The Megadonors Shaping the 2024 Presidential Race

The 2024 presidential race is shaping up to be the most expensive federal election ever, with a handful of powerful megadonors playing a significant role in funding their favored candidates. According to a recent analysis by OpenSecrets, the amount of money being injected into the race is unprecedented.

One of the most notable developments is the surge in fundraising for Vice President Kamala Harris, who replaced President Biden on the Democratic ticket. Harris’s campaign has raised over $1 billion since launching in July, outpacing former President Trump’s fundraising efforts.

On the Republican side, Tesla CEO Elon Musk has emerged as a major donor, contributing nearly $75 million to his Trump-supporting PAC in just three months. Musk has become increasingly influential in Republican politics, using his platform to echo GOP concerns over immigration and transgender issues.

Other notable megadonors include billionaire businessman Timothy Mellon, who has given $125 million to the pro-Trump Super PAC Make America Great Again, and Miriam Adelson, the widow of casino magnate Sheldon Adelson, who donated $95 million to her pro-Trump PAC, Preserve America.

The Uihleins, founders of the shipping company ULine, have poured nearly $49 million into their conservative Restoration PAC, while billionaire Mike Bloomberg has given $19 million to the Future Forward super PAC supporting Harris’s campaign.

Overall, the influence of megadonors on the 2024 presidential race is undeniable, with their contributions shaping the fundraising landscape and potentially impacting the outcome of the election.