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Republican presidential candidates Newt Gingrich, Rick Santorum, and Jon Huntsman may have dwindling funds in their campaign coffers. But they each have billionaires backing their super PACs, allowing them to continue running top-shelf campaigns, Politico reports.
The fat cats include Las Vegas casino titan Sheldon Adelson, who just ponied up $5 million for the pro-Gingrich super PAC Winning Our Future – money that will allow the group to widely distribute a video blasting front-runner Mitt Romney for his tenure at private equity firm Bain Capital.
Meanwhile, Foster Friess, who built one of the country’s top money management firms, is providing major financial support for the Red, White and Blue Fund, the super PAC supporting Santorum. The group’s $537,000 of ad spending in Iowa may have played a crucial role in pushing the former Pennsylvania senator to a second-place finish in the Hawkeye State’s caucuses.
Huntsman was born wealthy. His father, Jon Huntsman Sr., founded Huntsman Chemical, which helped turn the entrepreneur into a billionaire. He has reportedly given millions to Our Destiny, a super PAC supporting his son.