WASHINGTON (TND) — Mega-donor and billionaire George Soros is making a gigantic investment to aid Democratic Party candidates and groups in the 2022 midterms, according to multiple reports.
$125 million has been fed into Democracy PAC, according to reporting from Politico, Newsweek, and other publications.
George Soros is, according to his website, "one of history’s most successful financiers," and he has "been a prominent international supporter of democratic ideals and causes for more than 30 years. His philanthropic organization, the Open Society Foundations, supports democracy and human rights in more than 100 countries.
Influence Watch reports Democracy PAC is a super PAC that was originally created in 2019 by Soros to help influence the 2020 election.
Soros reportedly pumped $28.3 million into the PAC upon its creation. Politico reports more than $80 million was channeled through the super PAC to Democratic candidates and groups during the 2020 election cycle.
The fresh $125 million is, according to a statement from Soros reportedly shared with Politico, meant to be used to support pro-democracy "causes and candidates, regardless of political party," ones invested in "strengthening the infrastructure of American democracy: voting rights and civic participation, civil rights and liberties, and the rule of law."
The statement reportedly added the large investment is meant to be "long-term" and will support political candidates and movements well beyond the 2022 midterms.
Alexander Soros, the son of George Soros, is serving as the PAC's president.
Events of the last two years, particularly the January 6th insurrection and ongoing efforts to discredit and undermine our electoral process, reveal the magnitude of the threat to our democracy," Alexander Soros says in a statement, according to Newsweek. "It is a generational threat that cannot be addressed in just one or two election cycles. Democracy PAC is now positioned to pursue its mission of preserving and protecting our democracy well into the future.
Politico reports the more than $100 million influx will place Soros as one of the leading political donators for the 2022 midterms.
"This is one of Soros's single largest expenditures to date, and he is clearly gearing up to be a dominant influencing force at all levels of American politics during the 2022 election," Parker Thayer, a researcher at the Capitol Research Center, told TND.
The Democratic Party will reportedly need all the help it can get, as midterms are usually a "referendum" on the party in charge. Newsweek reports bookmakers give Republicans "slightly better odds" than Democrats at claiming Capitol Hill in the 2022 midterms. To date, 29 House Democrats have announced they will not seek reelection this fall.
After filing with the Federal Elections Commission on Monday, Democracy PAC's spending will be publicly posted according to Politico.