Former Bridgewater CEO Dave McCormick Could Receive Significant Financial Support For His Bid For The Pennsylvania U.S. Senate

Dave McCormick

Prior to announcing his second run for a U.S. Senate seat from Pennsylvania, Dave McCormick, former CEO of hedge fund giant Bridgewater Associates, was honored at a party hosted by fashion designer Tory Burch at her Hamptons estate. The event featured an elite guest list, including former Goldman Sachs executives Lloyd Blankfein, Steven Mnuchin, and Gary Cohn, as well as current Goldman Sachs CEO David Solomon and Bob Steel, vice chairman of investment banking firm Perella Weinberg. Many of these attendees are reportedly considering backing McCormick’s campaign against Democratic incumbent Sen. Bob Casey with campaign donations or fundraising efforts.

McCormick, who recently announced his Senate campaign, is expected to receive support from influential figures such as Paul Singer, president of Elliot Investment Management, and Blackstone CEO Steve Schwarzman. While some attendees have confirmed their support, others have not commented publicly.

McCormick’s previous Senate run in 2022, in which he competed against TV host Dr. Mehmet Oz in the Republican primary, involved significant spending, with both candidates collectively investing over $40 million of their own funds. The general election saw a total spending of over $350 million, making it one of the costliest Senate races of the 2022 cycle. Political strategists predict that the 2024 battle between Casey and McCormick could exceed these figures, given the competitive nature of the race and the importance of Pennsylvania in a presidential year.

Outside groups are already positioning themselves to spend heavily in the McCormick versus Casey race, indicating that it will be a closely watched and costly contest.

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