Running for US President is a costly affair. Billions of dollars have gone into the campaigning of presidential candidates — Donald Trump and Kamala Harris – with some of the powerful megadonors making humungous donations to their favourite runner.
While US Vice President Harris leads in overall fundraising, Trump has received an extraordinary level of support from some influential billionaires who have pumped in hundreds of millions of dollars into the Super Political Action Committee (PAC) backing his campaign.
The amount of money being injected into 2024 races means this election cycle is poised to become the most expensive federal election ever, according to a new analysis released by the research group OpenSecrets.
Who are Trump’s Donors?
The most significant financial contributors to Trump’s campaign include Miriam Adelson, Elon Musk, Richard Uihlein, and Timothy Mellon. Collectively, they have donated over $350 million to super PACs supporting Trump.
Elon Musk: The Tesla CEO has given almost $75 million in three months of his Trump-supporting PAC. Musk, who has always been hesitant of engaging in politics, has become an increasingly influential figure in Republican politics, using his X feed to echo GOP anxieties over immigration and transgender issues. His contributions mark his first direct involvement in Trump’s campaign. This group made one of the largest voter outreach operations in the country, focusing heavily on canvassing efforts in battleground states like Pennsylvania. To date, America PAC has spent nearly $96 million on the 2024 presidential race, including over $57 million on field operations.
Miriam Adelson: The widow of casino magnate Sheldon Adelson and a staunch Israel supporter, Miriam has donated $95 million to Trump’s PAC campaign during the third quarter of the year, bringing her total donations to the group to $100 million for this cycle. This super PAC has invested in advertising efforts in key swing states. ‘Preserve America’ has already spent nearly $92 million in independent expenditures, primarily on TV ads designed to sway voters in states such as Michigan and Wisconsin. Adelson and her late husband were Trump’s biggest donors in 2020.
Richard Uihlein: The Uihleins, founders of the shipping company ULine, poured nearly $49 million into their conservative Restoration PAC in the last quarter of the year, according to the Federal Election Commission (FEC) filing. Restoration PAC has spent millions on both the presidential race and several House contests, with significant expenditures targeting key battleground states such as Pennsylvania, Wisconsin, and Georgia. Dick and Liz Uihlein have given $10 million to the Make America Great Again super PAC, the Post reported.
Timothy Mellon: Billionaire businessman Timothy Mellon is one of Trump’s biggest backers, having given the pro-Trump Super PAC $125 million this election cycle, per OpenSecrets, making him the largest one of the largest contributors in the election campaigns.
Who Are Harris’ Most Important Donors?
Harris trails Trumps in endorsements from the mega-rich as she has the support of almost a dozen billionaires, including familiar names such as hedge fund manager and philanthropist George Soros and investor and television personality Mark Cuban.
George Soros: The Founder of Soros Fund Management, known for throwing millions at philanthropic and political causes, immediately supported Harris after President Joe Biden dropped out of the race. His son and heir, Alex Soros, posted about their support in July. The Soros are the old guard of Democratic big-money politics, and George supports more establishment-minded groups, and likes to fund organisations that try to build change over the long term.
Mike Bloomberg: The former mayor of New York City has had a frosty relationship with Joe Biden, and hasn’t invested much this time in the campaigning. He has contributed $19 million to Future Forward, that had supported Biden’s re-election bid, and is now supporting Harris, as per Politico. He has also donated $7 million to a super PAC associated with Everytown for Gun Safety and $10 million to House Majority PAC, a group that supports Democrats in House races, the Post reported.
Reid Hoffman and Michelle Lee: Tech billionaire Hoffman, the founder of LinkedIn, signed onto a letter with fellow venture capitalists, including Cuban, declaring their support for Harris’ White House bid. That letter called Harris’ election, “the best way to support the continued strength, security and reliability of our democracy and economy”. They have given $10 million this cycle to the Future Forward PAC supporting Harris’ campaign, per The Washington Post. They have also donated $6 million to the anti-Trump Republican Accountability PAC and more than $2 million to the One for All Committee, a left-leaning super PAC that aims to convince “moderate women” to support Democrats.
Difference between Trump and Harris’ Fundraising Efforts
A total of 79 billionaires (or more) are backing Harris. While Trump’s billionaire supporters have provided him with a lifeline, Harris has outpaced him in overall fundraising.
The Harris Victory Fund, which raises money for both Harris’ campaign and Democratic groups, raised $633.2 million between July 1 and September 30, according to a FEC filing.
Trumps National Committee JFC, which raises money for Trump’s campaign and the Republican National Committee, took in only $194.5 million during that same period, while the ex-president’s Trump 47 Committee, a different joint fundraising committee that collects funds from bigger donors, raised $145.2 million.
Harris’ two joint fundraising committees raised a combined $650 million during the third quarter, nearly double the amount raised by Trump’s equivalent committees.
FF PAC has spent over $371 million on advertising efforts throughout the 2024 cycle, dwarfing the expenditures of Trump’s super PACs. It is the largest single outside advertiser in the presidential race, and its impact has been felt across swing states.
According to CNN, Trump held a major fundraiser at his Mar-a-Lago estate on Wednesday night, with top donors contributing up to $924,600 each as his campaign works to close the gap in fundraising and secure a victory in November.
Majority PAC, aligned with Senate Democrats, raised $119 million in the third quarter, slightly surpassing its Republican counterpart, the Senate Leadership Fund, which raised $116 million. This dynamic has created a competitive fundraising environment in which wealthy donors from both sides of the aisle are playing pivotal roles.
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