요약
“Mandel wants power and control,” said one Connecticut lawmaker, describing the billionaire’s growing political influence.
본문
In the summer of 2023, gearing up for his bid for a second term, President Joe Biden gathered with a cadre of wealthy donors at a $7.5 million mansion in Greenwich, Connecticut. As the $25,000-a-seat fundraising dinner began, the president turned to thank his host: Stephen Mandel, a billionaire hedge fund manager and devoted Democratic donor.
“I wouldn’t be here, standing here as president of the United States, without a lot of you in this room,” Biden told them. Mandel and his wife, Susan, who have spent tens of millions supporting Democratic candidates over the past decade, were likely at the top of that list.
Three years later, Mandel, 70, is the largest bankroller of a nascent political machine promising to “redefine” the Democratic Party after its disastrous performance in the 2024 election. Rather than keeping to closed-door fundraising events, as he’s done in the past, Mandel has adopted a newly assertive approach as a mega-donor.
With $15 million in financial support from the Mandels, two recently launched organizations, Majority Democrats and the Bench, have made waves in Democratic primaries across the country. Their slate of chosen candidates, often challenging more progressive opponents, is bestowed with powerful campaign infrastructure — and Mandel’s money.
The network has helped deliver recent primary victories to candidates like James Talarico in Texas and Josh Turek in Iowa, among others across the country. All told, the hedge fund billionaire and his wife have contributed over $24 million so far this primary season, their largest spend in an election year to date.