Co-founder of Oracle, Larry Ellison, center, says the Pledge of Allegiance before Republican presidential candidate Tim Scott delivers his speech announcing his candidacy for president of the US on the campus of Charleston Southern University in North Charleston, S.C., Monday, May 22, 2023.
Mic Smith | AP
Oracle co-founder and Republican megadonor Larry Ellison is preparing to spend tens of millions of dollars backing Sen. Tim Scott’s run for president.
The plans have been in motion for the reason that 2022 midterms, when Ellison donated $30 million to a pro-Scott super PAC, Opportunity Matters Fund, in keeping with people conversant in the Oracle executive chairman’s plans. Individuals who declined to be named for this story did so as a way to speak freely about private planning and deliberations.
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Scott announced his campaign Monday.
A Republican strategist and fundraiser near Ellison told CNBC that the businessman’s donations to the super PAC this time are more likely to no less than double what he gave in 2022.
The super PAC in the course of the midterms backed Scott and spent tens of millions more for other Republicans running for Senate seats, including slightly below $2 million for failed Georgia Senate candidate Herschel Walker, in keeping with the nonpartisan OpenSecrets. The Opportunity Matters Fund PAC has been rebranded for Scott’s White House run with a recent name: Trust In The Mission PAC, or TIM PAC.
Ellison attended Scott’s campaign announcement Monday in South Carolina. Ellison, who has a net value of about $115 billion, sat in a VIP section on the rally.
Scott praised Ellison on the rally, calling the businessman “one in all my mentors.” A spokesman for the Scott campaign didn’t return requests for comment.
Ellison contributed just over $7 million to numerous political causes in 2020, including $5 million to the Opportunity Matters Fund and $1 million toward an excellent PAC that supported Sen. Susan Collins, R-Maine, as she succesfully ran for reelection, in keeping with OpenSecrets.
Ellison donated $5 million in the course of the 2016 election cycle to the Conservative Solutions PAC, an excellent PAC that spent over $30 million backing Republican Sen. Marco Rubio’s failed bid for the presidency, in keeping with Federal Election Commission records. The PAC also spent tens of millions opposing former President Donald Trump, in keeping with the records.
One other veteran Republican fundraiser told CNBC that Ellison is already planning to donate as much as $10 million to the TIM PAC within the early going of Scott’s run. Ellison has signaled to allies that he could give no less than between $20 million and $30 million more this cycle, this person said.
Ellison admires Scott a terrific deal for the senator’s strong support for Israel, in keeping with a lobbyist who’s worked with Oracle and has known Ellison for years.
U.S. Senator Tim Scott (R-SC), the one Black Republican senator, proclaims his candidacy for the 2024 Republican presidential race in North Charleston, South Carolina, May 22, 2023.
Randall Hill | Reuters
A recent Morning Seek the advice of survey suggests that Scott is behind a lot of his Republican rivals. The poll has Scott with 1% of primary support, with Trump leading the poll with 61%.
Ellison didn’t return a request for comment. A spokesperson for Oracle didn’t return requests for comment.
Ellison won’t be the one mega-billionaire in Scott’s corner because the 2024 race heats up.
The Republican strategist near Ellison also noted that Tesla CEO and Twitter owner Elon Musk could follow his friend and supporter Ellison in backing the South Carolina senator.
Musk has recently followed Scott on Twitter, retweeted the senator’s tweet featuring the video of the campaign announcement and praised a recent Scott ad. “Great statement by @votetimscott!,” Musk tweeted on Friday. Musk, who has a net value of about $176 billion, previously said he would support Florida Republican Gov. Ron DeSantis if he ran for president.
Musk didn’t return a request for comment.
