Hollywood moguls and other deep-pocketed billionaires came out in full support of President Biden’s re-election during the last quarter by pushing millions of dollars into his victory fund, filings show.
Several of his affluent supporters cut six-figure checks to the Biden Victory Fund — a joint fundraising venture comprising Biden’s campaign, the Democratic National Committee, all 50 state Democratic parties, and Washington, D.C.’s Democratic committee — between October and December.
The setup allows wealthy backers to give up to $929,600 each to the Biden Victory Fund per election cycle. Joint fundraising committees have become commonplace with both political parties in recent years, allowing individuals to contribute far more to one entity, which then takes the cash and moves it among the groups involved in the initiative.
According to the Biden Victory Fund’s year-end filings, director Steven Spielberg and his wife, Kate Capshaw, each cut the maximum $929,600 checks to the committee between October and December. Biden began making a push among Hollywood donors for his re-election efforts with a massive Los Angeles fundraiser co-hosted by the couple late last year.
Billionaire George Soros added $653,000 in donations. His money came on the heels of the $250,000 he gave to the fund in the third quarter, bringing his total to $903,000 and putting him just thousands of dollars away from maxing out donations to the endeavor.
Filmmaker J.J Abrams and former Alphabet executive chairman Eric Schmidt, who worked closely with Hillary Clinton’s failed 2016 campaign, each provided $500,000.
The Biden Victory Fund raised $70 million last quarter and currently has $37 million cash on hand.
Other notable billionaires previously bankrolled Biden’s joint fundraising committee during the third quarter of last year.
Laurene Powell Jobs, the widow of Steve Jobs, provided the fund with the maximum $929,000 contribution in September.
During that time, the Biden Victory Fund also received maxed-out $929,600 donations from sports executive Casey Wasserman, casino magnate Neil Bluhm, real estate mogul Kurt Rappaport, businessman Haim Saban and philanthropist Ellen Bronfman Hauptman.