Billionaire George Soros and venture capitalist Michael Moritz collectively poured $3.8 million into Democrat-aligned AB PAC, comprising the bulk of the super-PAC’s $5.9 million June haul.
(Bloomberg) — Billionaire George Soros and venture capitalist Michael Moritz collectively poured $3.8 million into Democrat-aligned AB PAC, comprising the bulk of the super-PAC’s $5.9 million June haul.
Soros gave $1.8 million to the group from his Democracy PAC, an entity he uses to make contributions to other organizations, according to Federal Election Commission filings. Longtime Sequoia Capital Operations LLC partner Moritz gave $2 million.
The donations come as super-PACs supporting both parties are beginning to amass big checks from major donors ahead of the 2024 election. Billionaire Jeff Yass of Susquehanna International Group LLP recently gave $10 million to a super PAC allied with anti-tax group Club for Growth that is seeking a Republican alternative to former President Donald Trump.
AB PAC is the advertising arm of American Bridge 21st Century, the nonprofit opposition research organization founded by Democratic operative David Brock. It messages against GOP positions on abortion, highlights down-ballot races featuring extreme candidates and promotes President Joe Biden’s policies.
AB PAC spent $2.8 million in June and ended the month with $5.9 million cash on hand, according to its FEC filing.
AB PAC has spent less than $170,000 on television and radio ads so far this year, according to AdImpact. But it was a major player in the 2020 race, spending $51 million on ads attacking Trump. That ranked third among Democratic super PACs, according to OpenSecrets.
Moritz has donated before to AB PAC. He contributed $3 million in both the 2022 and 2020 two-year election cycles. The venture capitalist has given more money to the super PAC than any other federal committee, FEC records show.
Sequoia Capital announced Wednesday Moritz would his leave role in the venture-capital division to focus on Sequoia Heritage, the firm’s wealth-management business.
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