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John Doerr, chairman of venture capital firm Kleiner Perkins, gave over $355,000 to the Biden Action Fund last quarter. Stephen Mandel, founder of Connecticut-based hedge fund Lone Pine Capital, contributed more than $310,000. Pete Muller, founder of investment manager PDT Partners, gave the committee $360,000. Jonathan Soros, an investor and son of billionaire George Soros, gave just under $145,000.
Biden Action also saw large contributions from leaders at Blackstone, JPMorgan Chase, The Carlyle Group and Kohlberg Kravis & Roberts, among other firms. The Biden Action Fund raised more than $4 million from those in the finance industry in the third quarter of 2020. The fund raised over $30 million overall last quarter.
People in the financial industry have largely favored Biden, spending more than $50 million to back his candidacy, according to the nonpartisan Center for Responsive Politics, compared with more than $10 million for Trump.
Several finance executives privately say that they’re tired of dealing with the impact of Trump’s tweets on their investments. They are starting to be convinced of a sweep by Democrats come Election Day.
Wall Street donors’ lack of enthusiasm for Trump comes even after the industry benefited from corporate and individual tax cuts passed during his administration.
Trump Victory, a joint fundraising committee between the campaign and the Republican National Committee, saw very little from Wall Street executives during the third quarter.
Big contributions came from several Trump allies, including $765,000 from Geoff Palmer, owner of Los Angeles-based real estate company G.H. Palmer Associates. David Fischer, the president’s ambassador to Morocco, donated $250,000. Joe Ricketts, founder of TD Ameritrade, gave $315,000.
Several previous Trump allies and supporters – including billionaire and the president’s longtime friend Ronald Lauder, Silicon Valley executive and investor Peter Thiel, and conservative financier Robert Mercer – were notably absent, however. All three have noticeably scaled back their support for the president and many other leading Republicans.
Trump Victory ended up raising close to $120 million in the third quarter. The president’s other joint fundraising group, Trump Make America Great Again Committee, brought in $235 million.
Yet, Biden’s other joint fundraising committee, known as the Biden Victory Fund, raked in nearly $420 million over the same time period.