Hungarian-American financier George Soros has poured over $5 million into his latest independent political action committee (PAC) ahead of the 2020 US presidential election.
Billionaire Soros’ June $5 million contribution toward his super PAC, Democracy PAC, ties the Freedom Partners Action Fund’s donation to Americans For Prosperity Action for the highest check cut by an individual or organization for the 2020 election season, according to the US Federal Election Committee (FEC).
Tom Steyer, another billionaire, who is also a presidential candidate vying for the Democratic nomination, ranks third and fifth in the same category, with checks totaling $3.2 million and $2.5 million, respectively.
Democracy PAC’s funds now sit at $5.1 million, according to FEC receipts. Soros made his first transfer, totaling $100,000, back in February.
“He has, unlike Tom Steyer or [Michael] Bloomberg, funded things like Senate Majority PAC and Priorities USA and EMILY’s List and Planned Parenthood and expects to continue to do so,” an unnamed source close to Democracy PAC told Politico.
Soros personally donated over $20 million to the Democratic Party in the last presidential election.
The billionaire’s philanthropist son, Alexander Soros, is also expected to funnel funds into Democratic coffers, as he has done in the past.
Back in 2016, Soros donated a total of $7 million to Priorities USA, which was supporting then-Democratic frontrunner and former US Secretary of State Hillary Clinton.
Over a year ago, Soros told the Washington Post that he would remain neutral and not get involved in the Democratic primary, but also voiced his dislike for New York Senator Kirsten Gillibrand over her 2017 call for then-Senator Al Franken to resign over a series of sexual misconduct allegations.
The financier has since remained relatively silent, but Soros was one of several tycoons to sign an open letter to both Democratic and Republican presidential candidates back in June that claimed the 2020 hopefuls had a “moral, ethical and economic responsibility” to tax the richest 1% of American households at a rate much higher than that expected for middle and low-income families.