The businessman and CEO of the hotel and airline company donated $20.05 million to a group supporting Ron DeSantis, marking the largest political donation reported so far this year. He joined five other businessmen who contributed at least $5 million to Republican party groups – but this year’s largest donor has become dissatisfied with DeSantis’s ailing campaign and may shift support to former President Donald Trump.
Key Facts
Robert Bigelow, founder of Bigelow Aerospace and a major DeSantis donor, made the largest individual contribution, rather than through a political organization or company, when he donated over $20 million in March to “Never Back Down,” the super PAC supporting Florida Governor Ron DeSantis, according to Federal Election Commission records for contributions from January 1 to December 19.
Bigelow has expressed dissatisfaction with DeSantis since the first cash injection, citing his support for a six-week abortion ban in Florida, and told the Financial Times in November that he is considering supporting Trump instead.
Second Largest Individual Contribution
The second largest individual contribution came from billionaire Jeff Yass, founder of the Susquehanna International Group, who donated $10 million in June to the super PAC associated with the Club for Growth, the influential conservative political organization that is wrestling with Trump and has formed an effort to stop him from winning the nomination; Yass also contributed $5 million in February and $1 million in October.
Other Contributions
Timothy Mellon, heir to the Mellon banking family and a former Trump campaign donor in 2020, donated $5 million in June to the Congressional Leadership Fund, which supports Republican congressional candidates, and another $2 million in April to America Values 2024, the super PAC backing independent presidential candidate Robert F. Kennedy Jr., whom Mellon described as “the only candidate who can unite the country” in a statement from America Values in July.
Both Rob Walton and Jim C. Walton, Walmart heirs, donated $5 million in April to Americans for Prosperity Action Inc., the super PAC heavily funded by the Koch brothers that endorsed South Carolina Governor Nikki Haley for president.
Benjamin Navarro, founder and CEO of Sherman Financial Group, donated $5 million in June to the Trust in the Mission Fund, which was supporting Senator Tim Scott’s (Republican-South Carolina) now-stopped presidential campaign.
Main Background
The cohort of Republican donors is seeking an alternative to Trump, but struggling to coalesce around a candidate, as the former president’s lead in the polls has now surged to more than 50 points over DeSantis and Haley. The rise in Haley’s polls, who now trails DeSantis by only one point, has prompted some wealthy anti-Trump donors, whether Republicans or Democrats, to back her in a desperate attempt to block Trump’s path to the nomination. LinkedIn founder and long-time Democratic donor Reid Hoffman recently donated $250,000 to the super PAC Be Hailey Stand For America, and his political advisor Dmitry Melhorn told Forbes magazine. Billionaires Frank Luntz from New Hampshire and Home Depot founder Ken Langone have endorsed Haley, while Citadel founder Ken Griffin, who previously stated intentions to support DeSantis, is also considering backing Haley.
Forbes Estimates
We estimate Yass’s net worth at approximately $28.9 billion, and Rob Walton and his family’s net worth at about $65.1 billion as of December 26. His younger brother Jim Walton has a net worth of $65.8 billion.
The Number
The Big One
$82.5 million. This is the largest recorded political donation by the Federal Election Commission so far this year – a transfer from the former DeSantis state political committee to “Never Back Down.”
Side Note
In the latest sign of the fragile state of DeSantis’s campaign, “Never Back Down” CEO Jeff Roe resigned on December 16, making him the third CEO to leave within a few weeks due to disagreements with his campaign on how to revive its struggling efforts. DeSantis allies launched another super group called “Fight Right” last month to fill the gaps believed to be left by “Never Back Down.”
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