Wealthy donors are pouring millions of dollars into presidential candidates who, according to polls, have no chance of winning.
Billionaires and heirs of the Mellon and Rockefeller families are throwing super PAC cash at independent Robert Kennedy Jr. and Democrat Dean Phillips — Kennedy’s $7 million Super Bowl ad on Sunday Enough to buy a frame.
“Never before has so much money been spent on such a second-rate candidate,” said one fundraising source.
Sources say this new era is a direct result of deep disillusionment with both major political parties and the candidates they are in a position to renominate.
“People don’t feel comfortable supporting Trump or Biden in their social circles,” the person said of the need to support candidates outside the Republican and Democratic establishment.
“Neither candidate has approval ratings below 50%,” said Hank Sheinkoff, a Democratic strategist.
Endorsing outside candidates is a way to undermine elections or highlight more niche issues that typically don’t get the spotlight on the national stage, like artificial intelligence regulation.
Half of RFK Junior $50 million harvest According to Rolling Stone, this is all thanks to just two donors. One is Timothy Mellon, 81, heir to the Mellon fortune, and Gavin de Becker, a star security expert.
The reclusive grandson of Gilded Age banker Andrew Mellon previously donated $53.1 million to the state of Texas to fund the search for Amelia Earhart’s plane and help build a wall.
De Becker has worked with Jeff Bezos, John Travolta, Jane Fones and Cher. Meanwhile, Abby Rockefeller, a longtime far-left donor and scion of the Standard Oil dynasty, gave RFK Jr. $100,000.
In past elections, strong candidates have not been able to attract large donors. For example, 2016 Green Party candidate Jill Stein raised a total of $11.5 million in her ill-fated campaign. Ross Perot self-funded his $12 million in his 1992 bid.
Mellon, RFK Jr.’s biggest donor, is also a longtime Trump supporter and has already donated $10 million to the former president this cycle. Some strategists have suggested that Mellon may be trying to undermine Biden’s campaign given his past loyalty to the Republican Party.
“These are settings to ensure that someone fails,” Sheinkoff added. “But it’s a gamble because no one really knows who he’s going to take votes from.”
RFK Jr.’s approval rating currently stands at 16% in Wisconsin and 8% in Michigan, key battleground states where he could swing the race in either direction.
Others suggest the two may have felt a familial bond — RFK Jr.’s daughter Kick Kennedy I dated Mellon’s distant cousin Matthew. Before the troubled bank’s heir passes away.
Phillips has remained silent about how much money his super PAC brings in, but his campaign has raised more than $5 million and loaned another $4.2 million, according to election filings.
Outspoken activist hedge fund founder Bill Ackman reportedly donated $1 million to Phillips specifically.
Phillips, along with RFK Jr., has received cash from Silicon Valley giants including Gmail founder Paul Buchheit and OpenAI co-founder Matt Krisiloff.
Phillips also spoke on the phone multiple times with the CEO of OpenAI, the man behind ChatGPT. Sam Altman.
Venture capitalists Chamath Palihapitiya and David Sachs both hosted fundraisers for RFK Jr. and made donations themselves.
The benefits of supporting Mr. Phillips, who is still fighting for the Democratic nomination, are less clear.
Although Phillips was the only name on New Hampshire’s ballot, he still lost to Biden, who secured 63% of the vote as a write-in candidate.
But technology insiders say throwing some money at unlikely candidates is a way to shape debates and get presidential candidates to buy into their talking points.
“Phillips is not a strong candidate, so $1 million is a significant amount,” the technical source added.
new york magazine Note After gaining support from people close to OpenAI, Phillips said he began emphasizing the importance of not regulating AI.
Seizing opportunities in people and ideas is also central to entrepreneurship and venture investment.
“It’s like angel investing. They have a lot of money and they throw a little bit at someone else to see what happens,” said one tech insider.