Watch CBS News

Gov. Glenn Youngkin's PAC raises over $4 million in 48 hours from billionaire donors

Virginia Gov. Glenn Youngkin raised $4.4 million in the last 48 hours in the final stretch before the state's midterm elections as several billionaires poured money into the race to win a Republican majority in the state Senate and defend the GOP majority in the House of Delegates. 

CBS News has exclusively learned that Jeff Yass, the billionaire founder and managing partner of Susquehanna Investment Group, donated $2 million to Spirit of Virginia, Youngkin's  PAC. 

This is Yass' first donation to the group.

Thomas Peterffy, a GOP megadonor, gave another $1 million to the PAC. This is the third time that Peterffy has contributed to Youngkin's PAC in this cycle, bringing his total up to $3 million. 

Petterfy has said he'd like to see Youngkin join the GOP primary as a late entrant in the 2024 presidential race and called him an "ideal candidate for the Republican Party." 

Campaign finance records also show that Youngkin donated $500,000 of his own money to the PAC ahead of the midterm elections, according to campaign finance records. 

His PAC says it now has $7 million in cash on hand with just about a month until the state-wide midterm elections. All 140 state Senate and House seats are on the ballot on Nov. 7. 

Between July 1 and Aug. 31, Republicans raised over $10.4 million while Democrats raked in about $15.8 million, according to the nonpartisan Virginia Public Access Project. 

Still, this has been a record fundraising year for the first-term governor and Republicans. In the third quarter, Youngkin raised $7.45 million, which his campaign says is nearly five times more than any previous Virginia governor. Former Governor Terry McAuliffe raised $1.6 million in 2015 during that midterm cycle. 

"Gov. Youngkin's now raised $15.5 million since March 1 to support our candidates," Dave Rexrode, Youngkin's PAC chairman, said in a statement to CBS News. "There is too much at stake and with 5 weeks to go we know the progressive liberal left will continue to outraise and outspend us. Gov. Youngkin is all in on making Virginia the best place to live, work, and raise a family."

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.