After the Democrats’ 2024 election losses, the neoliberal think tank Third Way is pushing the party to reduce its dependence on small-dollar donors. While Third Way doesn’t specify how the Democrats should replace those funds, its own funding comes from wealthy investors and groups backed by billionaire Democratic donors like Bill Gates and Reid Hoffman, raising questions about whether these elites are angling for greater sway over the party’s direction.
In a five-page memo of “takeaways” from a recent retreat with Democratic staffers and consultants, Third Way asserts that small-dollar donors’ preferences “may not align with the broader electorate” and urges a shift away from their dominance. The memo stops short of naming alternative funding sources, but the implication is clear: less grassroots support would likely mean more reliance on big checks from super PACs and wealthy donors. Alongside calls to curb “far-left influence,” adopt a “pro-capitalist” stance, and stop “demonizing wealth and corporations,” the memo paints a picture of a party steered by the wealthy, for the wealthy.
Founded in 2005, Third Way has long nudged the Democratic Party toward market-friendly policies, backing corporate-shaped proposals like the Trans-Pacific Partnership while opposing measures like Medicare for All that threaten insurance profits. Closely tied to influential congressional Democrats—Sens. Chris Coons, Colin Allred, and Lisa Blunt Rochester were among its latest honorary co-chairs—the group has a direct line to shape party priorities.
As a “dark money” nonprofit, Third Way is not required to disclose its donors—and it doesn’t do so voluntarily. But with the group angling to steer Democrats away from grassroots support, I dug into tax filings and corporate disclosures to uncover who’s been bankrolling its efforts in recent years. The results reveal a web of billionaire liberal megadonors, Democratic dark money funnelers, Fortune 500 CEOs, and corporations with plenty to gain from a more corporate-friendly Democratic Party.
