Wealthy donors pour millions of dollars into presidential candidates who — polls suggest — have no chance of winning.
Billionaires and scions of the Mellon and Rockefeller families threw Super PAC cash at Independent Robert Kennedy Jr. and Democrat Dean Phillips — so much so that Kennedy could buy a $7 million Super Bowl ad slot on Sunday.
“Never before has so much money been blown on such a second-rate candidate,” said one fundraising source.
This new era, sources say, is a direct result of deep disillusionment with both major political parties — and the candidates they nominate.
“People don’t feel comfortable in their social circles supporting Trump or Biden,” the source said of the need to support candidates outside the Republican and Democratic establishment.
“No candidate has reached the 50% approval mark,” said Democratic strategist Hank Sheinkopf.
Endorsing an outside candidate is a way to either spoil an election or highlight more specific issues, such as artificial intelligence regulation, that typically don’t get attention on the national stage.
Chamath Palihapitiya, pictured with David Sacks, posted on X, “I would encourage anyone who has the slightest doubt about the Establishment or the mainstream media to seek an opportunity to hear RFK speak and draw your own conclusions.” Dean Phillip’s campaign released an AI bot, Dean.Bot, that sends messages to voters about Phillip’s policies. AP
Half of RFK Jr.’s $50 million. is thanks to only two donors: 81-year-old heir to the Mellon fortune, Timothy Mellon and security expert to the stars Gavin de Becker, reports Rolling Stone.
The reclusive grandson of Gilded Age banker Andrew Mellon previously funded the search for Amelia Earhart’s plane and gave $53.1 million to Texas to help build the wall.
De Becker has worked with Jeff Bezos, John Travolta, Jane Fonds and Cher. Meanwhile, far-left donor Abby Rockefeller, scion of the Standard Oil dynasty, gave RFK Jr. $100,000.
In previous elections, long-term candidates have failed to bring in mega-donors, such as 2016 Green Party candidate Jill Stein, who raised a total of $11.5 million during her ill-fated run. Ross Perot self-funded his bid in 1992 with $12 million.
RFK Jr.’s American Values Super PAC has spent $7 million on a Super Bowl ad modeled after his late uncle JFK’s. RFK Jr. apologize for the ad after it was posted. “I’m sorry if the Super Bowl ad made anyone in my family sick,” RFK Jr. broadcast at X Sunday afternoon.
RFK Jr.’s major donor, Mellon, is also a longtime Trump supporter and has donated $10 million to the former president this cycle. Given his existing allegiance to the Republicans, some strategists have suggested Mellon is trying to spoil the race for Biden.
“This is a setup to make sure someone fails,” Sheinkopf added. “But it’s a gamble because nobody really knows who he’s going to take votes from.”
RFK Jr. is polling at 16% in Wisconsin and 8% in Michigan – key swing states where he could swing the race either way.
Others suggested the two could feel a familial bond — RFK Jr.’s daughter Kick Kennedy met Mellon’s distant cousin Matthew before the troubled banking heir’s death.
OpenAI co-founder Matt Krisiloff is one of RFK Jr.’s Silicon Valley supporters. matt krisiloff/X Paul Buchheit, who created Gmail, also supports the Kennedy line. Dean Phillips has been cautious about most of his funding sources. He had several phone calls with OpenAI founder and CEO Sam Altman. AFP via Getty Images
Phillips has been quieter about how much money his Super PAC has brought in but his campaign has raised more than $5 million and he has loaned it an additional $4.2 million, according to election filings.
Bill Ackman, the outspoken activist hedge fund founder gave Phillips $1 million, according to reports.
Along with RFK Jr., Phillips has secured cash from Silicon Valley giants including Gmail creator Paul Buchheit and OpenAI co-founder Matt Krisiloff.
Phillips also had several phone calls with the man behind ChatGPT, OpenAI CEO Sam Altman.
Venture capitalists Chamath Palihapitiya and David Sacks both organized fundraisers for RFK Jr. and make their own contribution.
Jill Stein didn’t win a single electoral college vote in 2016 and also failed to make mega-donations for her Green Party on the scale that RFK Jr. carried. for his Super PAC. AP Ross Perot self-financed his 1992 run as a third-party candidate. It was the most notable performance by a third-party candidate in modern times. Getty Images
The boost in support for Phillips, who is still fighting for the Democratic nomination, is less clear.
Phillips was the only name on the ballot in New Hampshire but still managed to lose to Biden – who received 63% of the vote as a write-in candidate.
But tech insiders say throwing a little money at an unlikely candidate is one way to shape the debate and get the presidential candidate to start accepting your point of view.
“Because Phillips is a marginal candidate $1 million goes a long way,” added the tech source.
New York Magazine noted that after Phillips gained support from those close to OpenAI, he began emphasizing the importance of not controlling AI.
Taking a chance on a person or an idea is also important for starting a company and making venture investments
“It’s like angel investing: these people have a lot of money and they throw a little at someone to see what happens,” said one tech source.
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Source: thtrangdai.edu.vn/en/
