The Trump-backed Sheehy has a lead in a Senate race that could determine control of the chamber.
AP Photo/Rick Baumer
“You have a very important job to do,” Tim Sheehy, the GOP Senate candidate in a close race in Montana, told a raucous crowd in Bozeman in August. “If Donald Trump gets into the White House and doesn’t have a Senate, he’s not going to get things done — you have to give him the Senate by retiring Jon Tester!” Trump took the stage shortly after. “I must love Tim Sheehy a lot to be here, I have to tell you that,” the New York-born billionaire said. “He better win.”
Behind the scenes, there are a lot of billionaires who like Tim Sheehy too, enough to put a lot of money behind him. Forbes examined Federal Election Commission records for every group that supported Sheehy or opposed Tester in the high-stakes race. In total, 12 billionaires have donated more than $1 million to these groups since 2023.
Some, like hedge funder Ken Griffin, have donated to organizations focused on Montana in particular. In 2023, Griffin sent $5 million to a group called “More Jobs, Less Government” that funneled nearly $11 million into defeating Tester, according to the most recent filings. In May, Griffin cut a $1 million check to the Sentinel Action Fund, a group that splits its money between Montana and Ohio, another red state where an incumbent Democrat is trying to retain his seat. (A spokesperson for the group added that they also spent on voting advocacy actions in Pennsylvania and Nevada, which, unlike ads, do not always appear in the same FEC data.) “Promoting freedom and delivering real results for hardworking families,” Griffin wrote in a statement to Forbes. “America will be well served if talented leaders and veterans like Tim are elected to serve in the Senate.”
Other billionaires have become major supporters of Sheehy because they are major donors to conservative groups that spend money across the country. For example, Americans for Prosperity is an established right-wing group that has committed more than $3 million to support Sheehy as of its most recent filings — but it also supports Republican candidates in Pennsylvania, Nevada, Ohio, and Wisconsin, spending more than $31 million. He backed Nikki Haley over Donald Trump for the 2024 Republican nomination. The group’s largest donors, and thus Sheehy’s biggest donors, this cycle were members of the Walton family and two organizations associated with Charles Koch. “Our staff and volunteers have been canvassing across the state for nearly a year,” Jesse Ramos, an advisor to Americans for Prosperity, told Forbes. “It is time to usher in a new era of leadership.”
Sheehy’s donors “want to turn Montana into their personal playground,” wrote Monica Robinson, a spokeswoman for Tester’s campaign. Sheehy’s campaign did not respond to a request for comment.
Large checks, especially in a small state like Montana, can make a big difference. In this case, they are helping Sheehy, a businessman and former Navy SEAL who has invested nearly $2.5 million of his own money in his campaign, maintain his slight lead in the polls, even as Tester, a farmer who leans toward his rural roots In advertisements. He refused to endorse Kamala Harris in the presidential race, as he received support from billionaires.
Here are every member of the Forbes billionaires list who has donated at least $1 million to groups supporting Sheehy’s Senate bid since 2023:
Amount contributed by pro-Sheehy groups: $65 million
Net worth: $67.5 billion (including family)
Source of wealth: Koch, Inc.
Koch Industries (now Koch, Inc. after rebranding in August) and the Stand Together Chamber of Commerce, respectively run and founded by Charles Koch, have pumped money into Americans for Prosperity Action, the conservative super PAC for some time Long.
Contribution amount: $25 million
Net worth: $267 billion
Source of wealth: Walmart
The children of Sam Walton, one of Walmart’s three founders, also donated $10 million each to Jim and Rob and $5 million from Alice this cycle to AFP Action.
Contribution amount: $6 million
Net worth: $43 billion
Source of wealth: Hedge fund
Griffin sent checks to More Jobs, Less Government and the Sentinel Action Fund, both major political action committees focused on Montana (and in Sentinel’s case, Ohio as well). He also sent $6,600 directly to Sheehy’s campaign.
Contribution amount: $5 million
Net worth: $45.4 billion
Source of wealth: investment
On top of the $5 million for the More Jobs, Less Government program — $4.6 million of which he donated in June — the Blackstone co-founder and his wife, Christine, gave $9,900 directly to Sheehy.
Contribution amount: $4 million
Net worth: approximately $1 billion
Source of wealth: inheritance, railways
The grandson of Gilded Age banking titan Andrew Mellon wrote a check for $4 million to the Sentinel Action Fund in March.
Contribution amount: $2 million
Net worth: $12.8 billion
Source of wealth: insurance
Patrick Ryan and his wife, Shirley, each gave $500,000 to AFP Action in December 2023 and January 2024, for a total of $2 million. They also both sent $20,000 to the Montana Republican Party. He declined to comment through a spokesman.
Contribution amount: $1.8 million
Net worth: $2.4 billion
Source of wealth: sandwich chain
Sandwich chain founder Jimmy John’s and his wife, Leslie, distributed their donations across multiple groups. The largest portion, $1.6 million, went to the Sentinel Action Fund. But the Montana Republican Party, Sheehy’s own campaign and a joint fundraising committee linked to Louisiana Sen. John F. Kennedy also saw contributions. Liautaud declined to comment.
Contribution amount: $1.75 million
Net worth: $6.2 billion
Source of wealth: Hedge fund
Singer sent $1 million to More Jobs, Less Government, $750,000 to the Sentinel Action Fund and $6,600 directly to Sheehy’s campaign.
Contribution amount: $1.5 million
Net worth: $6.9 billion
Source of wealth: Hedge fund
Druckenmiller sent AFP Action a total of $1.5 million in 2023, but has made no public donations this year.
Contribution amount: $1.25 million
Net worth: $45.2 billion
Source of wealth: digital trading
Peterffy cut a $1 million check to the Sentinel Action Fund and sent another $250,000 to the Cornyn Victory Committee, a joint fundraising organization linked to Texas Sen. John Cornyn that distributed more than $200,000 to Sheehy. He declined to comment.
Contribution amount: $1.15 million
Net worth: $4.6 billion
Source of wealth: real estate
The son of former independent presidential candidate and late billionaire Ross Perot (who died in 2019), Perot Jr. and his wife — both from Texas — have donated more than $1 million to Cornyn’s Victory Committee this cycle.
Contribution amount: $1 million
Net worth: $6.7 billion
Source of wealth: construction and mining
Most of the Warren family’s donations went to Cornyn’s Victory Committee, but Kelsey also sent $50,000 to More Jobs, Less Government and $10,000 to the Montana Republican Party.
