Speed Reads

If you can't beat 'em, beat 'em

Sheldon Adelson is no longer the top super PAC donor

Casino magnate Sheldon Adelson became famous in the 2012 campaign for sinking nearly $50 million of his own fortune into super PACs, trying to find a Republican candidate of his liking who could beat President Obama. Adelson's $49.8 million record was topped last month, The New York Times reports, by fellow billionaire Tom Steyer, who has now given $55 million to his NextGen Climate Action Committee super PAC.

Steyer, an environmentalist who made his fortune in hedge funds, wants his money to elect Democrats in U.S. Senate and state governor races, with an eye toward influencing environmental policy. NextGen has spent its money on both TV ads in Senate races and also donated to environmental PACs and state party organizations. Steyer officially topped Adelson on Monday night, when NextGen reported a $15 million donation from its founder.