The billionaire investor, George Soros, reemerged as a chief funder of the Democratic politics. According to the records of the Federal Election Commission and the Democratic fundraising operatives, Soros committed over $25 million to boost the campaigns of Democratic candidates, especially Hillary Clinton. The octogenarian planned to attend a Democratic convention for the first time to see Clinton accept her Democratic presidential nomination. However, he canceled the trip and opted to return to active trading; as he felt that he needed to monitor the European economic situation more keenly.
Those close to Soros claimed that he had become more engaged in politics than in the previous years. This could be attributed to the faith he has in Clinton, and more so because Soros believed that the opponents were hostile towards the issues that he cared and worked on for years. Especially on issues to do with criminal justice reform, immigration reform, and religious tolerance. By the end of June, according to FEC filings, Soros had donated more than $7 million to Priorities USA Action, which was a super PAC in favor of Clinton. FEC records also highlight that American Bridge, a research super PAC targeting the opposition, received $2 million from Soros. Also on the record was $700,000 to an assortment of PACs, campaigns, and Democratic Party Committees.
Soro’s funding pattern and motivations are somehow similar to 2004, when he was motivated by a raging and steadfast opposition to Bush’ administration policies, particularly the Iraq war. After the victory of Bush in the elections of that year, George Soros shifted his focus to philanthropy laying more focus on his global foundations. The foundations have over the past three decades donated over $13 billion to nonprofits aimed at defending human rights, shaping democratic process, and expanding education and healthcare in the US and around the globe.
In 2005, Soros participated in a formative role during the launch of major liberal donors club, which was referred to as the Democracy Alliance. The club aimed to drive money away from the groups that were fighting electoral battles that were short-term. The club rather aimed at seeking the creation of an intellectual infrastructure for long-term challenges such as income inequality, climate change, and outsizing the role of huge money in politics. Know more on cnbc.com about George Soros.
About George Soros
George Soros was born in Hungary. He fled the country during the Nazi invasion and moved to London. He worked as a waiter and a railway porter in order to put himself in the London School of Economics. Soros then started his financial career at a merchant bank, and later got started on Wall Street upon relocating to New York. Learn more about George at Biography.
Decades later, he remains an investing icon through the Soros Fund Management, which boasts over $30 billion in assets. Soros continues to be heavily involved in philanthropic activities, and donates millions annually to various causes.