Former U.N. ambassador Nikki Haley faces significant hurdles as she embarks on her presidential campaign. One major concern is her ability to secure the necessary financing to compete in the upcoming primary elections. New Federal Election Commission records reveal that the political action committee (PAC) supporting Haley, SFA Fund Inc, started the election year with a meager $3.5 million in cash. This raises questions about the viability of her campaign moving forward.
The report from SFA Fund Inc covers the period from July 1 through December 31, 2023, and indicates that the PAC raised just over $50 million during that time frame. However, its expenditures totaled nearly $63 million in support of Haley’s campaign. This significant spending imbalance leaves the PAC with a paltry amount in its war chest. In July, the PAC began with approximately $17 million but ended the reporting period with a significantly diminished sum.
As Haley’s wealthiest donors evaluate their ongoing support, recent electoral setbacks have dampened their enthusiasm. She experienced bruising defeats to former President Donald Trump in the Iowa caucuses and the New Hampshire primary. These defeats, coupled with the current polling data, indicate that Haley currently trails Trump by approximately 30 percentage points in South Carolina, her home state. This raises concerns about whether her campaign can effectively compete in the next major primary on February 24.
One particularly puzzling aspect of SFA Fund Inc’s financial report is how it managed to spend $14 million on advertisements supporting Haley since January 1. Data from the tracking firm AdImpact reveals that the majority of this spending occurred in Iowa and New Hampshire, with a mere $200,000 allocated to television spots in South Carolina. This disparity in spending distribution further accentuates concerns about the PAC’s financial management.
Mark Harris, a representative for SFA Fund, acknowledged the high ad spending in January but clarified that it did not deplete the PAC’s previous funds. Instead, he attributed the additional $10.5 million minimum spending to robust fundraising efforts during the month. However, specific details regarding the total amount raised in January and the PAC’s top donors remain undisclosed. The lack of transparency raises questions about the PAC’s financial stability and ability to sustain its momentum.
The filing from Wednesday sheds light on the significant contributions made by prominent donors to the super PAC supporting Haley. Ken Griffin, the CEO of Citadel, donated $5 million in December 2023, according to FEC records. However, confusion arose when Griffin’s spokesman initially stated that the donation occurred in January. After subsequent clarification, it was confirmed that the $5 million donation did indeed take place in December.
Other notable donors include Ken Langone, the co-founder of Home Depot, who gave just over $500,000, and David Tepper, a seasoned investor and the owner of the Carolina Panthers, who donated over $1 million. These contributions demonstrate some level of support for Haley’s campaign. However, more substantial financial backing is required to ensure its viability and competitiveness moving forward.
Nikki Haley faces an uphill battle in securing the financial support necessary for a successful presidential campaign. The meager cash holdings of SFA Fund Inc, coupled with significant expenditures and questions surrounding the PAC’s financial management, raise doubts about the viability of her campaign. As the election year progresses, Haley must rally her donor base and attract new supporters to overcome these challenges and establish herself as a competitive candidate in the primary race. Only time will tell if she can overcome these obstacles and secure the necessary financing needed to mount a significant campaign.
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