Major donor to Sen. Deb Fischer linked to the downfall of a Nebraska town

A hedge fund run by a top donor to Republican Sen. Deb Fischer is responsible for eliminating 2,000 jobs in Sidney, Nebraska. The town’s population and median income has plummeted as a result.’

Fischer is currently seeking a third term in the U.S. Senate. She is in a surprisingly competitive race with independent candidate Dan Osborn.

Between 2012 and 2024, Paul Singer contributed more than $13,000 to Fischer’s campaigns. Singer is the founder and CEO of Elliott Management, a hedge fund based in Manhattan. His net worth is estimated to be $6.2 billion.

Elliott Management purchased an 11% stake in Cabela’s, an outdoor sporting goods retailer, in 2015. Despite Cabela’s being profitable, Elliott Management pushed for the company to be sold at public auction. Pressure from Elliott Management led to Bass Pro Shops acquiring Cabela’s in 2017 for $5.5 billion.

Following the acquisition, Cabela’s corporate headquarters in Sidney was shut down, throwing 2,000 people out of work. That’s approximately 32% of the town’s entire population.

Elliott Management sold its Cabela’s stake within a week of the acquisition, scoring the hedge fund an estimated $90 million profit.

In a 2019 interview with Fox News, Tim O’Connell, a local lumberyard owner, blamed Singer for the Cabela’s closure.

“I hope Paul Singer is proud of what he did,” O’Connell said. “I don’t know how he sleeps at night.”

The Flatwater Free Press reports that Sidney’s population fell by 6% following Cabela’s closure. From 2017 to 2021, the town’s median income fell from $61,667 to $49,812.

Fischer was expected to cruise to reelection up until a few weeks ago, when polling showed Osborn quickly gaining momentum. Osborn is a former union mechanic who was working as a steamfitter as recently as this past summer.

An October poll from Change Research showed Osborn leading Fischer by a single point.

A Fischer campaign spokesperson did not immediately respond to a request for comment for this story.