Wall Street donors sit on their millions as Trump surges ahead

Seventy-four days before the Iowa caucuses, the biggest donor set in America is still undecided on the Republican presidential field, leaving millions up for grabs in what is expected to be the most expensive election ever.

While Democratic backers like George Soros have targeted their giving to the Biden Victory Fund, financiers on the other side of the aisle are still casting about for an alternative to Donald Trump, switching horses and hedging their bets, mostly with little real enthusiasm. Some have kept their millions on the sidelines entirely, waiting to see if anyone can mount a surprise showing in Iowa.

“Big donors are trying to figure out what’s going to happen, rather than make something happen,” said Mike DuHaime, a Republican strategist who guided Chris Christie’s governors races. “They need to stop playing pundit and start playing advocate. Debating over who could beat Trump just continues to delay and delay and that only advantages Trump.”