J.D. Vance made nearly $1 million in runup to Ohio Senate campaign
JD Vance (the venture capitalist, author of “Hillbilly Elegy”) takes photographs with supporters following a rally in Middletown on Thursday, July 1, 2020. He announced that he will be joining the Republican field for the Ohio U.S. Senate Seat being held by Rob Portman.
J.D., Republican Ohio Senate Candidate Vance is an allie of Peter Thiel the billionaire tech investor and was a proponent of Trump-style conservative popism.
According to Vance, most of Vance’s income came from Thiel-backed venture capital firms and royalties earned from “Hillbilly Elegy,” his best-selling memoir. financial disclosure, which was reviewed by CNBC.
Vance’s campaign spokeswoman did not respond to a request for comment regarding the disclosure. Vance seemed to have skipped the 90-day deadline for filing by Oct. 29, although his spokeswoman suggested previously to CNBC that Vance had another 30 days.
“We are waiting to receive a few extra pieces for the report. We will file within the 30 day period as per the rules once we have received it,” Taylor Van Kirk spokeswoman for Vance, telling CNBC last month.
Vance made his candidacy public in summer. Vance has focused his efforts on attacks against Big Tech in the U.S. Senate race that Sen. Rob Portman is leaving the Senate seat that he represented in Ohio. According to the latest disclosure report, however, much of his income came from ventures related to Thiel and other tech investors.
Vance received just under $400,000 as salary last year through his Ohio-based venture investment firm Narya Capital. Thiel is backing the firm worth $93million along with fellow tech investors Eric Schmidt, Marc Andreessen and Scott Dorsey. according to Axios. Thiel has put $10 million toward a super PAC backing Vance. Vance used to work at Mithril Capital which Thiel co-founded.
Vance received $125,000 in salary from the Rise of the Rest Seed Fund. This is a Washington, D.C.-based Revolution startup investment arm that was established by Steve Case, co-founder of AOL. J.D. also paid Vance $125,000 salary. According to Ohio business records Vance Enterprises LLC was created to manage and promote J.D., a policy analyst and commentator. Vance.”
Vance’s book, “Hillbilly Elegy,” was licensed to royalties. It was made into a Netflix film last year.
The disclosure includes investments in dozens of businesses, including Anduril Industries which is a defense-tech company that has for many years received government contracts worth millions of dollars.
Palmer Luckey (another supporter for former President Donald Trump) founded Anduril. Vance disclosed that the investment was worth $1,000 to $15,000 in corporate securities, and that he received very little from the sale. Thiel is also an investor into Anduril, according to a report by Bloomberg.
Vance has Narya Capital listed under his assets. The fund’s returns have given Vance an extra $1 million.
Vance also includes BTC (the abbreviation used for bitcoin) in his asset list. Vance’s investment in BTC is estimated to be between $100,000 and $250,000. Vance was previously blastedHe is also working to regulate cryptocurrency. Additionally, he owns Walmart stock worth between $50,000 to $100,000.
Vance will be running for the Republican nomination to the Ohio U.S. Senate seat against Josh Mandel (a right-winger), among other candidates. U.S. Rep. Tim Ryan is one of those Democrats who are running for this seat. He ran as a presidential candidate in the 2020 primaries. Trump took the state in 2016 as well as 2020.