Timothy Mellon, an heir to the Mellon banking fortune, reportedly donated $125 million to pro-Trump Super PAC Make America Great Again, Inc., placing him as a key donor to Trump’s 2024 Presidential race in addition to billionaire Elon Musk.
What Happened: Mellon, grandson of businessman Andrew Mellon, donated $125 million to the PAC that supported President-elect Donald Trump, Fortune reported, citing Federal Election Commission documents. Mellon also donated to help Republican congressional candidates and towards Robert F. Kennedy Jr, taking his total donations in favor of Republican candidates to $165 million, the report added.
Musk, meanwhile, gave at least $119 million to his pro-Trump American PAC. However, unlike Musk who was vocal about his support for Trump and actively campaigned for the Republican, Mellon was quieter.
Why It Matters: According to Forbes, the Mellon family has a net worth of over $14 billion, making them one of America’s richest families.
In the 2020 election, Mellon donated $60 million to Republican candidates. Mellon has previously also donated to conservative causes such as Texas Governor Greg Abbott's fund to build a wall on the state's border with Mexico, Fortune noted.
"I think what it comes down to is he wants to be left alone, and he wants no one to tax him. It's that libertarian viewpoint that's become radicalized. There are a lot of really rich people out there who just don't need to think about what's best for America anymore….… It's just setting aside the interests of a lot of people for yourself," one of Mellon’s family members told Vanity Fair about Mellon’s political leaning.
Read Next:
Image via Flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
