In an unanticipated move, billionaire philanthropist George Soros has committed over $25 million in new campaign donations. The move is likely to ruffle feathers, especially on the opposing side of the political divide because the last time Soros spend big in politics was in 2004 when he donated over $25 million in a campaign to beat President George W. Bush. According to news feature published by Politico, Soros, billionaire has so far offered Hillary Clinton’s campaign some $25 million. Soros has a long established relationship with Clinton. He told Politico that he would attend the Democratic presidential convention slated for July 25 to 28 to support her candidature. Aides close to Soros say his latest money moves are inspired by several factors; key among them, fear of the GOP nominee for president, Donald Trump and his belief in Hillary Clinton.
Democratic Party finance chiefs on nytimes.com see the latest push by Soros as a sign of big things to come. They believe the move will have a follow-on effect that would see the other rich donors chip in to support the party candidates. Indeed, information obtained from the Federal Election Commission (FEC) indicates that the money offered by Soros has also gone to several Democratic candidates and caucuses. The other political interest groups that have benefited from Soros largesse include American Bridge 21st Century, and two huge Super PACs, Immigrant Voters Win and Priorities USA which supports Clinton on wsj.com. These interest groups and political action groups have so far received a total of $14 million in donations and commitments from Soros. The other donors who have written big checks to the Democratic Party and its causes include staunch liberal elites on cnbc.com like Tom Steyer and Don Sussman, who have donated $31 million and $13 million respectively.
About George Soros
George Soros, 86 is globally renowned self-made billionaire and savvy investor. His net worth is currently estimated at $26 billion. According to Biography.com, Soros took a huge leap in life when he sailed to New York in 1956 after graduating from LSE, the London School of Economics, where he obtained his BSc and Masters in Philosophy. In New York, he immediately took a job at a small brokerage firm called F.M. Mayer. Several years later Soros established his flagship firm, Soros Fund, which he later named Quantum Fund Endowment. Soros made headlines in 1992, when he profited heavily from his smart reading of the UK currency crisis. On the philanthropic front, Soros established the Open Society Foundations (OSF) in 1979 to advance several causes that he deeply cares about, such as education, business development, justice and public health. According to Georgesoros.com, OFS operates in over 100 countries. The foundation recorded a net expenditure exceeding $800 million in 2011.