Mystery Donor Gives $64 Million to Biden Campaign in Effort to Defeat Trump

Even four years after President Joe Biden’s victory in the 2020 election, the source of a $64 million anonymous donation that helped him defeat former President Donald Trump remains a mystery.

This substantial sum was channeled to Biden’s campaign through the Impetus Fund, which received the donation from a single unidentified source after the funds underwent processing through various accounts, as per a report by CBS News.

This secretive transaction highlights a flawed system that could potentially lead to increased funding on a scale never seen before, posing a significant problem, according to Anna Massoglia, an editorial and investigations manager at OpenSecrets, a nonpartisan watchdog group that monitors the influence of money in politics.

“When there is no transparency regarding the individuals or groups financing efforts to sway elections, voters are left unaware of the forces attempting to shape their opinions. They also remain oblivious to any possible conflicts of interest or the stakes that a funder may have in the election outcome,” she remarked.

Speculation surrounds the $64 million donation predominantly focusing on a single affluent supporter of Biden. However, it is plausible that the contribution originated from a corporation funded by multiple donors, a practice that is legal but has drawn criticism.

The donation was funneled into The Impetus Fund, a tax-exempt 501c4 organization, before passing through several entities in a sequence of steps that obscured the identity of the source. As a 501c4 nonprofit, the IRS mandates that Impetus promote social welfare without disclosing its donors.

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

Shortly before the 2020 election, the super PAC allocated $60 million to FF PAC, Biden’s main campaign entity. While the committee, also a super PAC, is required to disclose its donors, the original source of the donation could be concealed since the money originated from its nonprofit organization.

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

Arabella oversees multiple nonprofits and aids donors in preserving their anonymity, CBS News pointed out. During the 2022 election cycle, its nonprofits raised almost $3 billion, with the Sixteen Thirty Fund alone amassing close to $380 million.

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

This year, Arabella-managed organizations are supporting progressive causes and have significantly funded ballot initiatives in several states.

Arabella spokesperson Steve Sampson declined to comment on the Impetus donation, emphasizing that the company offers consulting services only and does not contribute funds to campaigns or candidates.

Meanwhile, critics are denouncing the Democrats’ complaints regarding the lack of transparency in campaign finances as hypocritical, particularly considering Biden’s endorsement in 2022 of the Disclose Act, which seeks to compel political groups and nonprofits to disclose donations exceeding $10,000. The legislation has been reintroduced this year.

Nonetheless, a Biden adviser conveyed to CBS News that given the significant stakes of the election, the president’s team will utilize every legally available tool to safeguard democracy.