The 91-year-old Soros, who made his fortune in hedge funds, is infusing the money into the Democracy PAC, which he set up in 2019 to serve as his main political action committee to support Democratic causes, candidates and committees. Soros channeled roughly $80 million into the group during the 2020 cycle.
Soros said the massive new infusion of money will back pro-democracy "causes and candidates, regardless of political party" who are invested in "strengthening the infrastructure of American democracy: voting rights and civic participation, civil rights and liberties, and the rule of law."
Soros, who shared his statement first with Politico, added that the money was designed as "long-term investment" that would support efforts well past November’s midterms.
Soros’ son Alexander Soros will serve as the PAC's president.
The new donation will likely place the elder Soros among the top political donors in the 2022 midterms and makes him one of the few who’ve contributed an eye-popping nine figures in recent election cycles.