Billionaire Brothers' PAC Raises $70 Million For Republicans. They Haven't Picked A Candidate, But It Won't Be Trump.

A top political action committee has raised a substantial amount of money to use in the Republican primary ahead of the 2024 presidential election.

What Happened: Americans for Prosperity Action is a political action committee that was founded by brothers Charles Koch and David Koch, the majority owners of Koch Industries.

While David Koch died in 2019, his legacy continues through the PAC and his heir’s 42% ownership in Koch Industries.

Koch Industries donated a reported $25 million to Americans for Prosperity Action. A nonprofit called Stand Together founded by Charles Koch also donated $25 million to the PAC. In total, the PAC has raised $70 million with a goal of taking on Donald Trump in the Republican primaries.

The PAC often supports candidates in national elections, and this marks the first time it is financially helping candidates in the Republican primaries. In the 2020 election cycle, the PAC spent around $500 million supporting Republican candidates, according to the New York Times.

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Why It’s Important: With deep pockets and a war chest of millions of dollars, the Koch-led political action committee has a goal of defeating Donald Trump in the GOP presidential primary. Charles Koch is ranked as the 19th richest person in the world by Bloomberg, with a net worth of $61.7 billion.

In February, it was reported that the Koch-led PAC had a goal of defeating Trump. The PAC has not made its intentions clear on which candidate it will back. The report said that some close to the Koch network were hoping for Florida governor Ron DeSantis to get the financial backing.

With DeSantis fading in the polls and losing voter support, some see the PAC backing a different candidate that can gain popularity in the late months heading into the 2024 election.

The PAC has already launched digital advertisements that are anti-Trump and anti-Biden in certain states.

With Trump having a 38-point lead among Republicans and passing Biden in recent polls from Morning Consult, the financial backing of the rich and highly influential PAC could be enough to swing support for another GOP candidate.

The backing of Americans for Prosperity Action will be closely watched in the political world.

Benzinga recently reported that Republican candidate Chris Christie was seeing strong support among Republican donors and is considered a front-runner to get the financial backing of New York Mets owner and hedge fund billionaire Steve Cohen.

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