Ken Griffin wants to reshape Miami—and maybe American politics | Fortune

Billionaire hedge fund boss Ken Griffin just gave Republican Byron Donalds another $5 million. That brings Griffin’s total to $15 million, more than any other donor has given the Republican’s political committee. The check landed as polls show Donalds clinging to a two-point lead over Democrat David Jolly. Election Day is Nov. 3.

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The $5 Million Check

The new money shows up on the committee’s own list of contributions. Kenneth Griffin, listed as “Founder CEO” at Citadel’s Miami address, gave $5 million on Oct. 15. It went to Friends of Byron Donalds, the political committee running alongside the Republican’s campaign.

That same list shows Griffin’s earlier $10 million check on July 17, a month before the Republican primary. Corporate accountability reporter Jason Garcia first flagged the new gift, and the Miami Herald confirmed it.

Why Florida Lets One Man Write $15 Million Checks

Florida limits how much anyone can give straight to a candidate. But political committees like Friends of Byron Donalds can take unlimited donations as long as they disclose them. That is the loophole Griffin is driving a truck through.

The result is a Republican campaign floating on mega-checks. According to an OpenSecrets analysis, Donalds has raised $148.8 million. About $48.4 million of it came from just 17 contributions of more than $1 million each.

A Tightening Race

Rep. Byron Donalds' town hall turns contentious over questions about DEI and Gaza

Griffin’s latest check comes as Donalds’ lead shrinks. A University of North Florida poll taken Oct. 12 to 19 has Donalds at 49% and Jolly at 47%. That is inside the margin of error. In July, the same pollster had Donalds up by five.

Even worse for the Republican, Jolly leads by 16 points among independents, and 11% of registered Republicans say they will vote for him. Florida has not elected a Democratic governor in 32 years. Suddenly the billionaires are nervous.

Griffin Is Buying Up Florida Politics

Griffin moved Citadel’s headquarters from Chicago to Miami in 2022. Since then he has shattered Florida’s fundraising records. The Miami Herald reports he has put at least $22 million into Florida state elections this year alone.

That includes $3 million for Republican state Senate campaigns, $3 million for Republican state House campaigns and $1 million to Republican Attorney General James Uthmeier’s political committee. One man. One party. Every level of state government.

He’s Not the Only Billionaire

Jolly, in Orlando, blasts Donalds over support for data centers

Griffin tops the committee’s donor list, but he has company. Pennsylvania billionaire Jeff Yass has given $7.5 million. Private prison and immigration detention giant GEO Group has given $3.5 million, including $1 million on Oct. 8.

Jason Garcia has reported that these checks “come with strings.” Jolly’s committee has billionaire donors too, including Illinois Gov. JB Pritzker. But OpenSecrets found Donalds still holds a $33.3 million cash edge heading into the final week.

What Donalds Says

Donalds has defended the money. Asked about Griffin’s first $10 million on WJCT’s “First Coast Connect”, he called campaign financing a matter of free speech.

“I’m not bought and paid for by anybody,” Donalds said. He argued that donors like Griffin back him only after vetting his vision for Florida, not to buy policy.

The Bottom Line

When a Republican’s lead starts slipping, the billionaires show up with checkbooks. Ken Griffin has now handed $15 million to Byron Donalds’ operation, more than any other donor, in a race that is suddenly a coin flip. Donalds swears he is not bought. Florida voters get to decide on Nov. 3 whether $15 million from one hedge fund king buys a governor.

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