As the U.S. presidential election approaches, a select group of billionaires is playing a pivotal role in shaping its outcome. Kamala Harris and Donald Trump, the leading candidates, are racing head-to-head, bolstered by record-breaking fundraising efforts. By mid-October 2024, campaigns and supporting groups had amassed over $3.8 billion, with billionaires contributing at least $695 million—18% of the total. Trump’s campaign, in particular, has relied heavily on elite support, with billionaire contributions making up nearly a third of his funds, compared to just 6% for Harris.

Key Harris Donors

1. Dustin Moskovitz: Co-founder of Facebook and Asana, Moskovitz has donated $38 million to Future Forward, a pro-Harris super PAC, and over $1 million to other supporting groups. Known for his data-driven philanthropy, Moskovitz has voiced concerns about Trump and clashed with Elon Musk over tech and policy issues.

2. Reid Hoffman: The LinkedIn co-founder has contributed $10 million to Future Forward and another $6 million to the Republican Accountability PAC, which publishes anti-Trump content. Hoffman criticizes Trump’s economic strategies as inflationary and potentially destabilizing, advocating instead for policies aligned with Harris’s agenda.

3. Michael Bloomberg: Former NYC Mayor Bloomberg, with a net worth over $104 billion, donated $19 million to Future Forward shortly after Trump’s legal troubles surfaced. Bloomberg has consistently opposed Trump and, alongside Bill Gates, has considered further financial backing for Harris.

Trump’s Billionaire Backers

1. Tim Mellon: Mellon, a banking dynasty heir, donated $150 million to Trump’s super PAC, Make America Great Again Inc., nearly half of the PAC’s total funding. A former Democrat, Mellon’s support for Trump is evident in his financial commitments, making him one of the election’s most substantial individual donors.

2. Elon Musk: Musk has donated over $118 million to America PAC, a pro-Trump group, and has matched other donations up to the legal limit. Beyond financial contributions, Musk actively campaigns for Trump, viewing the former president as aligned with his anti-regulation stance, which could benefit Musk’s companies, including Tesla and SpaceX.

3. Miriam Adelson: Widowed wife of casino mogul Sheldon Adelson, Miriam has given more than $100 million to Trump’s Preserve America PAC. A prominent figure in Republican circles, Adelson champions Trump’s pro-Israel stance and has drawn parallels between recent Hamas attacks and historical tragedies, reinforcing her support for Trump’s policies.

4. Liz and Dick Uihlein: Founders of Uline, the Uihleins have contributed around $80 million to Trump-affiliated PACs. Despite reservations about Trump’s demeanor, they believe his policies address key voter concerns on inflation and immigration.

Impact and Implications

Since the 2010 Citizens United ruling, allowing unlimited contributions to independent political action committees (super PACs), billionaire donations have increasingly shaped U.S. elections. Today, over 140 billionaires actively support candidates with their wealth. However, these figures may be underestimated, as non-profit donations often remain undisclosed, concealing the full extent of elite influence in politics.

This influx of billionaire money underscores a growing trend where a few wealthy individuals exert outsized influence on the democratic process. As the 2024 election nears, the substantial contributions of these billionaires may tip the scales in favor of their preferred candidates, potentially shaping the future of American policy and governance.

Source: (FT.Com)