Tester, seen here in the Capitol in 2018, has leaned into his rural roots as he tries to hold onto his seat.
AP Photo/J. Scott Applewhite
When his opponent, businessman and former Navy SEAL Tim Sheehy, won the Republican primary for Montana’s Senate seat in June, Sen. Jon Tester took to MSNBC to decry the money flowing in from out of state to support his opponent. “They’re trying to buy Montana, they’re trying to change it into a playground for the rich,” he said. “There’s going to be a lot of money put into this race trying to make me something that I’m not.”
Tim Sheehy does have plenty of billionaire backers who have cut checks to groups supporting him—and that’s not even counting former president and renewed 400 member Donald Trump, who has endorsed and campaigned with Sheehy (though hasn’t contributed a nickel). Montana’s deep-red partisanship on the presidential level makes Tester the most vulnerable Senate Democrat trying to keep his seat this year. But Tester, a farmer and three-term Senator, has plenty of billionaires and big money behind him, too.
examined Federal Election Commission records for every group that has opposed Sheehy or backed Tester, and found that every one of Tester’s top ten billionaire backers gave to Senate Majority PAC, a group that spends in or directs funds to Senate races across the country. (The group did not reply to a request for comment.) That approach stands in contrast to Sheehy’s conservative megadonors, who have given to a variety of different groups.
It’s also harder to track all of Tester’s biggest supporters. The super PAC that has spent the most in support of his candidacy, some $5.7 million as of the end of June, is called Last Best Place PAC. LBP in turn is entirely funded by Majority Forward, an entity that collaborates with, and shares leadership with, Senate Majority PAC. Crucially, though, Majority Forward is what is often referred to as a “dark money” group—meaning that because of its tax classification, it has more restrictions on its spending but also does not have to disclose its donors. And, as of its latest filings, it has given Last Best Place PAC $12.5 million; it’s also sent SMP checks worth $15.75 million this cycle.
As the sole funder of Tester’s biggest super PAC backer, Majority Forward sticks out—but dark money is a bipartisan game, and Sheehy has millions in untraceable money behind him, too. Charles Koch-linked groups have put plenty into a super PAC supporting him, and a group called One Nation reportedly dropped $15 million on conservative-leaning “issue ads,” which don’t technically count as supporting or opposing a candidate explicitly, in April.
In a statement, Tester spokesperson Monica Robinson emphasized the Senator’s “grassroots support,” adding that the average donation to his campaign has been less than $50. (The campaign has raised almost $44 million over the last six years, eclipsing Sheehy’s $13.7 million.) The Sheehy campaign did not respond to a request for comment.
Of the donors we could trace, here are the top ten members of the billionaires list who have given at least $1 million to groups backing Tester’s re-election bid.
Amount contributed to pro-Tester groups: $10 million
Net worth: $7.2 billion
Source of wealth: hedge funds
The 94-year-old Holocaust survivor seeded two super PACs, Democracy PAC and Democracy PAC II, with over $250 million in the last four years. Those PACs then cut checks to plenty of groups, including $10 million to SMP this cycle.
Amount contributed: $9.7 million
Net worth: $2.5 billion
Source of wealth: hedge funds
On top of their $6 million given to SMP, the Mandels have sent $2.5 million to a climate change-focused super PAC associated with the Environmental Defense Fund and over $900,000 to the Democratic Senatorial Campaign Committee, the official fundraising body for Senate Democrats.
Amount contributed: $7.5 million
Net worth: $31.4 billion
Source of wealth: hedge funds
Simons died on May 10 at age 86, but as recently as a week before his death, the longtime Democratic donor sent $2.5 million to SMP, the third such contribution this cycle.
Amount contributed: $7 million
Net worth: $5.2 billion
Source of wealth: Ebay
SMP has raked in four donations of $1.5 million or $2 million each in 2023 and 2024 from the former e-commerce company president.
Amount contributed: $4.1 million
Net worth: $2.6 billion
Source of wealth: hedge funds
Henry, who got his hedge fund start at Jim Simons’s Renaissance Technologies, and his wife Marsha have given to SMP and the DSCC.
Amount contributed: $2.3 million
Net worth: $1.6 billion
Source of wealth: real estate
Marcus sent $1 million to SMP and $300,000 to the DSCC last year, then wrote another $1 million check to SMP at the end of May.
Amount contributed: $2.1 million
Net worth: $7.5 billion
Source of wealth: computer hardware, venture capital
Beyond $2 million to SMP and $100,000 to the DSCC, Khosla sent a $5,000 check to Treasure State PAC, Tester’s “leadership PAC” that enables him to direct funds to other Democratic groups.
Amount contributed: $2 million
Net worth: $4.4 billion
Source of wealth: Netflix
Hastings gave SMP $2 million in May 2023, but hasn’t contributed since.
Amount contributed: $1.65 million
Net worth: $3.8 billion
Source of wealth: cable television
Amos, a Boston resident, sent SMP $500,000 checks in March and June. He also sent $400,000 to VoteVets, a progressive group that spends in races across the country, and both he and Barbara sent $125,000 to the Environmental Defense Fund group.
Amount contributed: $1.6 million
Net worth: $1.1 billion
Source of wealth: real estate heiress
The 70-year-old author and New Yorker has sent SMP three $500,000 checks, plus $80,000 to the DSCC and $10,000 to Treasure State PAC.
