Sources close to Gates reportedly told the outlet that the billionaire, long known for staying out of politics publicly, had donated about $50 million to a nonprofit supporting Harris’s run.
In a statement to the Times, Gates did not confirm or deny the donation but said, “this election is different.” Fortune has reached out to Gates for comment.
According to The Times report, Gates is concerned about former President Donald Trump’s economic policies and potential cuts to family planning and global health programs, key issues for the Bill & Melinda Gates Foundation.
Gates’ donation supporting the Democratic nominee comes as sentiment has shifted in recent days about Harris’ chances to defeat Trump in the presidential election. Crypto prediction platform Polymarket, which has $2.3 billion in wagers on the election outcome, is tilted heavily in favor of Trump with 64% with odds on the Republican as the victor. PredictIt has similar odds favoring a Trump win next month.
Billionaire investor Stanley Druckenmiller, known for his clear-sighted navigation through geopolitical uncertainty, suggested last week in an interview with Bloomberg that market insiders are banking on a Trump win. In that scenario, there would be a “red sweep” of Republican candidates, he said.
“Personally, I think anybody that votes for Trump is probably not going to change their ballot for a Democrat in Congress,” he added.
On the other hand, Harris has continued to woo backers with deep pockets.
Fellow billionaire and philanthropist Melinda French Gates endorsed Harris in July and made a big donation to her campaign. “I feel like Kamala, I was happy to endorse,” French Gates told Stephen Colbert on The Late Show in July. “I’ve worked with her before, she knows what we need in society and she’s using her voice against those issues already on the campaign trail, and I knew she would.”
French Gates previously endorsed President Biden in June—her first time ever declaring for a presidential candidate.
Similarly, billionaire and philanthropist Laurene Powell Jobs donated to Harris, who is one of her longtime close friends.
Powell Jobs and her philanthropy and investment firm Emerson Collective have been heavily funding democratic politics for the past several years. Since 2020, Powell Jobs and Emerson Collective have donated more than $3.4 million to democratic nominees and other funds, according to Federal Election Commission filings collected by Fortune.
This breaking news report will be updated shortly.