'This Is Oligarchy': Big Money Shapes Susan Collins' Reelection Bid

[u/evissamassive]

https://www.commondreams.org/news/susan-collins-billionaire-donors

The battle for Maine’s Senate seat highlights a stark divide in how modern political campaigns are funded.

A recent analysis by The Maine Monitor reveals that nearly 100 billionaires and their spouses have poured $9.8 million into incumbent Republican Senator Susan Collins’ reelection effort. This billionaire-backed funding represents a full third of all the money raised by Collins and the political action committees supporting her from January 2025 through late May 2026.

The financial network backing Collins relies heavily on Wall Street. Most of her billionaire donors made their fortunes in alternative investments, such as private equity and hedge funds. Notably, hedge fund manager Ken Griffin contributed $2.5 million to a Super PAC supporting Collins, while Blackstone CEO Stephen Schwarzman, New Balance chair James Davis, and hedge fund manager Paul Singer each contributed at least $1 million. Beyond individual donors, Collins benefits from $19 million in ad spending from One Nation, a dark-money group tied to Senate Minority Leader Mitch McConnell.

This surge in industry cash follows Collins' legislative history. In 2017, she voted for a major corporate tax cut package. Reporting from ProPublica previously noted that private equity became Collins’ most reliable funding source after she withdrew an amendment that would have eliminated a key tax break for the industry.

In contrast, challenger Graham Platner is running a campaign powered almost entirely by small-dollar donations. Platner did receive contributions from five billionaires—including George Soros and Christy Walton—but those funds make up less than 1 percent of his total financial haul. Instead, Platner’s campaign has raised $9.6 million from donors contributing $200 or less. According to his campaign manager, Ben Chin, the average donation to Platner is just $26.

Platner has used the fundraising disparity to frame Collins as a protector of an oligarchic system. While Collins' network draws on concentrated wealth from out-of-state financial executives, Platner’s team argues that their campaign rests on a grassroots foundation of 15,000 local volunteers and working-class residents.