Soros Gives $102 Million to Democrats Ahead of Midterms
Soros-linked organizations donated $102 million to Democracy PAC, which was founded by Soros in 2019, according to Federal Election Commission records.
Roughly half came from Geosor Corp, Soros's private investment company. The other half came from the Fund for Policy Reform, an Open Society Foundations nonprofit whose board is chaired by Alex Soros. Democracy PAC has spent nearly $42 million as of the end of June, funding groups involved in Senate, House, and state races.
How it compares
Soros gave Democrats $128 million in the 2022 midterms, the biggest contributor that year, per OpenSecrets. Democracy PAC raised more than $81 million in 2020 and about $72 million in 2024, passing the money to Democrat-aligned PACs and independent groups.
This is the first congressional cycle since George Soros transferred control of his political operation to his son Alex in 2023. Alex Soros backed Kamala Harris in 2024.
The money flows through groups concentrating on competitive races. Senate Majority PAC received $9 million from Democracy PAC before announcing $30 million to support Democratic Senate nominee Abdul El-Sayed in Michigan.
For contrast on the donor leaderboard: Marc Andreessen and Ben Horowitz gave $115.3 million across AI, crypto, and MAGA Inc. efforts. George and Alex Soros combined gave $103.7 million to Democratic super PACs, per the New York Times. Jeff Yass gave $93.8 million to Republicans, and Elon Musk gave $90.5 million to Republicans.
The polling backdrop: an Emerson College poll from September 24 showed Democrats up 11 points among likely voters, and the Cook Political Report had Democrats ahead 49% to 47% across 37 competitive House races.
Trump has accused George and Alex Soros of backing "violent protests"; the Open Society Foundations called the claim "outrageous and false."
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Options market and stocks to watch
Mega-donor flows don't move single stocks, but midterm money forecasts policy risk, and policy risk moves sectors. Watch these baskets:
SPY: the broad market prices the probability-weighted policy outcome as polls move.
XLV: healthcare is the most policy-sensitive sector this cycle, with subsidy fights and direct-payment proposals in play.
XLE: energy policy diverges sharply by outcome, making the sector a midterm proxy.
Watch for unusual flow around major polls and the November 3 vote. For more politics coverage, see other market news here.
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