In his farewell address, President Biden cautioned against the rise of an "ultra-wealthy oligarchy" posing a threat to American democracy. He emphasized the "dangerous concentration of power" in the hands of a select few, asserting it jeopardizes fundamental rights and opportunities for advancement. This message contrasts sharply with the significant financial backing his campaigns have received from several billionaires.
Here are some prominent billionaires who have supported Biden:
George Soros
The left-leaning billionaire investor and philanthropist contributed $250,000 to the Biden Victory Fund in September 2023, following earlier maxed-out donations to the campaign. Soros and his son, Alex, who now leads the Open Society Foundations, have consistently supported Biden's political endeavors.
Reid Hoffman
LinkedIn co-founder Reid Hoffman donated nearly $700,000 to the Biden Victory Fund in April 2023 and hosted a fundraiser for the super PAC supporting Biden in June 2023.
Michael Bloomberg
The former New York City mayor and media mogul contributed close to $20 million to a pro-Biden super PAC during the 2024 election cycle, demonstrating substantial financial support for the president's re-election bid.
Howard Schultz
The former Starbucks CEO publicly endorsed and contributed to Biden's 2020 campaign, emphasizing the importance of democratic principles and institutions.
Tom Steyer
The billionaire environmental activist and former presidential candidate co-hosted a virtual fundraiser for Biden in 2020, which reportedly raised $4 million.
Michael Moritz
While the billionaire venture capitalist and Democratic donor contributed significantly to pro-Biden efforts in the past, he later publicly urged Biden to withdraw from the 2024 race, citing concerns about his performance.
