Billionaire philanthropist and Democratic megadonor George Soros have committed $125 million to a super PAC that will support Democrats running for office in November’s midterm elections and in future election cycles.
His generosity is being channeled into the Democracy PAC, which Soros established in 2019 to serve as his primary political action committee for the support of Democratic causes, candidates, and committees.
Soros, 91, made his fortune in hedge funds and will use the funds to support Democratic causes, candidates, and committees. During the 2020 election cycle, Soros invested approximately $80 million in the group.
In a statement, Soros said the massive new infusion of money will be used to support pro-democracy “causes and candidates, regardless of the political party,” who are committed to “strengthening the infrastructure of American democracy,” including voting rights and civic participation, civil liberties and freedoms, and the rule of law.
Soros, who made his statement to Politico first, went on to say that the money was intended as a “long-term investment” that would continue to support efforts well after November’s midterm elections.
The PAC’s president will be Soros’ son, Alexander Soros, who is the founder of Open Society Foundations.