Joe Biden has been able to catch up to Donald Trump in terms of fundraising, thanks to the support of his wealthy donors. With a cash advantage that is now on par with Trump’s, Biden’s biggest backers are worth over $170 billion combined, which is more than triple the collective net worth of Trump’s top tycoons. Some of Biden’s top donors include Michael Bloomberg, Reid Hoffman, and Jim Simons, who have each contributed millions to support the president’s reelection efforts.
Michael Bloomberg, with a net worth of $106.2 billion, has already donated $20 million to Biden’s groups. The former New York City mayor, who spent over $1 billion on his own campaign in 2020, has also thrown his financial weight behind Biden, contributing over $100 million to groups that back the president. Despite his substantial contributions, Bloomberg’s 2024 outlay amounts to less than 2% of what he spent during the 2020 election when he ran for president.
Venture capitalist Reid Hoffman, with a net worth of $2.5 billion, has donated $17.7 million to Biden’s groups. Hoffman, known for cofounding PayPal and starting LinkedIn, has become one of the nation’s biggest Democratic donors. Meanwhile, the late Jim Simons, who passed away in May, had donated $10.2 million to Biden’s super-PAC just a week before his death. Simons, the founder of Renaissance Technologies, was a liberal donor for decades.
Other wealthy donors supporting Biden include Michael Moritz, Stephen Mandel, and Dustin Moskovitz. Moritz, a partner at Sequoia Capital, has given over $8 million to Biden’s groups, while Mandel, the founder of Lone Pine Capital, has contributed $6.8 million. Moskovitz, the co-founder of Facebook, has committed to giving away a majority of his $17.8 billion fortune over his lifetime and has already donated $4.2 million to pro-Biden groups during the 2022 midterms. Additionally, Seth Klarman, Henry Laufer, Avram Glazer, and Amy Goldman Fowler have also donated millions to support Biden.
Despite being criticized for being too cozy with his fellow billionaires, Biden’s substantial financial backing from wealthy donors has helped him level the playing field with Trump in terms of fundraising. With the support of donors like Bloomberg, Hoffman, and other top contributors, Biden’s reelection effort is well-funded and ready to take on the challenges ahead. As the 2024 election cycle continues, Biden’s wealthy supporters are expected to continue contributing significant amounts to support his candidacy.
