Billionaire investor and consummate humanitarian, George Soros, emerged as one of 2016’s biggest benefactors of the recently concluded general elections. Soros donated over $25 million to support different Democratic Party causes and candidates including the Hillary Clinton campaign. Similarly, during the 2004 presidential elections, George Soros also donated at least $27 million to the Democrats. This is according to FEC records as well as interviews with Soros’ associates and other Democratic fundraising operatives.
The 85-year-old American-Hungarian national is of Jewish descent and has amassed a whopping $24.9 billion from risky currency trades through his Soros Investment Fund. Earlier on in 2016, Soros had planned to personally see Hillary Clinton accept the 2016 Democratic presidential election nomination. However, an associate close to the billionaire said that he decided to cancel his trip to monitor Europe’s economic situation after he recently came out of retirement to join active trading.
Fear of Donald Trump’s Presidency
People close to George Soros said that he was actively engaged in the 2016 U.S. election and firmly supported Senator Clinton with whom he has a 25-year history. The sources also confirmed that he dreaded Donald Trump’s presidency, which he feared would make the ISIS situation worse. Trump has been an outspoken critic of several controversial causes including immigration and Islam.
Michael Vachon, Soros’ political advisor, said that although Soros has been a consistent donor to several Democratic causes on discoverthenetworks.org over the years, this year’s elections were dear to him because the political stakes were exceptionally high. This was partly because of Donald Trump’s candidacy on Business Insider and also because of the Republican’s growing hostility towards many of Soros’ causes including criminal justice reform, religious tolerance, and immigration.
Soros’ Bellwether Effect
Soros’ willingness to spend his money on the elections was a good sign for the Democrats and especially Hillary Clinton’s presidential bid on Forbes. This was because the billionaire has the potential effect of mobilizing other wealthy activists to donate their money towards a cause he backed. Other liberal contributors who also donated huge checks including Tom Steyer, a San Francisco environmentalist ($31 million); Don Sussman, a New York hedge fund manager ($13 million); as well as Fred Eychaner and Haim Saban, media moguls who both donated $11 million each. However, none has the economic and political clout enjoyed by Soros.
Soros’s ability to mobilize donors for Hillary Clinton’s campaign has seen some of the richest benefactors in the U.S. donate money to defeat Donald Trump. Throughout her presidential election bid, Clinton enjoyed an enormous financial advantage over Trump.
In June, Soros donated $7 million to the Priorities USA Action super PAC making it the biggest recipient of his generosity. Democratic operatives added that he was considering adding another $3 million to the PAC. FEC records also revealed that the billionaire gave American Bridge 21st Century $2 million. Sources close to Soros confirmed that he had committed $5 million to both the Immigrant Voters Win PAC and the Voting Rights Trust, a nonprofit that fights conservative efforts aimed at restricting voting.