 billion

Source of Wealth: Investment Banking

Residence: Little Rock, AR

Amount Donated: $2.5 million

10. Bernard Marcus

Net Worth: $8.1 billion

Source of Wealth: Home Depot

Residence: Atlanta, GA

Amount Donated: $1.7 million (with wife Billi)