DeSantis-Allied PAC Tops Trump in Money Race With $131 Million

(Bloomberg) -- Super political action committees allied with Republican presidential candidates revealed their first fundraising data of the 2024 cycle, with a group backing Florida Governor Ron DeSantis leading the pack.

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DeSantis’s campaign has faced a rocky stretch marked by layoffs and donor frustration, but the financial strength of his allied super PAC could help steady his bid. DeSantis trails current GOP frontrunner Donald Trump by more than 35 points in the RealClearPolitics average of polls.

Super PAC fundraising is watched by donors and party insiders as a test of which candidates are most viable. The 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. But the groups can’t coordinate directly with the campaign. Even so, the entities are extremely valuable to their associated campaigns and typically the choice vehicle for major donors to allocate millions to support their preferred candidates.

Here are how the super PACs allied with campaigns are faring:

Ron DeSantis

Never Back Down raised $131 million, making it the best-funded super PAC, though most of the money was originally donated to a committee that supported Ron DeSantis’s 2022 reelection in Florida.

It spent $33.7 million over the past six months, including $7.3 million on independent expenditures backing DeSantis. It also spent $9.8 million on media, $4 million on canvassing and field operations, and $1 million on payroll. Never Back Down had $97 million left at the beginning of July.

In addition to the $82.5 million that was transferred from DeSantis’s Florida PAC from his 2022 run for governor, the group also got $20 million from Budget Suites of America hotel tycoon Robert Bigelow. Other contributions include $1 million each from GOP megadonors Richard and Elizabeth Uihlein, and Sequoia Capital’s Douglas Leone, who gave $2 million.

Never Back Down has taken a more active role in handling some of the candidate’s day-to-day operations, including hosting a recent bus tour through Iowa. The increased activity from the allied super PAC comes as the DeSantis campaign laid off roughly one-third of its staff amid efforts to save money. By comparison, the campaign ended June with only $12.2 million in the bank.

Donald Trump

Trump’s Make America Great Again Inc., the super PAC that got $69 million from his leadership PACs last year, raised $13.1 million in the first six months of 2023 but had to refund $12.3 million to help defer the mounting legal expenses of the former president and his allies.

MAGA Inc. spent $38 million, including the money refunded to Save America, Trump’s leadership PAC, and ended June with $30.8 million cash on hand.

The super PAC got big donations from deep-pocketed Republicans and longtime Trump allies. GOP donor Patricia Duggan gave $5 million, Trump’s Las Vegas hotel partner Phil Ruffin gave $2 million and New York Jets owner Robert Woody Johnson gave $1 million.

It’s also spent $23.3 million on independent expenditures backing Trump, a massive sum when the first nominating contests are more than five months away. The strategy has been successful, as Trump remains the clear frontrunner in the polls and only one rival, DeSantis, regularly scores double digits.

But Trump’s mounting legal problems and the unprecedented refund of money to help battle them means the super PAC is burning cash: it started the year with $54 million, a 44% drop. And those expenses will likely increase. The former president is bracing for yet another indictment, this time in Special Counsel Jack Smith’s probe into the aftermath of the 2020 election and the attack on the US Capitol on Jan. 6, 2021.

He’s already been indicted in a federal case over his handling of classified documents, and faces additional obstruction charges added last week. In New York state court, he faces charges over alleged hush money payments to an adult film star.

Trump aides formed the Patriot Legal Defense Fund to help defray the legal expenses his associates face. It registered with the Internal Revenue Service on July 18. Like Trump’s super PAC, it can raise funds in unlimited amounts but deep pocketed donors contributing to it will have less money to support his run for the White House.

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 reelection 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, 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 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 launched 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 finance sector names.

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 has spent $193,000 on advertising according to AdImpact, with most going to digital ads, though it also bought 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 other Republicans.

Lackluster donor support has raised questions about whether Pence will qualify for the first GOP debate in August.

Mountaire Corp CEO Ronald Cameron was the largest donor to 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.

Vivek Ramaswamy

The American Exceptionalism PAC supporting entrepreneur Vivek Ramaswamy brought in slightly more than $505,000. It spent more than half that haul, ending June with nearly $225,000 in the bank.

Top contributors include Ramaswamy’s former college classmate and business partner Travis May, now president of a health data company. Hedge fund manager Glenn Dubin gave $100,000.

Francis Suarez

SOS America PAC backing Miami Mayor Francis Suarez raised nearly $1.3 million in the first six months of the year.

It spent more than it brought it — over $1.5 million — but still ended June with $5.6 million on hand.

Contributors include Ivan Soto-Wright, the co-founder of crypto company MoonPay; TriStar Capital’s David Edelstein and Dwight Anderson, who founded Ospraie Management, LLC.

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.

The good news is 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 supports 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, a former Salesforce executive.

The super PAC ended the period with nearly $730,000 in cash on hand.

Democrat Robert F. Kennedy Jr.

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.

(Updates with Trump, DeSantis, Ramaswamy, Suarez filings)

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