Last year, Dave McCormick earned more than $22 million as CEO of the world’s largest hedge fund, a position he left to compete for the U.S. Senate in Pennsylvania, according to a financial disclosure form that provided the public with its first comprehensive look at the candidate’s finances.
McCormick and his wife estimated the worth of their assets to be between $116 million and $289 million, which included a significant investment in Bridgewater Associates, the company he led until early January. He would be among the wealthiest U.S. senators if elected.
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McCormick is one of three ultra-wealthy candidates from out-of-state, including celebrity physician Mehmet Oz, seeking the Republican nomination for Pennsylvania’s vacant Senate seat. The primary is on May 17, and the general election in November to replace retiring Republican Senator Pat Toomey could impact party control of the chamber.
He moved to Pennsylvania from Connecticut, where he had lived and worked for Bridgewater for many years.
McCormick, who is seen as his major contender for the nomination, uses his personal money to support his campaign, as does Oz. As of March 31, according to his most current campaign finance disclosure, the businessman had contributed over $7 million to his campaign. Before commencing his campaign, McCormick was almost unknown to Pennsylvania voters. Since then, he has spent millions of dollars on television advertisements portraying him as a jeans-wearing, Pennsylvania-born commoner who achieved success.
McCormick listed more than 160 valuable assets, including stocks, mutual funds, corporate and government bonds, and real estate, in a statement he made after business hours on the Friday before the Easter weekend.
He owns Dallas and New York City properties valued between $10 million and $50 million. These homes collectively generated between $200,000 and $2,000,000 in rental income, according to the disclosure, which requires candidates to disclose a range rather than an exact figure. McCormick also has a ranch in Colorado and a farm near Bloomsburg, Pennsylvania that belongs to his family. He estimated the value of a primary property in Pittsburgh to be between $1 million and $5 million.
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Oz has at least $100 million in assets; if elected, he would be one of the wealthiest senators.
McCormick has promoted his Pennsylvania heritage, describing his upbringing on his family’s Christmas tree farm as “authentic Pennsylvanian.” McCormick has remained to support Donald Trump despite the former president’s recent endorsement of Oz, who resigned his namesake television show to run for the Senate.
According to the filing, McCormick holds dozens of corporate bonds, including those of Delta Airlines, General Electric, and UPS.
In addition to receiving a $22.5 million salary from Bridgewater, McCormick disclosed owning more than $50 million worth of company stock. Additionally, he received $2.2 million through the sale of options in Bechtel, an engineering and construction company whose board he serves on.
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Two 30-year mortgages, each valued between $5 million and $25 million, and a line of credit valued between $5 million and $25 million comprise the liabilities. Additionally, he stated between $4.75 million and $18 million in capital commitments to several investment funds.
Oz disclosed assets between $104 million to $422 million earlier this month. He stated that he invested $10 million in his Pennsylvania campaign. Last year, another wealthy out-of-state candidate, Carla Sands, filed a public report of assets worth more than 50 accounts or properties between $35 million and $150 million.
