As the 2024 US presidential race heats up, both Vice President Kamala Harris and former President Donald Trump are receiving significant financial support from prominent billionaires and notable figures across various industries. This influx of funding underscores the immense power of money in modern politics, with tech giants, real estate moguls, and entertainment heavyweights vying to influence the outcome of the election.
The Harris Campaign: A Who’s Who of Tech and Finance
Vice President Kamala Harris has attracted a substantial amount of support from 79 billionaires, with donations from some of the most recognizable names in the business and entertainment worlds. According to a Forbes report published on October 16, 2023, the following individuals have contributed at least $1 million through August to groups supporting Harris’s candidacy:
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Michael Bloomberg:
The former New York City mayor and founder of Bloomberg LP, a global financial data and media company, has been a consistent supporter of Democratic candidates.*
Reid Hoffman:
Co-founder of LinkedIn, a prominent professional networking platform, and a prominent Silicon Valley investor, Hoffman’s support reflects the strong backing Harris receives from the tech industry.*
Sheryl Sandberg:
Former COO of Facebook, Sandberg’s contribution underlines the growing influence of social media companies in politics.*
Steven Spielberg:
A Hollywood filmmaker and director, Spielberg’s donation signals the support Harris enjoys from the entertainment industry.*
Haim Saban:
A media mogul and owner of the Fox Family Channel, Saban’s contribution showcases the support Harris receives from traditional media sectors.Other prominent donors include Dustin Moskovitz, a co-founder of Facebook, Vinod Khosla of Khosla Ventures, and Pat Stryker of Stryker Corp.
Forbes’ analysis also revealed that 36 billionaires have donated between $50,000 and $999,999 to groups supporting Harris’s campaign efforts. This demonstrates the diverse range of backers she attracts, encompassing individuals from tech, real estate, media, and various other industries. Key figures like David Blitzer and Jonathan Gray of Blackstone, David Bonderman of TPG, and media mogul Barry Diller of IAC have all contributed. Tech leaders like Reed Hastings of Netflix, Chris Larsen of Ripple, and Laurene Powell Jobs of Emerson Collective, along with philanthropist George Soros, are also notable supporters.
The Trump Campaign: A Focus on Real Estate, Finance, and Energy
On the Republican side, 50 billionaires are rallying behind Donald Trump’s campaign, with many of his top donors coming from real estate, finance, and energy sectors. The Forbes report highlighted the following key supporters who have donated at least $1 million through August to Trump’s election efforts:
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Miriam Adelson:
The widow of casino magnate Sheldon Adelson, Adelson has contributed a staggering $95 million to pro-Trump groups in the third quarter alone. Her substantial contributions highlight the significant financial backing Trump receives from the gambling industry.*
Bernard Marcus:
Co-founder of Home Depot, Marcus’s support represents the backing Trump receives from the retail sector.*
Linda McMahon:
Former WWE executive and longtime Trump ally, McMahon’s contribution underscores the support Trump enjoys from the entertainment and sports industries.*
Steve Wynn:
Former CEO of Wynn Resorts, Wynn’s donation signifies the support Trump receives from the casino and hospitality sectors.*
Cameron and Tyler Winklevoss:
Founders of Gemini crypto exchange and early Facebook investors, the Winklevoss twins’ support represents the growing influence of the cryptocurrency industry in politics.*
Elon Musk:
CEO of Tesla and SpaceX, Musk’s $75 million donation to a pro-Trump PAC in the third quarter exemplifies the significant financial support Trump receives from the tech industry.Forbes also reported that key donors contributing between $50,000 and $999,999 include Stephen Schwarzman of Blackstone, John Paulson of Paulson & Co., Paul Singer of Elliott Management, Tilman Fertitta of the Houston Rockets, Palmer Luckey of Oculus VR, Ray Davis of the Texas Rangers, and Thomas Siebel of Siebel Systems.
The significant financial backing from billionaires highlights the crucial role money plays in US presidential elections. As the race intensifies, it will be interesting to see how these financial contributions influence the political landscape and the eventual outcome of the 2024 election.