As the final hours of the 2024 U.S. presidential election approach, the influence of America’s wealthiest individuals has surged to unprecedented heights. In an election cycle characterized by intense rivalry, billionaires have poured hundreds of millions of dollars into campaign coffers, turning the election into a high-stakes battle of capital as much as political ideology.
Harris Gains Broad Support Among Billionaires, Trump Receives Larger Sums
According to Forbes, Democratic candidate Kamala Harris has garnered backing from 83 billionaires, outpacing Republican candidate Donald Trump, who has received support from 52. However, while Harris’s support spans a larger group of billionaires, Trump’s supporters have contributed more overall, with 18 of the top 25 individual donors favoring the GOP.
The Financial Times estimates that nearly $700 million, or 18% of all election funding this cycle, came from billionaire donors.
The Super PAC Effect: How Wealth Circumvents Donation Limits
Federal election law caps individual contributions to candidates at $3,300, but super PACs face no such restrictions, allowing billionaires to make substantial contributions. Wealthy donors have used this avenue to influence the election by sponsoring high-profile fundraising events and providing campaign resources.
Major Contributors Fueling the Campaigns
Here’s a look at some of the top contributors shaping this election:
Elon Musk
Tesla and X (formerly Twitter) CEO Elon Musk, who is among Trump’s most vocal supporters, has donated approximately $132 million to pro-Trump efforts, including $75 million to the America PAC, a super PAC he helped establish. Musk’s alignment with Trump extends beyond financial support, as he has appeared at Trump rallies and expressed strong backing for the Republican candidate.
Miriam Adelson
Casino heir Miriam Adelson, a long-time conservative donor, has allocated $95 million to Trump’s campaign through her reactivated Preserve America PAC. Along with Musk and fellow conservative magnate Richard Uihlein, Adelson helped amass $220 million for Trump over a three-month period, according to CNN.
Bill Gates
Microsoft founder Bill Gates has entered the fray with a reported $50 million donation to Future Forward, the primary super PAC supporting Harris. Sources close to Gates reveal that his contribution might be more a stand against Trump than a direct endorsement of Harris.
Michael Bloomberg
Former New York City Mayor Michael Bloomberg, pressured by Gates to contribute to the Democratic cause, has matched Gates’s $50 million donation to Harris’s campaign. Bloomberg has also provided advice to Harris’s economic team and, following the financial contribution, issued a public endorsement for her candidacy.
George and Alex Soros
George Soros, a longtime Democratic supporter, and his son Alex have thrown their support behind Harris with a $60 million contribution from their Fund for Policy Reform. Alex Soros publicly expressed the need to “unite around Kamala Harris and beat Donald Trump,” calling her “the most qualified candidate we have.”
Additional Trump-Aligned Donors
Several other key figures have thrown their financial weight behind Trump:
- Timothy Mellon, heir to the Mellon family fortune, contributed $76.5 million to Trump, with a notable $50 million donation shortly after Trump’s conviction for a felony.
- Linda McMahon, former head of the Small Business Administration under Trump, has provided $16 million to back Trump’s campaign. Her connection to the WWE empire, co-owned with her husband Vince McMahon, brings both wealth and notoriety to Trump’s side.
The Impact of Billionaire Influence on US Politics
As ordinary voters receive routine donation requests, America’s wealthiest citizens are hosting exclusive fundraising events and giving donations in the millions. This dynamic has fueled a heated debate over the role of wealth in U.S. elections, highlighting how super PACs amplify the influence of affluent individuals over the political process.
With the election day upon us, the true impact of billionaire support remains to be seen, as votes are cast, and the results unfold.
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