Super political action committees allied with Republican presidential candidates are revealing their first fundraising data for the 2024 cycle, with South Carolina Senator Tim Scott leading the pack so far.
Frontrunner Donald Trump’s and Florida Governor Ron DeSantis’s disclosures are still outstanding.
Super PAC fundraising is a key metric watched by donors and party insiders as a test of which candidates are the most viable. The financial disclosures, due to the Federal Election Commission on Monday at midnight, cover contributions and expenditures for the first six months of the year, the period when many candidates announced their presidential runs.
Unlike presidential campaigns, which can only accept up to $3,300 per donor, super PACs can take in unlimited amounts of money. The only catch: Those groups can’t coordinate directly with the campaign. Even so, the entities are extremely valuable to their associated campaigns and typically are the choice vehicle for major donors to allocate millions to support their preferred candidates.
Here are details of how the super PACs allied with campaigns are faring:
Tim Scott
Trust in the Mission PAC raised $19.3 million including $10.8 million transferred from a super PAC that backed Scott’s 2022 reelection effort. It spent $4.3 million, and ended June with $15 million in cash on hand.
Donors from January through June include Sherman Financial Group founder Benjamin Navarro, who gave $5 million. Cleveland Browns owners Jimmy Haslam and Dee Haslam each gave $25,000. Former Pennsylvania Senator Pat Toomey’s campaign also gave $25,000.
One major Scott supporter absent from the list of super PAC contributors was Oracle Corp. founder Larry Ellison, who donated $30 million to Scott’s Senate re-election effort in 2022.
The PAC announced a $40 million ad buy in July for the second half of this year, which is not covered in this round of disclosures. The group has not said who is behind the infusion of cash, and those names don’t have to be reported until January 2024.
Nikki Haley
The super PAC backing former South Carolina Governor Nikki Haley, SFA Fund, raised $18.7 million, spent $1.6 million and started July with $17 million in the bank.
The super PAC got its biggest boost from WhatsApp co-founder Jan Koum, who gave $5 million. Clover Health Investments Corp. co-founder Vivek Garipalli and GOP donor Laurel Asness both gave $1 million. Billionaire Ira Rennert donated $100,000. Haley’s leadership PAC, Stand for America, also chipped in $1 million.
Doug Burgum
Best of America PAC, which is supporting North Dakota Governor Doug Burgum, raised $11 million in 23 days and spent very little — less than $3,000.
Benchmark Capital’s Robert Kagle and Burgum’s fellow Nebraskan Gary Tharaldson, CEO of Tharaldson Companies, each gave $1 million.
Burgum, whose wealth stems from a software business he sold to Microsoft Corp, is largely self financing his campaign.
Chris Christie
Tell It Like It Is PAC raised $5.9 million since it launching at the end of May. It spent less than $430,000 and ended June with $5.5 million in the bank.
Like Chris Christie’s presidential campaign, the super PAC supporting the former New Jersey governor had success courting longtime Republican donors and notable names from the finance sector.
The super PAC received $500,000 from Cliff Asness of AQR Capital Management, and $250,000 from Carolina Panthers owner David Tepper, Susquehanna International’s Jeff Yass, Duquesne Family Office’s Stan Druckenmiller, and Cam Capital’s Bruce Kovner.
The biggest donation came from SHBT LLC, a Texas-based company that gave $1 million.
Tell It Like It Is PAC has spent $193,000 on advertising according to AdImpact, with most of that amount going to digital ads, though it has bought on broadcast ads in New Hampshire, where Christie is concentrating his campaigning.
Mike Pence
The Mike Pence-allied group Committed to America raised more than $2.7 million over the past six months, falling short of several of the other Republicans in the crowded field.
Lackluster donor support for Pence has raised questions about whether he will qualify for the first Republican primary debate in August.
Mountaire Corp CEO Ronald Cameron was the largest donor to the the former vice president’s Committed to America PAC, giving $500,000 during the first six months of the year. Other major donors include the Perot-family owned Hillwood Development Company LLC and Variety Wholesalers Inc. CEO James “Art” Pope.
The group spent nearly $907,0000 from January through June, and started July with $1.8 million in the bank.
Asa Hutchinson
The super PAC backing former Arkansas Governor Asa Hutchinson raised $2.3 million, welcome help for a candidate who’s struggled to raise money — his campaign took in $500,000 in the second quarter — but far short of what he’ll need to be competitive with other candidates.
The good news is that America Strong and Free Action got donations from some donors who can give a lot more. Investment banker Warren Stephens gave $1 million, Tyson Foods Inc. chairman John Tyson gave $350,000 and Walmart heir Jim Walton gave $100,000.
The super PAC burned through $1.3 million and ended June with $944,142 in cash on hand. Hutchinson, who measures just 0.6% in the Real Clear Politics average of national polls, has been an outspoken critic of Trump.
Will Hurd
Future Leaders Fund, which is supporting former Texas Representative Will Hurd, raised nearly $661,000 during the first six months of the year. Most of that sum, $500,000, came from Smith Point Capital’s Keith Block, who is a former Salesforce executive.
The super PAC ended the period with nearly $730,000 in cash on hand.
Democratic Challenger
Robert F. Kennedy Jr. is running as a Democrat in that party’s primary. A son of the late Robert F. Kennedy, he’s unlikely to mount a serious challenge to President Joe Biden.
Kennedy, who has promoted numerous conspiracy theories and falsehoods over the years, has garnered support from Republicans who could be looking to boost Kennedy in an attempt to create a hurdle for Biden.
His allied super PAC, American Values 2024, reported raising nearly $9.8 million, with roughly half of that coming from Timothy Mellon, a major Trump donor.
Security specialist Gavin De Becker, who has worked for Amazon.com Inc. founder Jeff Bezos, gave $4.3 million.
--With assistance from Gregory Korte.
