Iger, Spielberg Help Fuel Biden Big-Money Haul: Campaign Update

(Bloomberg) -- Democratic nominee Joe Biden’s big-dollar fundraising operation brought in $86.4 million in its first 68 days, according to the latest filings to the Federal Election Commission.

The Biden Victory Fund can raise money in chunks of as much as $620,600, splitting the donations between Biden’s campaign, the Democratic National Committee and 26 state parties. Among those making the maximum donation were Facebook Inc. co-founder Dustin Moskovitz and Twilio Inc. co-founder Jeff Lawson. Eight other donors gave the maximum amount.

Former California Republican gubernatorial candidate Meg Whitman gave $500,000, as did major Democratic donor George Soros. James Murdoch, son of the billionaire media mogul Rupert Murdoch, gave $615,000. Walt Disney Co. Chairman Bob Iger, Steven Spielberg and his wife, Kate Capshaw, each gave $250,000.

Biden Victory, which was launched on April 24 after Biden had secured enough delegates to clinch the nomination, raised most of its money from donors writing big checks. Small-dollar donors, those giving less than $200, provided $2.5 million of the fund’s total. It ended June with $80.9 million in the bank after spending just $5.5 million, including $220,000 of transfers to other committees it supports.

Combined, Biden, the DNC and the fund raised $282 million in the second quarter, topping the $262 million raised by President Donald Trump and his allies in the same period. Campaigns and party committees file their detailed disclosures with the FEC on Monday.

Anti-Trump Super-PACs Share Some Big Donors (9:37 p.m.)

A super political action committee founded by Republican opponents of President Donald Trump and another group supporting former Vice President Joe Biden each raised more than more than $10 million in the second quarter, in some cases by relying on the same deep-pocketed donors, according to their latest filings with the Federal Election Commission.

The Lincoln Project, founded by a group of Republican operatives including George Conway, the husband of Trump adviser Kellyanne Conway, brought in $16.8 million. AB PAC, the super-PAC arm of American Bridge 20th Century Foundation, which was co-founded by David Brock, a one-time conservative journalist, topped $10 million. Both are running ads attacking Trump, including in battleground states.

Stephen Mandel, the founder of hedge fund Lone Pine Capital, gave $1.5 million to AB PAC and $1 million to the Lincoln Foundation. Bain Capital Inc. co-Chairman Joshua Bekenstein and his wife Anita Bekenstein each gave $375,000 to AB PAC, while Bekenstein donated $100,000 to the Lincoln Project.

Not all donors hedged their bets. Henry Laufer, who served as vice president of research for hedge fund Renaissance Technologies LLC, and his wife Marsha Laufer each gave AB PAC $625,000. Entertainment mogul David Geffen gave $100,000.

The Lincoln Project ended June with $10.8 million in the bank, while AB PAC had $10 million.

Coming Up

The Democratic National Convention is scheduled for the week beginning Aug. 17 in Milwaukee, while the Republicans are slated to meet a week later with events in Charlotte, North Carolina, and Jacksonville, Florida.

(An earlier version corrected the name of Lone Pine Capital.)

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