Gov. Glenn Youngkin’s PAC Raises Record Amounts, Beating Previous Three Governors

Virginia Gov. Glenn Youngkin speaking in Smithfield, Va., in October 2022. (Alex Wong/Getty Images)

Virginia Gov. Glenn Youngkin has raised more money than any other governor in Virginia’s recent history. His political action committee (PAC), Spirit of Virginia, says it has $7 million cash on hand and has raised $4.4 million in the past few days alone.

The funds are being used to help elect Republican candidates for the state’s upcoming Nov. 7 elections, in which all 140 seats for the Virginia Senate and House are up for grabs.

“Governor Youngkin has now raised $15.5 million since March 1, 2023, to support our candidates,” Dave Rexrode, chairman of the Spirit of Virginia PAC, told CBS. “Due to our incredible nominees, the opportunity we have to move Virginia forward, and our generous donors, we have already surpassed our own internal goal for the year, but we have more work to do.”

According to the Virginia Public Access Project (VPAP), Mr. Youngkin’s megadonors include billionaire Jeff Yass, who donated $2 million to the PAC. Billionaire Thomas Peterffy also donated $3 million this year.

Since Virginia has no limit to the amount someone can donate, it allows for huge sums of money from donors like Mr. Peterffy and Mr. Yass.

Mr. Yass’ donation is of particular concern to some because he is the co-founder of the trading firm Susquehanna International Group, which bought shares in TikTok’s parent company, ByteDance. The Wall Street Journal reported in September that Mr. Yass’ personal stake in the Chinese-owned company is 7 percent.

The outlet also reported that Mr. Yass has been leading an effort to keep the app from being banned in the United States. The Epoch Times reached out to the Spirit of Virginia PAC and Mr. Yass’ organization for comment.

TikTok logo on an iPhone in London on Feb. 28, 2023. (Dan Kitwood/Getty Images)

Virginia Democrats criticized Mr. Youngkin’s PAC for accepting the donation since he claims to be against the use of TikTok and banned it on government devices in late 2022. “TikTok and WeChat data are a channel to the Chinese Communist Party, and their continued presence represents a threat to national security, the intelligence community, and the personal privacy of every single American,” the governor said at the time.

Del. Don Scott, minority leader for the Virginia House Democrats, commented on the donation on social media.

“Youngkin’s tough-on-China act is just performative. He made serious $$ partnering with Communist China at Carlyle Group. Now he’s taking TikTok derivatives in cash from TikTok donors,” Mr. Scott wrote on X.

In reaction to Mr. Scott’s comment, Mr. Rexrode told The Epoch Times in an email that “the progressive left is wholly owned and funded by special interests,” and that Mr. Scott and Virginia Democrats have no message and nothing to offer Virginians.

“For instance, they take marching orders from Joe Biden and D.C. and an activist who wants California to dictate the car Virginians drive,” he said.

According to campaign finance records, Mr. Youngkin has donated $1.5 million of his own money to the PAC. VPAP reported that from April 2022 to June 2023, the Spirit of Virginia PAC received a little over $6 million from Virginia donors, $5.7 million from out-of-state donors, and $1 million from lobbyists in donations of $10,000 or more.

In the second quarter of 2023, Mr. Youngkin’s out-of-state donations more than doubled compared to the first quarter, according to VPAP.

The Virginia Senate meets in Richmond, Va., in a file image. (Drew Angerer/Getty Images)

In the second quarter of their second years in office, Mr. Youngkin’s predecessors had significantly fewer large donations, including Gov. Bob McDonnell who raised $1.8 million, Gov. Terry McAuliffe who raised nearly $1 million, and Gov. Ralph Northam who raised a mere $116,000, according to VPAP.

The Democratic Legislative Campaign Committee and Democratic National Committee are also putting significant funding toward Virginia elections to get back control of the state House and keep control of the Senate.