Peter Thiel is (allegedly) having second thoughts.
The billionaire, right-wing megadonor reportedly has decided that he’s done bankrolling political candidates because Republicans are too focused on fighting cultural battles over abortion and transgender rights.
If true, he’s not alone. Billionaire GOP donor Thomas Peterffy similarly told the Financial Times in April that he had qualms about Florida Gov. Ron DeSantis’ relentless crusade against abortion, drag queens and “woke” books. “I have put myself on hold,” he said. “Myself, and a bunch of friends, are holding our powder dry.” (A few days later, Peterffy wired $1 million to Virginia Gov. Glenn Youngkin’s political action committee.)
It’s too soon to know whether this marks a widespread shift among the billionaire funders.
The trickle of discontent threatens to become a deluge. Other well-heeled GOP donors, including Citadel CEO Kenneth Griffin, are also reportedly rethinking their 2024 contribution plans. Andy Sabin, chairman of Sabin Metal Corp., expressed similar reservations, telling Reuters, which also reported Thiel’s alleged decision to stop funding Republican campaigns, citing interviews with his associates, that “if it wasn’t for abortion and the book-banning, there would be no question I would support [DeSantis].”
It’s too soon to know whether this marks a widespread shift among billionaire funders, or whether it will even make any difference. Despite the qualms of the donors, Republican candidates continue to race to the right on culture issues, and the GOP donor class has a long history of getting back in line.
But all of this, if true, does raise a nagging question for Thiel and company: “What did you expect?”
For years, these donors funded candidates who rushed to embrace every meme and narrative of the culture war: from transgender bathroom etiquette and pronouns to variously nebulous and nonsensical attacks on “wokeness.” They backed candidates who publicly…
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