American Oligarchy: Meet the Billionaire Mega-Donors Behind the Biden Presidency


by Alexander Marlow, Breitbart:

Liberals used to decry the influence of money in politics. But in Joe Biden’s America, we have seen the rise of a noxious new generation of left-wing donors. I identify some of the biggest power players in Joe Biden’s American in my book New York Times bestselling book Breaking Biden.

Joe Biden is the quintessential oligarch. He has empowered America’s moneyed elite, and they have empowered him. Biden’s 2020 campaign was the first to raise over $1 billion. Democrats raised $600 million more in “dark money” than Republicans in 2020. Look for those numbers to explode even higher in 2024.


It is important to understand a key principle in modern Democratic politics: if you’re not at the table, you’re on the menu. Today, it’s Joe Biden’s table, and he’s happy to provide the entertainment.

Remember, unlike Joe Biden, all of these oligarchs are good with money. They aren’t giving away tens of millions of dollars out of the goodness of their heart. They want something in return. In each and every case, Joe Biden serves a purpose for them — maybe many purposes.

Let’s meet Joe’s billionaire cabinet:

Dustin Moskovitz (net worth: $11.6 billion)

Dustin Moskovitz speaking at an event on November 8, 2017 in Lisbon, Portugal. (Horacio Villalobos – Corbis/Getty Images)

Perhaps no other megadonor has distinguished themselves in the Biden years as much as Dustin Moskovitz, a cofounder of Facebook. He is a rising power player on this lisrt. It wasn’t until the Biden years that Moskovitz solidified himself as one of the major power brokers on the institutional left.

Dustin Moskovitz, co-founder of Facebook, delivers his keynote address on October 24, 2007, in San Francisco, California. (Kimberly White/Getty Images)

Moskovitz gave roughly $50 million total in the 2020 election cycle, including $20 million to the Future Forward PAC, one of the main committees supporting Biden. Future Forward (more on this PAC below) spent more than $180 million across the 2020 and 2022 elections. Employees of Asana, Moskovitz’ current company, contributed $6.1 million in 2022. The Biden campaign recently moved to make Future Forward the campaign’s main PAC for the 2024 election, making Moskovitz and his machine an integral piece of the Democrats’ infrastructure.

Moskovitz now has the ear of the administration at a crucial time for tech policy, especially artificial intelligence. In fact, one of his organizations is already bankrolling dozens of staffers helping shape AI regulations.

Eric Schmidt (net worth: $26.2 billion)

Google Chairman Eric Schmidt at the World Economic Forum (WEF) in Davos, Switzerland, on Jan. 22, 2015. (Chris Ratcliffe/Bloomberg via Getty Images)

Eric Schmidt spent 20 years heading Google and its holding company, Alphabet, holding titles like CEO and executive chairman.

The political contributions Schmidt and related organizations have made over the years have been large and numerous. Google has given more than $11 million to mostly Democrat political causes and has a $75 million lobbying record. Since its founding, Alphabet has given $59 million, again to mostly Democrats, and lobbied the government with upward of $119 million. Joe Biden was the largest recipient of this largesse during the 2020 cycle, receiving just under $4.5 million. Schmidt gave $775,000 to the Future Forward PAC, which has also been funded by other top Democrat donors from Big Tech like disgraced crypto “entrepreneur” Sam Bankman-Fried ($10 million) and Facebook’s Dustin Moskovitz ($91.78 million).

Schmidt left the Alphabet in 2020 and has turned his focus to his philanthropic foundation, Schmidt Futures, which paid the salaries for two employees in Joe Biden’s Office of Science and Technology Policy. This raised ethics concerns, as there were “a large number of staff with financial connections to Schmidt Futures,” according to the office’s then general counsel Rachel Wallace.

Eric Schmidt speaks on Capitol Hill in Washington, DC, on Feb. 23, 2021, during a hearing on emerging technologies and their impact on national security. (AP Photo/Susan Walsh)

Schmidt helps fund the A.I. tech companies Abacus.AI and Civis Analytics, which aided Democrat campaigns, including Biden’s 2020 effort to target voters.

When Democrats use A.I. to try to ensure victory in 2024 (and they will), pay attention to who is behind those efforts. I’ll bet big money on Schmidt.

Jeffrey Katzenberg (net worth: $900 million)

Jeffrey Katzenberg arrives at a state dinner in honor of Chinese Communist leader Xi Jinping at the White House in Washington, DC, on Sept. 25, 2015. (Andrew Harrer/Bloomberg via Getty Images)

Despite being the instigator of Hollywood’s decline (as thoroughly documented in Breaking Biden), Joe Biden has avoided the ire of the entertainment establishment. In fact, he continues to bag mountains of their cash. In the summer of 2020, Jeffrey Katzenberg and George Clooney held a virtual event for Biden and his vice-presidential running mate Kamala Harris that charged $100,000 per ticket. The following week, Tom Hanks held a fundraising event for Biden. By late August, Katzenberg had held events for Biden that had raised a reported $13 million that election cycle. In May 2023, Katzenberg told the Financial Times that he would pledge Biden “all the resources” he needs to win reelection in 2024.

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