Republican presidential candidate Nikki Haley is making notable strides in her campaign for the 2024 primaries, securing endorsements from influential conservative fundraisers.
Remarkably, her support extends beyond traditional Republican circles, attracting wealthy donors from Silicon Valley, known for their Democratic Party affiliations.
Haley’s backing is bolstered by her network of political action committees (PACs), demonstrating a diverse range of support.
Financial backbone: PACs and FEC filings
Key to Haley’s campaign are her affiliations with several PACs. The principal among them is the SFA Fund Inc., as revealed by Federal Election Commission (FEC) filings.
Haley is also connected to two other super PACs and a 501(c)(4) organization. Collectively, these groups, including SFA Fund, Team Stand For America, and Stand For America PAC, had about $19.5 million on hand at the end of June, FEC records show.
Most of this funding, approximately $17 million, was held by the SFA Fund, which had raised $28 million by June.
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Super PAC capabilities and the role of SFA Fund
The regulatory prowess of a super PAC lies in its ability to garner unlimited contributions from various sources, including individuals, corporations, labor unions, and other political committees.
SFA Fund stands out as a hybrid PAC, capable of managing two separate accounts for independent spending and direct federal candidate contributions.
Stand for America Inc.: A Nonprofit angle
Adding to Haley’s financial landscape is the nonprofit 501(c)(4) organization Stand For America Inc. In 2021, the group, headed by Michael Haley, Nikki Haley’s husband, reported collecting approximately $8.6 million, with a year-end balance of about $2.3 million.
This organization, classified as a social welfare group by the IRS, is allowed to partake in political activities, given that they are not the primary focus.
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Campaign momentum in the early stages
Stand For America PAC, established in January 2021 before Haley’s presidential bid announcement, raised about $17.5 million between January 2021 and December 2022.
Notably, it contributed significantly to other Republican campaigns and organizations, including a $10,000 donation to Iowa Gov. Kim Reynolds in June 2021. Reynolds is now actively supporting Florida Gov. Ron DeSantis’s presidential campaign.
Haley’s 2023 fundraising: Strong gains for election campaign
In the first half of 2023, Stand For America PAC raised approximately $2.3 million and held around $2.2 million by June. A significant transfer of $1 million to the SFA Fund was made in the same month.
Team Stand for America, another critical component in Haley’s fundraising strategy, was founded in late 2022. It has raised about $7 million this year, funneling most of it into Haley’s primary campaign committee.
Notable contributions and donor profiles
Among Haley’s most prominent donors is Ukrainian-American billionaire Jan Koum, who contributed $5 million to the SFA Fund between February and June.
Koum, a co-founder of WhatsApp, is recognized for his recent shift towards supporting Republican causes.
Another significant donor, Tim Draper, contributed $1.25 million to the SFA Fund in June, marking his most considerable political contribution.
Diverse Donors contribute to Haley’s fund
Vivek Garipalli, a consistent political donor, contributed $1 million to the SFA Fund in March, balancing his contributions between Republican and Democratic causes.
Similarly, Laurel Asness made a substantial contribution of $1 million to the SFA Fund, while her husband, a prominent Republican donor, supported former New Jersey Gov. Chris Christie’s presidential bid.
Major donors back Haley with significant contributions
Other notable contributors include Christopher Redlich Jr., Steven Stull, and Ronald “Ron” Simon, each donating $1 million to the SFA Fund.
Their contributions reflect a blend of political support, with donations made to candidates from both major parties in previous election cycles.
Broad donor base bolsters Haley’s 2024 presidential campaign
As Nikki Haley’s campaign for the 2024 presidential election gathers momentum, the support from a broad spectrum of donors signifies her growing influence within the Republican Party and potentially beyond.
The financial backing from crucial conservative fundraisers and unexpected quarters highlights the evolving political landscape as the primaries approach.
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