Billionaires Fuel Trump’s 2024 White House Bid With Massive Donations

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Some of the world’s wealthiest individuals, led by conservative donor Miriam Adelson and tech billionaire Elon Musk, have pumped tens of millions of dollars into political groups supporting Donald Trump’s White House bid, according to new reports filed Tuesday with federal regulators.

Musk, the world’s richest person, contributed nearly $75 million to a pro-Trump super PAC that he helped establish over the summer. This large cash injection aims to mobilize voters in key battleground states. Adelson, a steadfast Trump supporter and heir to a casino empire, donated even more, pouring $95 million into another group backing Trump, according to filings from the Federal Election Commission covering the quarter ending September 30.

In total, just three billionaires—Musk, Adelson, and Midwestern packaging magnate Richard Uihlein—donated roughly $220 million in three months to boost Trump’s campaign.

These staggering donations highlight the critical role billionaire megadonors are playing in Trump’s effort to outpace his Democratic rival, Vice President Kamala Harris, as the race tightens. Harris has set a fundraising record, pulling in $1 billion since becoming the Democratic nominee in late July. Her fundraising team brought in $633 million in the third quarter alone, quadrupling what Trump’s equivalent committees raised.

Despite Harris' success, her campaign has urged supporters to contribute more, citing the massive billionaire donations backing Trump and the importance of swaying undecided voters in battleground states.

Key Takeaways from the Filings:

1. Billionaires Power Trump’s Return to the White House

   Elon Musk has become a major player in Trump’s bid, with his America PAC spending nearly $96 million on the race, including $57 million on canvassing and field operations. Other conservative billionaires, like Miriam Adelson, have also funneled extraordinary sums into reelecting Trump. Adelson’s $95 million donation to Preserve America accounted for nearly all of its third-quarter funding, and the super PAC has spent $92 million on ads, with more reserved for crucial swing states like Michigan and Wisconsin.

2. Harris Benefits from Big Donors Too

   FF PAC, the leading super PAC supporting Harris, has bought $371 million in ad time since 2023, making it the largest outside advertiser in the presidential race. The group has raised over $200 million this election cycle, with substantial donations from billionaire Michael Bloomberg and LinkedIn co-founder Reid Hoffman.

3. The Fight for Congress Heats Up

   Super PACs targeting key Senate races are raising record amounts as Democrats fight to maintain their slim majority. Senate Majority PAC raised $119 million in the third quarter, edging out its Republican counterpart. Meanwhile, House Democrats have a cash advantage in crucial races as they try to flip seats in a highly competitive midterm environment.

In the final stretch of the campaign, billionaire donations and outside spending are shaping up to be decisive factors in both the presidential race and the battle for control of Congress. With billions of dollars flowing in from both sides, the stakes have never been higher.

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