Hollywood moguls, billionaires flood Biden's victory fund with six-figure donations

President Biden's re-election efforts received a big boost from Hollywood tycoons and other billionaires during the last quarter, new filings show.

The setup allows wealthy backers to give up to $929,600 each to the Biden Victory Fund per election cycle. Joint fundraising committees have become commonplace with both political parties in recent years, allowing individuals to contribute far more to one entity, which then takes the cash and moves it among the groups involved in the initiative. Joe Schoffstall is a politics producer/reporter for Fox News Digital. Story tips can be sent to Joe.Schoffstall@Fox.com and on Twitter: @joeschoffstall

According to the Biden Victory Fund's year-end filings, director Steven Spielberg and his wife, Kate Capshaw, each cut the maximum $929,600 checks to the committee between October and December. Biden began making a push among Hollywood donors for his re-election efforts with a massive Los Angeles fundraiser co-hosted by the couple late last year.