In an unexpected move within political fundraising circles, David Ellison, the son of well-known GOP supporter and Oracle CEO Larry Ellison, has made a notable financial contribution to Joe Biden‘s campaign, stirring interest among political analysts and donors alike.
What Happened: David Ellison, CEO of Skydance Media, donated $929,600 to the Biden Victory Fund in February, marking his largest-ever contribution to a federal candidate, CNBC reported on Wednesday.
This donation places him among the top donors for the first quarter of 2024, alongside other notable figures such as attorney George Conway and Facebook co-founder Dustin Moskovitz.
Larry Ellison, a historically significant Republican donor, has not opened his purse strings for any federal political contributions this election cycle. In contrast, he had donated over $31 million to GOP candidates during the 2022 midterms.
The Biden Victory Fund, which supports Biden’s campaign, the Democratic National Committee, and various state parties, has raised over $121 million in the first quarter of 2024. In comparison, the pro-Trump entity Trump Save America has raised over $65 million in the same period.
Despite their differing political donations, the Ellisons are collaborating on a significant media deal, with Skydance Media proposing to acquire National Amusements and merge with Paramount Pictures, a venture Larry Ellison is expected to finance.
Why It Matters: The political landscape for the upcoming 2024 election is becoming increasingly complex, with recent opinion polls showing both President Biden and former President Donald Trump with net negative approval ratings. Biden and Trump are neck and neck in the race, and the fundraising efforts could be a decisive factor.
George Conway’s $900,000 contribution to Biden’s campaign earlier this month is part of a broader trend of significant donations from individuals who have previously been critical of Trump. This trend underscores the urgency felt by some to prevent a potential second term for the former president.
President Biden’s campaign has already achieved a historic fundraising milestone, with a reported $90 million raised in March alone, and a total of $187 million by the end of the first quarter.
Image via Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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