Republican billionaires are divided on their preferred presidential nominee, but when it comes to down-ballot races, Dave McCormick emerges as the clear favorite for a Pennsylvania Senate seat.
McCormick, the former CEO of hedge fund Bridgewater Associates, boasts a donor roster brimming with billionaire names that any Republican candidate would covet. Recent disclosures with the Federal Election Commission reveal support from prominent figures such as Ken Griffin of Citadel, Steve Schwarzman of Blackstone, Thomas Peterffy of Interactive Brokers, and Paul Singer of Elliott Management. In December, Paul Tudor Jones hosted a fundraiser for McCormick at his Palm Beach residence.
McCormick’s significant backing from the wealthiest donors positions him strongly in one of the most closely watched Senate contests, where he aims to challenge incumbent Democrat Bob Casey. While many of McCormick’s donors lack ties to Pennsylvania, his background in hedge funds motivates them to rally behind a candidate perceived as a Wall Street ally. The Senate has seen a decline in financial industry expertise following the retirements of Republicans Pat Toomey and Rob Portman.
Wall Street luminaries, including employees of Goldman Sachs Group Inc., contributed $377,000 to McCormick’s campaign. Among them were CEO David Solomon and top executives like John Waldron, Tucker York, Miriam Wheeler, and Alison Mass. Additionally, former Treasury Secretary Henry Paulson, Crow Holdings chairman Harlan Crow, investor Stanley Druckenmiller, AQR Capital Management’s Cliff Asness, and Cleveland Browns owner James Haslam also lent their support.
In the fourth quarter, McCormick’s campaign raised $5.5 million, while the super PAC backing him amassed $17.9 million since its inception in August, according to FEC filings.
The extensive list of major Republican donors underscores the party’s determination to reclaim Senate control in the 2024 elections. While Democrats hold a slim majority, they face formidable challenges in states like Ohio, Montana, and West Virginia, all of which supported former President Donald Trump in 2020.
McCormick previously contended for a Senate seat in 2022, vying for the position now held by Democrat John Fetterman, known for his advocacy for blue-collar workers and unconventional attire. McCormick narrowly lost the Republican primary to television personality Mehmet Oz, endorsed by Trump.