McCormick, Dr. Oz Both Top $100 Million of Assets in GOP Senate Race

(Bloomberg) -- Former Bridgewater Associates Chief Executive Officer David McCormick reported income of more than $27 million and assets worth at least $115 million, according to a required financial disclosure for his Republican U.S. Senate bid in Pennsylvania.

McCormick reported earning $22.5 million in salary from Bridgewater and $2.3 million from the sale of options from Bechtel Group Inc. in 2021 through the April 15, 2022, filing. His wife, Goldman Sachs Group Inc. partner Dina Powell McCormick, earned more than $1,000 in salary last year, the only disclosure of income required for a spouse.

The actual value of assets held by McCormick and his wife are likely much higher. Candidates disclose them in broad ranges, with the highest set at $50 million and up, where McCormick valued his Bridgewater stake. Disclosure rules set the top range for those held independently by a spouse at more than $1 million. McCormick lists four holdings with Goldman Sachs for his wife in that range.

McCormick, 56, is locked in a tight May 17 GOP primary race in a field of six other candidates, including celebrity physician Mehmet Oz. The former Bridgewater CEO’s campaign was dealt a blow earlier this month when former President Donald Trump endorsed Oz, days after meeting with McCormick at Trump’s Florida estate. 

Oz, 61, known for his one-time television program the “Dr. Oz show,” reported at least $104 million in assets -- also disclosed in wide ranges -- and income of at least $20 million over 2020 and 2021. The income included $2 million in salary from hosting the television show and $7.1 million derived from his ownership interest in Oz Media LLC.

Oz’s reported assets including holdings in Amazon.com Inc., Alphabet Inc.’s Google and Microsoft Corp., despite criticizing the power of big technology. He also disclosed a endorsement agreement with Turkish Airlines and a share of real estate in Turkey. Oz, who holds dual U.S. and Turkish citizenship, has said said he’ll renounce his Turkish citizenship if he’s elected.

McCormick and Oz are helping fund their campaigns, with Oz putting $11 million into his and McCormick $7 million through March 31 for his bid, according to Federal Election Commission filings. 

The spending in the Pennsylvania Republican Senate race has already shattered records for a Keystone state primary and could be one of the most expensive races in the U.S. this year.

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