Meet the 10 biggest megadonors in the 2024 election cycle so far

By Maya Levine

The biggest Democratic donations will crop up in a few months, expert says

Following record-breaking fundraising by candidates in the 2022 midterms, this year's election cycle is shaping up to be another big one for megadonors.

This is just another chapter in a long history of the wealthy using their money to promote their interests in U.S. politics, according to Robin Kolodny, a Temple University professor of political science with an expertise in campaign finance.

Kolodny emphasized that political contributions are a First Amendment right that donors exercise in the pursuit of many different goals. She argued that these donations are no different from a wealthy individual financially supporting other projects that interest them.

Political contributions are recorded by the Federal Election Commission, and that data is compiled and analyzed by OpenSecrets, a nonprofit which tracks the flow of money in politics.

The most recent OpenSecrets figures - which the nonprofit said account for contributions through this year's first quarter - show individual donations to federal candidates, parties, political action committees (PACs), hybrid PACs and other groups.

Top federal-level megadonors this cycle:

   Rank  Contributor                  Total Contributions  For Democrats  For Republicans  Nonpartisan/Bipartisan 
   1     Jeff & Janine Yass           $70,487,981          $1,500         $69,681,481      $805,000 
   2     Timothy Mellon               $65,027,000          $6,600         $40,016,100      $25,004,300 
   3     Ken Griffin                  $59,817,084          $0             $59,807,084      $10,000 
   4     Richard & Elizabeth Uihlein  $44,486,069          $0             $44,464,069      $22,000 
   5     Rob Bigelow                  $29,601,500          $0             $29,601,500      $0 
   6     Reid Hoffman                 $24,976,201          $17,688,701    $400,000         $6,887,500 
   7     Paul Singer                  $19,044,300          $0             $18,044,300      $1,000,000 
   8     Fred Eychaner                $18,420,500          $18,420,500    $0               $0 
   9     Joe Ricketts                 $14,288,400          $0             $14,288,400      $0 
   10    Gavin & Yukumi de Becker     $14,006,600          $0             $0               $14,006,600 

Source: OpenSecrets data as of June 2024, covering donations through 2024's first quarter.

Read on to learn more about each of the top 10 megadonors in the current election cycle.

10. Gavin & Yukimi de Becker - $14 million

The de Beckers are the only megadonors in the top 10 to contribute solely to nonpartisan or bipartisan candidates and groups.

Gavin de Becker is an expert on security and violence management, topics on which he has been an author and an adviser.

Nearly all of the de Beckers' donations have been for American Values 2024, a hybrid PAC in support of independent presidential candidate Robert F. Kennedy Jr. Hybrid PACs have unlimited fundraising power for designated uses, such as independent expenditures, and a more regulated account for contributions to specific federal candidates.

But most of the donations to the PAC supporting RFK Jr. have served as bridge funding, as the organization has returned money to the de Beckers, according to multiple published reports. Some experts on campaign finance have said that's unusual and noted that a de Becker security company is a vendor to RFK Jr.'s campaign.

A representative for the de Beckers did not respond to a request for comment.

From MarketWatch's archives (March 2024): RFK Jr. on AI and how Elon Musk 'saved freedom of speech'

9. Joe Ricketts - $14 million

Joe Ricketts is the founder of TD Ameritrade, a brokerage that Charles Schwab Corp. (SCHW) bought five years ago for $26 billion. His family owns the Chicago Cubs, and one of his sons is GOP Sen. Pete Ricketts of Nebraska.

Over half of Joe Ricketts's donations have gone to Citizens for Free Enterprise, a PAC led by former GOP Arizona Gov. Doug Ducey.

In an opinion piece published by Fox News, Ducey wrote, "Citizens for Free Enterprise plans to be an aggressive answer to the far-left activists and policymakers intent on tearing down free-market capitalism."

A representative for Ricketts did not respond to a request for comment.

8. Fred Eychaner - $18 million

Fred Eychaner is a longtime donor to Democratic candidates and groups and has been among the top megadonors several times in recent years.

Eychaner founded the Newsweb Corp. and is a well-known champion of the arts and LGBTQ+ rights.

Eychaner's contributions have been divided among numerous PACs, party entities and candidates, all of which are Democratic or liberal.

A representative for Eychaner declined to comment.

7. Paul Singer - $19 million

Paul Singer is the billionaire founder of Elliott Investment Management.

The largest of Singer's donations went to the SFA Fund, a hybrid PAC supporting former Republican presidential candidate Nikki Haley. Haley suspended her campaign in March after losing every Super Tuesday GOP primary except Vermont's to former President Donald Trump, who is now the presumptive Republican nominee for 2024.

Singer's remaining contributions mostly went to other Republican candidates and groups, with about $1 million going to nonpartisan or bipartisan entities.

A representative for Singer did not respond to a request for comment.

6. Reid Hoffman - $24 million

Reid Hoffman is a co-founder of LinkedIn and a partner at Greylock Partners, a venture-capital firm.

Hoffman has a reputation as a Democratic donor, so it's notable that he has given to GOP organizations this cycle. Recipients have included the Republican Accountability PAC, an organization of self-described "Republicans and conservatives who hate what Donald Trump has done to the Republican Party," and the SFA Fund, which supported Haley.

When asked about donations to the GOP in an interview with Barron's, Hoffman said, "I'm fundamentally, first and foremost, an American, a believer in our system, a believer in our Constitution, a believer in our democracy, a believer in our coming together and working on these problems together."

A representative for Hoffman did not respond to a request for comment.

5. Robert Bigelow - $29 million

Robert Bigelow is a Las Vegas-based hotelier, founder of the now-closed Bigelow Aerospace and recent co-chair for a Trump fundraising event.

Some $20 million of Bigelow's $29 million in donations went to Never Back Down Inc., a super PAC in support of former Republican presidential hopeful Ron DeSantis, who suspended his White House run in January. Almost all of the rest went to Trump.

Efforts to reach a representative for Bigelow were unsuccessful.

4. Richard & Elizabeth Uihlein - $44 million

The Uihleins founded and own Wisconsin-based Uline, which bills itself "North America's leading distributor of shipping, packaging and industrial supplies." Elizabeth Uihlein is the president of Uline and Richard Uihlein is the CEO. He is also the chairman of the board of directors at Galectin Therapeutics (GALT).

The billionaire couple's largest donations went to Republican or conservative groups, rather than entities associated with any particular candidate. The Uihleins have been prominent contributors for several years, having been on top-10 megadonors list every cycle since 2014.

A representative for the Uihleins did not respond to a request for comment.

3. Ken Griffin - $59 million

Ken Griffin is the billionaire founder and CEO of investment firm Citadel and the founder and non-executive chairman of market maker Citadel Securities.

Griffin's largest donations - $10 million each - have gone to two super PACs: the Keystone Renewal PAC and the Maryland's Future PAC. The former supports Dave McCormick, a Republican challenger to Democratic Pennsylvania Sen. Bob Casey, and the latter has yet to make any expenditures but is identified by OpenSecrets as conservative. Some published reports say Maryland's Future could spend in support of GOP Senate candidate Larry Hogan, a former governor of the Old Line State.

Other large donations went to PACs aimed at electing Republicans and conservatives.

A representative for Griffin referred MarketWatch to a statement he made at the Qatar Economic Forum. At that time, Griffin said: "I have been a significant supporter of Republicans that stand for personal freedom, national security and economic soundness of the United States. That has been a big focus of mine in this primary election or this primary cycle. I want to see people in the House and in the Senate that represent the best of American values and backgrounds that prepare one to serve in public service."

2. Timothy Mellon - $65 million

Part of a family now worth an estimated $14 billion, Timothy Mellon was the chairman and majority owner of transportation company Pan Am Systems before he retired to Colorado.

In the 2024 cycle, Mellon has made huge donations to both Trump and RFK Jr., which has led some to question the intentions behind his contributions. Earlier this year, the Democratic National Committee put up billboards in Michigan that said RFK Jr. is "powered by MAGA/Trump" and has the "same biggest donor" - Timothy Mellon.

Kolodny suggested that the reasoning behind Mellon's funding of both candidates was likely issue-based: He wasn't trying to pull votes from Biden or sway RFK Jr. to be a Trump clone, but rather to use his money to promote particular causes he thinks are important.

Efforts to reach a representative for Mellon were unsuccessful.

1. Jeff and Janine Yass - $70 million

The biggest megadonors at this point in the 2024 election cycle, by a margin of over $10 million, are billionaire Jeff Yass and his wife Janine.

(MORE TO FOLLOW) Dow Jones Newswires

06-18-24 1347ET

Copyright (c) 2024 Dow Jones & Company, Inc.