The 2024 US presidential election set new financial records, with donors contributing an unprecedented $4.7 billion to support the campaigns of Donald Trump, Kamala Harris, Joe Biden, and their affiliated political groups. This staggering amount, revealed in final campaign finance reports on December 5, underscores the growing influence of money in American politics.
Democrats Outraise Republicans by a Wide Margin
The data highlights a significant financial disparity between the two major parties. The Democratic campaigns and their supporting groups raised an estimated $2.9 billion, compared to $1.8 billion collected by Republicans.
- Donald Trump and the Republican National Committee (RNC): Raised $1.2 billion from the start of Trump’s campaign in November 2022 through election day. Additional funding came from key Republican super PACs such as MAGA Inc., Right for America, and Turnout for America, contributing $849 million.
- Biden-Harris Campaign and Democratic National Committee (DNC): Benefited from an early start, raising $2 billion since Biden announced his re-election bid in April 2023. Democratic-aligned super PACs like Future Forward and American Bridge added $652 million.
The overall total also includes funds raised during the Republican primaries, where Trump heavily outspent his competitors to secure his party’s nomination.
The Role of Dark Money in the Campaign
A significant portion of the campaign funding came from dark money, raising concerns about transparency. Both parties used dark-money groups to channel large sums into their campaigns during the crucial final weeks of the election.
- Trump’s Campaign: MAGA Inc., the primary super PAC supporting Trump, collected $78 million in the campaign’s closing weeks. Of this, $53 million came from its affiliated dark-money group, Securing American Greatness.
- Harris’s Campaign: Future Forward, a super PAC backing Kamala Harris, raised $164 million in the same period, with $128 million sourced from Future Forward USA Action, a dark-money nonprofit.
Future Forward USA Action played a pivotal role throughout the election cycle, raising over $900 million, including $58 million in 2023, which was later funneled to Future Forward. This demonstrates the blurred lines between nonprofit funding and super PAC operations.
Financial Management After the Election
Post-election financial disclosures revealed contrasting situations for the campaigns:
- Trump’s Campaign: Reported $11.4 million in unpaid bills but had $10 million in cash reserves and was owed $4.7 million.
- Harris’s Campaign: Faced criticism for accumulating $20 million in debt during the campaign. However, it concluded the election without any outstanding debts and retained $2 million in cash.
Overspending on campaigns often leads to debt, while underspending can raise questions about underutilized resources.
Elon Musk’s Influence in Campaign Financing
Elon Musk emerged as a prominent donor in the 2024 election, contributing $277 million to pro-Trump federal groups through various entities. His involvement included:
- America PAC: Musk funneled $238.7 million into this super PAC, which he discreetly established in 2024 to support Trump.
- RBG PAC: Musk was the sole donor, contributing $20 million in October 2024 to align Trump with the late Supreme Court Justice Ruth Bader Ginsburg on abortion issues.
Musk’s financial influence underscores the increasing role of wealthy individuals in shaping political campaigns.
A Campaign Shaped by Economic Power
The 2024 US presidential election highlighted the critical role of massive financial contributions in modern politics. While the Democrats’ ability to outpace the Republicans financially was a key factor, the use of dark money and significant donations from individuals like Elon Musk raised questions about transparency and accountability.
