Surge in Big-Dollar Donations for 2024 Presidential Race
In the 2024 presidential election, the financial backing from wealthy donors has more than doubled compared to the 2020 race, particularly benefiting the campaigns of Kamala Harris and Donald Trump. Analysis of Federal Election Commission data reveals this trend, focusing on super PACs that support these candidates. Notably, the increase is significantly driven by efforts to elect Trump, who has heavily relied on super PACs that have almost tripled their fundraising from donors contributing at least $5 million compared to his previous campaign.
Super PACs have become integral to presidential campaigns, blurring the lines between official campaign organizations and these independent entities. Due to weak federal regulations, these groups are often perceived as extensions of the candidates’ official campaigns. In the 2024 election, super PACs for major party nominees have amassed $865 million from donors giving $5 million or more, over double the $406 million at the same point in the 2020 election. This high-spending donor segment accounts for more than 75 percent of the total funding raised by presidential super PACs in 2024, up from 63 percent in 2020.
While both major parties have increased reliance on large donors, the growth is uneven. Super PACs backing Harris have raised about 50 percent more from these donors than those supporting Joe Biden did in 2020. However, the pro-Trump super PACs have seen a substantial increase, with $522 million from $5 million-plus donors in 2024, nearly triple the $180 million in 2020. This marks a significant shift from Trump’s 2016 campaign, which was mainly supported by small donors.
The largest contributions predominantly come from individual donors; however, some super PAC donors are groups that pool funds from multiple sources, including dark money nonprofits and corporations. Although some contributors gave less than $5 million individually, the aggregated funds are significant for political spending. Occasional disclosures suggest large dark money groups rely heavily on megadonors.
Among individual donors, three have contributed nine-figure sums to support Trump: Timothy Mellon with $150 million, Elon Musk with $119 million, and Miriam Adelson with $100 million. For Harris, the largest individual donation of $38 million is from Dustin Moskovitz. The largest donation to pro-Harris super PACs comes from Future Forward USA Action, a nonprofit that has contributed $136 million, reportedly including $50 million from Bill Gates.
This trend of presidential campaigns leaning on outside spending raises concerns about the circumvention of campaign contribution limits and transparency. The Federal Election Commission’s recent decision to allow campaign coordination with super PACs on voter outreach efforts has heightened reliance on megadonors. To address these issues, Congress is expected to revisit legislation aimed at strengthening campaign finance rules and improving donor disclosure.
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