Cruz presidential bid aided by billionaire donors
WASHINGTON (AP) — Four of America's wealthiest businessmen laid the foundation for Ted Cruz's now-surging Republican presidential campaign and have redefined the role of political donors.
The $36 million committed last year by these donor families is now going toward television, radio and online advertisements, along with direct mailings and get-out-the-vote efforts in early primary states.
The donors' super political action committees sponsored rallies Saturday in Iowa featuring Cruz and conservative personality Glenn Beck.
The long-believing benefactors are New York hedge fund billionaire Robert Mercer, Texas natural gas billionaires Farris and Dan Wilks, and private-equity partner Toby Neugebauer.
More typically, multiple donors turn over their money and leave the political decisions to professional strategists.
Ethanol advocates point to his oil and gas donors as the reason he wants to discontinue that government subsidy for the corn-based fuel.
The elder Mercer, 69, is a former computer programmer and co-CEO of Renaissance Technologies, one of the country's largest hedge funds.
Mercer has attended conferences promoting a return to the gold standard in monetary policy, which Cruz advocates.
The Wilkses met and became fond of Cruz after his election to the Senate, and Neugebauer persuaded them over barbecue in the first months of 2015 to participate in the Keep the Promise plan.
The candidate and hundreds of religious leaders gathered last month at Farris Wilks' central Texas ranch, an event hosted by Keep the Promise.
Since mid-December, the Keep the Promise super PACs have documented about $4 million in independent expenditures to help Cruz or attack other candidates — most often Florida Sen. Marco Rubio, federal election records show.
In mid-July, Keep the Promise posted on its website a slide-show presentation called "Can He Win?" The document predicted it would be "very difficult for Establishment to destroy the conservative challenger."