In the world of political campaigns, two types of donors play significant roles: the numerous small-dollar contributors, who fuel campaigns via small yet constant philanthropy, and the ultra-wealthy benefactors, capable of casting a shadow on the collective contributions of a million minor donors. The electoral war chests of Vice President Kamala Harris and former President Donald J. Trump burgeoned to $1.3 billion when adding the massive funds raised by their respective super PACs. Furthermore, this isn’t considering the undisclosed funds contributed by ‘dark-money’ organizations. With the final two months of an election traditionally seeing massive influxes of support, it’s safe to say that the fundraising journey is far from over. Here is a compilation of the billionaires who have powered these campaigns.
Former President Donald J. Trump’s donor list hasn’t seen much alteration since his 2020 campaign, yet his influence on the Republican contributor class is undeniable since 2016, leading to the emergence of uniquely generous donors. One person who has shown strong faith in Trump’s leadership is Timothy Mellon, a part of the renowned Mellon banking empire lineage. His largest monetary contribution to Trump’s campaign till now clocks above $125 million as of September, making him a standout contributor despite a lack of close personal connection with Trump.
Tim Mellon, often a man of mystery, exploded onto the political donation scene with considerable resonance. Despite having minimal contact with Trump, his unwavering financial endorsement of MAGA Inc., a super PAC, accounts for nearly half of the PAC’s funds this election cycle. Mellon’s engagement in political philanthropy also extends to his friendship with Robert F. Kennedy Jr., whom he supported with a not-insignificant $25 million.
Another prominent name shaping the financial landscape of the campaign is Elon Musk, the entrepreneurial maverick behind SpaceX and Tesla, who surprisingly emerged as a leading Republican donor. Historically known for his liberal leanings, Musk’s active involvement in a super PAC dedicated to revolutionizing the Republican Party’s grassroot organizing efforts marks a new chapter in the 2024 campaign narrative.
Despite a rocky start, Musk’s PAC, under new leadership, has standards set high, with projections of spending upwards of $180 million. More intriguing is his relationship with Trump. Trump has found Musk to be a reliable counsel whose recommendations he keenly considers, demonstrated by Trump selecting JD Vance as his running mate, following Musk’s advice.
Israel’s ardent follower Miriam Adelson has diverged from the mainstream Trump world donors’ line, driving her wealth into her very own super PAC, where she has tentative plans of investing more than $100 million. Additionally, Dick and Liz Uihlein, founders of the shipping giant ULine, long-standing Club for Growth supporters and firm conservatives, find themselves realigned with Trump after an initial detour for Governor Ron DeSantis’s campaign.
In her capacity as both a generous supporter and a friend of Trump, Linda McMahon wields a significant presence. Her loyalty was vindicated with a tenure as the head of the Small Business Administration during Trump’s presidency and a speaking opportunity at the Republican National Convention. McMahon’s influence extends beyond her monetary contributions, mirrored in Howard Lutnick, Cantor Fitzgerald’s CEO and another principal Trump sponsor, with both serving as Trump transition chairs.
On the other side of the aisle, consolidation and the entry of a few new faces characterize the cadre of Democratic megadonors. Notwithstanding fraud-related convictions around newcomer Sam Bankman-Fried in 2022 and 2023, the unity of the Democratic Party behind Vice President Kamala Harris has invigorated some female contributors who had previously maintained a low profile during Biden’s campaign.
LinkedIn’s co-founder Reid Hoffman has evolved into a significant figure in Democratic politics post-Trump’s 2016 election win. Besides being a key Democratic party donor, Hoffman has championed other wealthy Silicon Valley Democrats exploring political philanthropy. Another name gaining momentum in American politics is Alex Soros, George Soros’s eldest son, matching, if not outpacing, his father’s interest in Democratic politics.
The next milestone in the Democratic donor list is Mike Bloomberg. Known for his historic late-to-the-party funding strategies that often become game-changers, the former New York City mayor and accomplished entrepreneur has yet to make a significant financial commitment to the 2024 presidential election.
Jeffrey Katzenberg, a veteran political fundraiser in Hollywood and former chairman of Walt Disney Studios, brings his robust influence to Harris’s campaign despite not being as wealthy as other key donors. Katzenberg’s strength lies not in his wealth but in his remarkable access to the Harris campaign’s inner workings.
Dustin Moskovitz, known for his generous commitments to both the ‘effective altruism’ charity movement and Future Forward, a Democratic group, is widely expected to be a prime donor as the race draws to its denouement. The co-founder of Facebook and a leading voice against Elon Musk in Silicon Valley, Moskovitz works with a team of influential political advisors, extending his sway beyond the Valley’s confines.
Trump’s Unending Influence: Reflection on Campaign Dedicated Donors appeared first on Real News Now.
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