Peter Thiel said to be giving $1.25M to the Trump campaign

Thiel has been a big supporter of Trump, even giving a major speech at the RNC

Financial trends and news by Steven Loeb
October 17, 2016
Short URL: http://vator.tv/n/47a3

Peter Thiel has turned out to be a rare thing in the tech world: an unabashed supporter of Donald Trump's bid to become President of the United States. 

Thiel has not only been a delegate for Trump, but was also a key speaker at the Republican National Convention. Now, with Trump falling quickly in the polls, due to a slew of recent scandals, Thiel is going to do anything he can do help the guy get elected, even going so far as to bankroll his campaign.

The PayPal founder is said to be donating $1.25 million of his own money to the Trump campaign, according to a report out from the New York Times on Sunday. That will include a combination of super PAC donations and funds given directly to the campaign.

If this report is accurate, that would be more than a 300 percent increase from all the previous donations from the tech industry combined to this point, which total less than $300,000 so far, according to data from Crowdpac.

Clinton, meanwhile, has raised $7.7 million from the same industry, according to the same data. That means she has raised 2,466 percent more money than Trump has.

While that's obviously good news for Clinton, it's also not great when compared to how much the tech world gave to President Obama's campaign.

report from Crowdpac in August found that donations this election cycle were down 68 percent from where they had been in 2012. By August of that year President Obama had raised $8.8 million, a number Clinton still has not been able to reach, and likely won't with less than a month left before the election ends.

In fact, the two candidates have only raised $8 million combined.

The Crowdpac numbers do not reflect the sizable amount given to the Clinton campaign by Facebook founder Dustin Moskovitz, along with and his wife Cari Tuna.

In September, the couple announced a major donation to a number of organizations to the Clinton Campaign in order help Democrats get elected in the fall. 

In total, they gave $20 million, which was spread across a number of different organizations: the Hillary Victory Fund, the DSCC, the DCCCm, the League of Conservation Voters (LCV) Victory Fund, For Our Future PAC, MoveOn.org Political Action, Color Of Change PAC, and several nonpartisan voter registration and GOTV efforts.

Earlier this month they announced they were donating another $8 to political advocacy organizations, including $5 million to Priorities USA, and up to $7 million to nonpartisan voter registration and get-out-the-vote efforts. 

Trump has been having a couple of really bad weeks on the campaign trail. Starting with the first debate, which voters said Clinton won handily, it's been nothing but bad news for the Republican nominee. He got into a Twitter war with a former Miss Universe, he got caught on camera saying some very untoward things about women and, most recently, has been accused of sexually assaulting a number of women. 

It's been one thing after another, resulting in members of his own party have unendorsing Trump, and the leadership of the party, most notably House Speaker Paul Ryan, completely abandoning him. 

So why is Thiel seemingly one of the last major donors to still be betting on Trump? Maybe it has something to do with rumors of Trump potentially nominating him to be a Supreme Court judge. That's a pretty plumb position, and I'd probably be backing a candidate also if there was even the possibility of getting a job like that.

It should be noted that both Trump and Thiel have denied the Supreme Court rumor. 

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