Oracle co-founder and Republican megadonor Larry Ellison is getting ready to spend thousands and thousands of {dollars} backing Sen. Tim Scott’s run for president.

The plans have been in movement because the 2022 midterms, when Ellison donated $30 million to a pro-Scott tremendous PAC, Alternative Issues Fund, in line with folks acquainted with the Oracle government chairman’s plans. Individuals who declined to be named for this story did so to be able to converse freely about non-public planning and deliberations.

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Scott introduced his marketing campaign Monday.

A Republican strategist and fundraiser near Ellison instructed CNBC that the businessman’s donations to the tremendous PAC this time are more likely to at the very least double what he gave in 2022.

The tremendous PAC through the midterms backed Scott and spent thousands and thousands extra for different Republicans operating for Senate seats, together with slightly below $2 million for failed Georgia Senate candidate Herschel Walker, in line with the nonpartisan OpenSecrets. The Alternative Issues Fund PAC has been rebranded for Scott’s White Home run with a brand new title: Belief In The Mission PAC, or TIM PAC.

Ellison attended Scott’s marketing campaign announcement Monday in South Carolina. Ellison, who has a internet price of about $115 billion, sat in a VIP part on the rally.

Scott praised Ellison on the rally, calling the businessman “one in every of my mentors.” A spokesman for the Scott marketing campaign didn’t return requests for remark.

Ellison contributed simply over $7 million to numerous political causes in 2020, together with $5 million to the Alternative Issues Fund and $1 million towards an excellent PAC that supported Sen. Susan Collins, R-Maine, as she succesfully ran for reelection, in line with OpenSecrets.

Ellison donated $5 million through the 2016 election cycle to the Conservative Options PAC, an excellent PAC that spent over $30 million backing Republican Sen. Marco Rubio’s failed bid for the presidency, in line with Federal Election Fee information. The PAC additionally spent thousands and thousands opposing former President Donald Trump, in line with the information.

One other veteran Republican fundraiser instructed CNBC that Ellison is already planning to donate as much as $10 million to the TIM PAC within the early going of Scott’s run. Ellison has signaled to allies that he may give at the very least between $20 million and $30 million extra this cycle, this particular person mentioned.

Ellison admires Scott an ideal deal for the senator’s robust assist for Israel, in line with a lobbyist who’s labored with Oracle and has recognized Ellison for years.

A current Morning Seek the advice of survey means that Scott is behind a lot of his Republican rivals. The ballot has Scott with 1% of main assist, with Trump main the ballot with 61%.

Ellison did not return a request for remark. A spokesperson for Oracle didn’t return requests for remark.

Ellison won’t be the one mega-billionaire in Scott’s nook because the 2024 race heats up.

The Republican strategist near Ellison additionally famous that Tesla CEO and Twitter proprietor Elon Musk may comply with his pal and supporter Ellison in backing the South Carolina senator.

Musk has not too long ago adopted Scott on Twitter, retweeted the senator’s tweet that includes the video of the marketing campaign announcement and praised a current Scott advert. “Nice assertion by @votetimscott!,” Musk tweeted on Friday. Musk, who has a internet price of about $176 billion, beforehand mentioned he would assist Florida Republican Gov. Ron DeSantis if he ran for president.

Musk didn’t return a request for remark.