In August, wealthy individuals made significant donations to super PACs supporting various political candidates in the upcoming election season. Vice President Kamala Harris, former President Donald Trump, and both Democrats and Republicans across the nation received major contributions. The largest donations went to MAGA Inc., the super PAC backing Trump, with Wisconsin roofing billionaire Diane Hendricks contributing $10 million. Howard Lutnick, CEO of Cantor Fitzgerald, and Paul Singer, president of Elliott Management, also gave $5 million each to MAGA Inc. On the Democratic side, tech entrepreneurs were the top donors to FF PAC, a super PAC supporting Harris’ presidential bid. Facebook and Asana co-founder Dustin Moskovitz, Netflix co-founder Reed Hastings, and Twilio co-founder Jeff Lawson and his wife, Erica, were among the largest contributors to FF PAC in August.
Super PACs like FF PAC and MAGA Inc. allow wealthy donors to contribute unlimited amounts, unlike campaigns which have donation limits. Club for Growth Action, a conservative super PAC, received major donations of $5 million each from Jeff Yass, co-founder of Susquehanna International Group, and Richard Uihlein, founder of Uline. On the Democratic side, House Majority PAC received $600,000 from Amos Hostetter Jr., co-founder of Continental Cablevision, the largest donation to the group in August. Hostetter has a history of supporting anti-Trump groups. Overall, the August reports show significant financial support from wealthy individuals to super PACs backing various political candidates across the country.
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