James Murdoch, a son of media tycoon Rupert Murdoch, previously donated $100 million of Disney stock to his nonprofit foundation Quadrivium, and part of that money was utilized by the foundation to fund political groups, according to a report.
CNBC said that it discovered the massive donation from Murdoch and his wife Kathryn after examining the foundation’s 2019 tax return which the foundation had supplied.
The tax data revealed that out of the $100 million, more than $25 million was directed for grants, including several political causes. CNBC said that the $25 million figure is the most the husband and wife have shelled out through their foundation for political causes.
A source close to the family who wished to remain anonymous indicated that the $25 million figure represented just a portion of the Murdochs’ large investments through the 2020 election cycle, the outlet reported. The Murdoch family controls News Corp. and Fox Corp., which includes the Fox News Channel.
The foundation since 2019 committed to providing more than $43 million for climate-related organizations. More than $38 million, which involved $14 million in Quadrivium contributions and $24 million in contributions from Murdoch and his wife, was directed to election groups, including groups committed to defending voting rights, the outlet said.
James and Kathryn Murdoch gave more than $20 million to Joe Biden’s campaign, organizations backing Biden and opposing Trump, and organizations committed to disrupting threats and extremism online, CNBC said, adding that they gave to groups committed to getting out the vote amid the Peach State’s Senate runoff contests in January.