Big Money Propelled Both Pro and Anti Prop 50 Campaigns

"The latest campaign financing reports for California's Proposition 50 campaign show $50.4 million raised to support the ballot measure and $44.3 million raised in opposition to the congressional redistricting plan. Most of the money raised both for and against today's ballot measure came from fewer than 20 total contributors, according to lists compiled by the state's Fair Political Practices Commission. The latest reporting date to the California Secretary of State before the election was Oct. 23."

"The top 10 contributors to Yes on 50, Governor Newsom's Ballot Measure Committee totaled 95% of the campaign's money. Topping the list were two national political action committees, the House Majority Political Action Committee for Prop 50, $16.4 million, and the Fund for Policy Reform, $10 million. Three of the biggest state labor unions were among the biggest contributors to the pro-Prop 50 campaign, according to a summary prepared by the Fair Political Practices Commission: the California Teachers Association, $3.9 million;"

"the California Nurses Association, $3.3 million; the National Education Association (teachers), $3 million, and the United Brotherhood of Carpenters, $2 million. A political action committee of the Consumer Attorneys of California also contributed $2 million. Funds remaining from the governor's 2022 campaign contributed $2.6 million, and renowned Welsh billionaire venture capitalist Michael Moritz pitched in $2.5 million. Former Google CEO Eric Schmidt and his wife Wendy Schmidt each contributed $500,000 to the pro-Prop 50 campaign."

Campaign finance totals show $50.4 million raised in support of Proposition 50 and $44.3 million raised in opposition to the congressional redistricting plan. Fewer than 20 contributors provided most funds on both sides, and the reporting date was Oct. 23. The top 10 contributors to the pro-Prop 50 committee supplied 95% of its money, led by two national PACs giving $16.4 million and $10 million. Major state labor unions and wealthy individuals including Michael Moritz, Gwendolyn Sontheim, and Eric and Wendy Schmidt also donated to the pro campaign. Nearly 75% of opposition funding came from Charles Munger Jr.

Read at San Jose Inside