Billionaire investor, George Soros has returned to the political arena by committing to donate $25 million to the campaigns of Hillary Clinton and other Democratic candidates this election cycle.
George Soros has not contributed this much during one election cycle since 2004, where he spent $27 million to try to defeat then-president George W. Bush. He has been largely absent since then. During the 2008 Democratic primaries he supported Barak Obama over Clinton. A move he now regrets, according to sources.
He and Clinton have had a decades-long relationship but it is more than his friendship and belief in Clinton that is spurring him to open his checkbook. According to associates close to the Hungarian-born billionaire, Soros sees the prospect of a Donald Trump presidency as a dangerous proposition not only for America but the world at large.
In an appearance at the World Economic Forum in Davos, Switzerland, Soros said the Trump was “doing the work ISIS.” Soros has been a reliable donor to Democratic politicians on topics.wsj.com in the past, but he sees this election as incredibly important.
Michael Vachon, Soros’ political advisor, say that this year “the political stakes are incredibly high.”
According to Federal Election Commission (REC) reports, Soros has already donated $7 million to Priorities USA Action, a pro-Clinton super PAC, and many expect him to increase that amount as the election draws closer.
In addition, he has given $2 million to America Bridge 21st Century, which is a super PAC that conducts opposition research targeting Trump and other Republican candidates. Add to that $700,000 he has donated to a variety of Democratic PACs, committees, and campaigns. He has also pledged $5 million to a super PAC called Immigrant Voters Win. This organization is focused on turning out Hispanic voters in key states.
George Soros has also committed $5 million to the Voting Rights Trust, which is devoted to fighting GOP efforts to suppress the vote of citizens in potential battleground states.
Beyond the large amounts of money, Democratic officials welcome Soros’ return to politics. He is considered an influential donor and his participation could spur other wealthy donors to chip in as well.
Soros is most well known for his speculative investments. Most notably, his large bet against the British Pound back in 1992. He and other speculators forced the British government to devalue their currency, thereby netting Soros $1 billion in the process.
Over the last few decades, Soros has turned to philanthropic endeavors. He founded the Open Society Foundation in 1993. The foundation’s main focus is to hold governments accountable to their citizens and make them more transparent. They aim to protect and improve the lives of those people who have been marginalized around the globe.