Soros and other top Democratic sponsors stop funding party headquarters ahead of midterm elections - WSJ
A number of the largest sponsors of the US Democratic Party have stopped funding its central electoral body ahead of the midterm congressional elections. Donors are disappointed by the Democrats' defeat in the 2024 presidential election and internal conflicts within the party, writes The Wall Street Journal.
Billionaire George Soros and his son Alex have so far not transferred a single dollar directly to the Democratic National Committee (DNC). During the 2018 midterm elections, they contributed over $400,000 to the party fund, and over $1 million in the 2022 election cycle.
This year, LinkedIn co-founder Reid Hoffman, who previously regularly funded the Democrats' central apparatus, has also not provided money to the DNC. A joke has even emerged among major donors that the abbreviation DNC now stands for "Do Not Contribute".
According to WSJ, sponsors are dissatisfied with the party leadership, the lack of a clear strategy after Kamala Harris's defeat, internal disputes over the war in Gaza, and accusations of anti-Semitism. Some donors also criticize DNC chair Ken Martin's work and insufficient transparency in the use of funds.
Republicans have significantly more money
As of the end of June, the Democratic National Committee had $16.3 million at its disposal. At the same time, its debts amounted to about $18 million. The Republican National Committee had $128.5 million—almost eight times more. This refers specifically to remaining funds, not the total amount of donations collected.
Overall, the main Republican committees and their affiliated political funds have accumulated hundreds of millions of dollars in advantage over Democratic structures. A significant portion of the funds is concentrated in funds associated with President Donald Trump.
At the same time, the central apparatus's financial problems do not mean that major donors have completely stopped supporting the Democrats. They are increasingly directing money directly to individual candidates or political committees, bypassing the DNC.
Specifically, structures associated with the Soros family transferred about $102 million to the liberal fund Democracy PAC in the first half of the election cycle. Therefore, the claim of Soros's complete refusal to fund Democrats is incorrect—he simply did not give money to the central party committee.
Musk returns to politics
On the Republican side, Elon Musk has returned to active political work. His fund America PAC is preparing a campaign to mobilize conservative voters in key states: canvassers will go door-to-door, launch digital ads, and send out materials by mail.
Media reports have estimated that Musk's campaign budget could range from $100 to $120 million. However, the businessman's representatives have not confirmed a specific amount. Axios only notes that it is about large investments, whereas in 2024 America PAC spent over $260 million supporting Trump.
The US midterm elections will take place on November 3, 2026. Voters will re-elect the entire House of Representatives and part of the Senate. The outcome will determine whether Republicans retain control of Congress during the second half of Trump's presidential term.
Based on materials from: The Wall Street Journal, The Washington Post, Axios
