A group of wealthy individuals, including Miriam Adelson and Elon Musk, have contributed tens of millions of dollars to political groups supporting Donald Trump’s presidential bid, as shown by new filings with the Federal Election Commission. In just three months, Adelson, Musk, and Richard Uihlein donated a combined $220 million to groups backing Trump, highlighting the significant role that billionaire donors are playing in the campaign. This influx of funds comes as Trump faces a tough competition against his Democratic rival, Vice President Kamala Harris, who has raised $1 billion since becoming the Democratic nominee.
Harris’ campaign has seen an unprecedented pace of fundraising, with a high-dollar committee raising $633 million in the third quarter alone – four times the amount raised by Trump’s equivalent fundraising arm during the same period. Despite this, Harris’ team continues to push for more donations, recognizing the significant financial backing behind Trump’s campaign. In the battle for control of Congress, Democratic candidates in key Senate and House races have widened their financial advantage over their Republican opponents, with major donors contributing to both sides.
Elon Musk has emerged as a major force in Trump’s reelection campaign, with his super PAC, America PAC, spending nearly $96 million on canvassing and field operations in key battleground states. Adelson and Uihlein have also made significant contributions to pro-Trump super PACs, with Adelson giving $95 million to Preserve America and Uihlein contributing $49 million to Restoration PAC. Harris has also benefited from major outside effort funded by big-money donors, with FF PAC buying over $371 million worth of ad time to support her campaign.
In the Senate race, leading super PACs have reported huge fundraising totals, with Democrats and Republicans vying for control of the chamber. Senate Majority PAC, aligned with Majority Leader Chuck Schumer, raised over $119 million in the third quarter, while the Senate Leadership Fund raised about $116 million. Democratic candidates in several key Senate races, such as Montana, Ohio, and Michigan, have outraised their Republican opponents by significant margins, setting the stage for a fierce competition in the final stretch of the campaign.
In the House races, Democratic candidates have entered the final stretch of the campaign in a better financial position, with candidates in toss-up districts raising more funds on average compared to their Republican counterparts. A few standout candidates reported unusually high quarterly hauls, such as Democrat Eugene Vindman in Virginia’s 7th District and Alaska Rep. Mary Peltola, indicating the intense competition for control of the House. Overall, the influx of money from wealthy donors on both sides is shaping the final days of the 2023 election season.
