Rarefied company
The McCormicks’ liabilities similarly showcase their extraordinary wealth and connections.
They listed between $20 million and $93.5 million in liabilities, including for two mortgages and a line of credit of up to $25 million. Their other liabilities are for various “capital commitments,” meaning potential private equity investments, including as much as half a million dollars to Revolution’s “Rise of the Rest” seed fund.
The fund, run by the AOL founder Steve Case, invests in start-up companies outside of the usual Silicon Valley and East Coast haunts. Among the fund’s investors are Jeff Bezos, the Amazon founder; Gov. Glenn Youngkin of Virginia; Eric Schmidt, the former Google chief executive; James Murdoch, the son of the Fox News founder Rupert Murdoch; Tory Burch, the fashion designer; and David Rubenstein, a founder of the Carlyle Group.
One interesting coincidence here: J.D. Vance, who was once a managing partner at Revolution, is now a candidate for Senate in neighboring Ohio. Vance’s rags-to-riches personal story, as detailed in his book “Hillbilly Elegy,” was integral to the fund’s sales pitch.
Although Vance is nearly 20 years younger, the two men have led remarkably parallel lives. Like McCormick, Vance served in the U.S. military and went on to earn an Ivy League education before starting a career in finance. Both reinvented themselves as MAGA warriors as they decided to run for Senate seats in the Midwest.
But Vance scored Trump’s endorsement, while McCormick did not.
In Pennsylvania, McCormick has fought bitterly with Oz, trading accusations over which man has closer ties to China, who is a more committed conservative and who is the more authentic representative of the state. Each has plowed millions of his own money into the Senate contest — with McCormick having donated nearly $7 million to his campaign, and Oz contributing more than $11 million to his effort.