WASHINGTON — Former Hewlett-Packard Chief Executive Carly Fiorina kick-started her bid for U.S. Senate with a $2.5 million loan to her campaign, and raised almost $1.1 million from donors, her campaign said Monday.
Fiorina, a multimillionaire Republican attempting to defeat three-term incumbent Sen. Barbara Boxer, D-Calif., in her first campaign for elected office, spent $830,000 in the last four-plus months of 2009 ramping up her campaign, leaving her with $2.7 million in cash on hand.
Fiorina's campaign disclosed her fundraising totals in a news release Monday, even though 2009 campaign reports for the Senate race aren't due until the end of January.
She did not release her list of itemized contributions or the timing of her loan, but said more than four-fifths of her outside donations were in amounts of $250 or less. She said she raised $232,000 online.
Fiorina has said she does not intend to bankroll her campaign on her own, but her $2.5 million loan suggests she is willing to sacrifice significant sums of her wealth to fuel her uphill bid. Fiorina, who was ousted as HP's CEO in 2005 after a rocky six-year stint at the helm, has assets totaling between $30 million and $119 million, according to her federal financial disclosure statement, which only requires that assets be reported in broad categories.
"Frank and I have invested in this campaign because we've been blessed and believe that 2010 will mark the resurgence of" Republican values such as smaller government and job creation, Fiorina said in a news release. Her husband, Frank Fiorina, is a former AT&T executive.
Boxer had $6.3 million in cash on hand as of the end of September. Fiorina's Republican primary opponent, state Assemblyman Chuck DeVore of Irvine, had just under $145,000 in cash on hand at that time.
Contact Mike Zapler at 202-662-8921.