IE 11 is not supported. For an optimal experience visit our site on another browser.
Image: PA GOP Senate Candidate Dave McCormick Holds Primary Election Night Party
Pennsylvania GOP U.S. Senate candidate Dave McCormick and his wife, Dina Powell McCormick on May 17, 2022 in Pittsburgh, Pa.Jeff Swensen / Getty Images file

Wealthy candidates eye Senate races despite past losses

Republican Matt Dolan has jumped into the Ohio Senate race, and other wealthy candidates are considering runs.


Former Ohio state Sen. Matt Dolan says he will again spend his own money on his Senate campaign, despite losing the GOP primary last year. And he might not be the only big-spending candidate to give it another try.  

Several wealthy candidates are eyeing Senate bids, and if they decide to run, they can upend their races by pouring millions of their own money into their campaigns. But that doesn’t necessarily mean they will succeed. 

Last year, multiple self-funders did not win their primaries despite spending millions on their Senate races. That includes Dolan, who spent $10.6 million of his own money on the primary, where he came in third place. And some wealthy candidates who did go on to the general election, such as Pennsylvania Republican Mehmet Oz, lost in November. 

But that recent record doesn’t appear to have discouraged other wealthy candidates from reportedly considering Senate campaigns. 

Also in Ohio, businessman Bernie Moreno is also considering challenging Democratic Sen. Sherrod Brown. Moreno loaned his Senate campaign $3.8 million last year before dropping out of the GOP primary. 

In Pennsylvania, former hedge fund manager Dave McCormick is considered a potential candidate for Senate in 2024 after falling short in last year’s GOP Senate primary. McCormick, who spent $14.5 million of his own money on the race, lost to Oz, a celebrity doctor who also spent millions on the race. 

Arizona Republican Blake Masters, lost the 2022 Senate race, is also reportedly considering another run for Senate next year. Masters, who ran billionaire Peter Thiel’s investment firm and foundation, spent $1.1 million of his own money on the race last year. 

The Montana Senate race is a top target for Republicans, and they could field wealthy candidates in that race as well, including GOP Rep. Matt Rosendale, a former real estate developer. The two-term congressman’s net worth is at least $9.3 million, per a recent financial disclosure report. 

And in Indiana, former GOP Rep. Trey Hollingsworth, also a wealthy real estate developer, is considered a potential Senate candidate. Hollingsworth spent $3.1 million of his own money when he first ran for Congress in 2016.