Mysterious Donor Gives Biden $64 Million to Defeat Trump

After President Joe Biden’s victory in the 2020 election, questions still linger about the origin of a $64 million donation from an unidentified source that helped secure his win over then-President Donald Trump. 

The funds were funneled to Biden’s campaign through the Impetus Fund, which received the donation from a single anonymous source via multiple accounts, as reported by CBS News. 

The mystery donation highlights a system that could potentially facilitate more such undisclosed funding at an unprecedented scale. Anna Massoglia, an editorial and investigations manager for OpenSecrets, a nonpartisan watchdog organization that monitors the influence of money in politics, expressed concerns about this practice. 

Massoglia commented, “Without transparency regarding the individuals funding groups that seek to influence elections, voters are kept in the dark about potential biases, conflicts of interest, or vested interests that may impact the election’s outcome.” 

Speculation surrounds the $64 million donation, with many believing it originated from a wealthy supporter of Biden. However, there are suggestions that the donation may have come from a corporation funded by multiple donors, a practice that is legal but has faced criticism. 

The donation was channeled through The Impetus Fund, a tax-exempt 501c4 organization, and passed through various entities to conceal the identity of the source. As a 501c4 nonprofit, Impetus was required by the IRS to promote social welfare without disclosing its donors. 

Initially, $55 million of the donation was transferred to Future Forward USA Action, the primary super PAC supporting Biden’s reelection. 

Shortly before the 2020 election, the super PAC moved $60 million to FF PAC, Biden’s main campaign entity. Although the committee, also a super PAC, is required to disclose its donors, the original source of the donation was shielded since it came from its own nonprofit organization. 

According to Influence Watch, the organization was established in July 2020 and is managed by the Arabella Advisors consulting firm. In that year, the group received $67 million in anonymous donations, according to tax records. In addition to Future Forward USA Action, money also flowed to America Votes, the Center for Voter Information (CVI), and ACRONYM through the nonprofit arm of FF PAC. 

CBS News notes that Arabella oversees multiple nonprofits and assists donors in maintaining their anonymity. The group’s nonprofits raked in nearly $3 billion during the 2022 election cycle, with the Sixteen Thirty Fund raising almost $380 million. 

The Sixteen Thirty Fund directed $410 million during the 2020 election cycle, contributing to Trump’s defeat and the Democratic Party regaining control of the Senate. 

This year, Arabella-managed organizations are supporting progressive causes and funding various ballot initiatives across states. 

Regarding the Impetus donation, Arabella spokesman Steve Sampson declined to provide a comment, emphasizing that the company offers consulting services and does not make campaign or candidate contributions. 

Despite Democrats’ criticism of the lack of transparency in campaign finances, it is notable that Biden advocated for the Disclose Act in 2022, which would mandate political groups and nonprofits to disclose donations exceeding $10,000. The legislation has been reintroduced this year. 

A Biden adviser mentioned to CBS News that given the high stakes of the election, the president’s campaign will utilize all legally available tools to safeguard democracy.