As Gov. Ron DeSantis of Florida prepares to take a widely anticipated leap into the 2024 presidential campaign, one of his chief strengths is his ability to raise huge sums from deep-pocketed donors. But his formidable war chest — at least $110 million in state and federal committees aligned with him — is no guarantee of success on the national stage, and his financial firepower brings with it a series of challenges he must navigate to capture the Republican nomination. DeSantis’ unsteady debut
Supporters of Gov. Ron DeSantis of Florida at a rally before his re-election, in Sun City Center, Fla., Nov. 6, 2022.
Those barbs by Trump — who was largely forsaken by big donors even before his recent indictment by New York prosecutors — underscore the political reality that no matter how much money DeSantis has, he will have to overcome the grassroots enthusiasm and army of small donors that Trump continues to command. The former president’s popular appeal was particularly apparent this past week, with his campaign announcing Wednesday that it had raised $12 million off the news of his indictment.
Any move to use that money in support of his national ambitions, including transferring it to an affiliated super PAC, would still be likely to raise red flags among campaign finance watchdogs, although campaign finance experts said the Federal Election Commission, which has for years been deadlocked between the parties, was unlikely to act on it.
“Without commenting on any specific case, commissioners assess each enforcement matter on its merits, and we reach agreement in nearly 90% of them,” they said. The vast majority of money the group has raised since the election has come from a few rich donors. Jeff Yass, a Philadelphia investment manager and major Republican donor, gave $2.5 million; Joe Ricketts, the founder of TD Ameritrade and an owner of the Chicago Cubs, gave $1 million; and Gregory Cook, a founder of a Utah-based multilevel marketing company that sells essential oils, gave $1.3 million.
Super PACs, though powerful tools for pooling enormous sums of unregulated cash, come with drawbacks for candidates. For one, the campaigns cannot directly control how that money is spent. Crucially, television ads also cost more for PACs: Federal law lets candidate committees pay a lower price. Scott is also supported by a super PAC, the Opportunity Matters Fund, which since 2020 has raised tens of millions of dollars — including at least $35 million from Oracle founder Larry Ellison.
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