George Soros, who scaled down on his political donations after contributing $27 million in the hopes of defeating President George W. Bush back in 2003, has now emerged as a top funder for Democrats. According to Democratic fundraising personnel and the Federal Election Commission records, Soros has contributed over $20 million to Democratic causes on wsj.com. His associates believe that Soros, who is estimated to have an estimated fortune of $24.9 billion, will help more as election nears.
People working close to the billionaire say he is more politically engaged than ever before and has high hopes in Clinton. On the other hand, he accuses Trump of fueling fears among the Americans. According to Michael Vachon, George Soros close political advisor, the billionaire has been consistent to common operations regarding financing. The stakes are now high because Soros has worked tirelessly for many years to support religious tolerance and immigration reform.
Soros willingness to spend millions to beat Donald Trump is a positive sign for the Democrats. George Soros’ contribution has helped the Democrats enjoy an enormous financial advantage, which allows Clinton to forge a solid campaign strategy that outclasses Trump’s. By the end of June, Soros had contributed at least $7 million to Priorities USA Action, a PAC that supports Clinton. Additionally, records also show that Soros added $2 million to opposition research that targets Trump.
Soros has donated or committed an extra $2 million to fund a mobilization group known as America Votes where donors are not disclosed. The motivations and giving patterns are somewhat similar to the year 2004, when Soros, who had a profound opposition to the Bush administration and the Iraq war, spent $27 million on liberal groups boosting John Kerry’s contest to Bush.
Read more: The Greatest Investors: George Soros
That contribution, combined with Soros’ fiery rhetoric as he often compared Bush policies to the Nazis. The action often made Soros a target of malicious attacks from media outlets and conservative politicians referring to him as a communist, a puppet or worse. After 2004, Soros suggested that he will cut back on spending heavily on the political arena at http://www.cnbc.com/george-soros/.
Instead, Soros has focused more on philanthropic endeavors. He has worked with several international foundations, donating over $13 billion in a span of three decades to defend fundamental human rights. He also aims at expanding education and health care access in different parts of the world.
In 2005, Soros was a key player in the launch of a club of liberal donors known as Democracy Alliance. It aimed at holding back cash from groups fighting interim electoral battles. Though Soros supported Obama over Hilary Clinton the presidential primary in 2008; he inclined more on the candidate who he considered was not more aggressive in implementing liberal priorities.