Which billionaires are bankrolling Donald Trump’s 2024 campaign? Where does the buck stop?

As the 2024 US presidential election season hits a boiling point, a handful of ultra-wealthy donors have emerged as the financial backbone of Donald Trump’s bid to reclaim the White House.

While US Vice President Kamala Harris leads in overall fundraising, Trump has received an extraordinary level of support from a small group of influential billionaires who have poured hundreds of millions of dollars into super PACs backing his campaign.

Who are the key donors behind Trump’s campaign?

The most significant financial contributors to Trump’s campaign include Miriam Adelson, Elon Musk, Richard Uihlein, and Timothy Mellon. Collectively, these donors have given over $350 million to super PACs supporting Trump, contributing a crucial portion of the funds needed for Trump to remain competitive in the race against Harris.

Miriam Adelson, widow of casino magnate Sheldon Adelson, is one of Trump’s most loyal backers. In the third quarter alone, she contributed a staggering $95 million to the super PAC Preserve America, bringing her total donations to the group to $100 million for this cycle.

This super PAC is heavily invested in advertising efforts in key swing states, making Adelson’s contributions pivotal in reaching undecided voters. Preserve America has already spent nearly $92 million in independent expenditures, primarily on TV ads designed to sway voters in states such as Michigan and Wisconsin.

Elon Musk, who was initially hesitant to publicly engage in politics, has become a dominant financial force behind Trump’s bid. In recent months, Musk donated close to $75 million to America PAC, a super PAC he helped establish over the summer.

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This group has orchestrated one of the largest voter outreach operations in the country, focusing heavily on canvassing efforts in battleground states like Pennsylvania.

To date, America PAC has spent nearly $96 million on the 2024 presidential race, including over $57 million on field operations. Musk’s contributions mark his first direct involvement in Trump’s campaign, reflecting a significant shift in his political engagement.

Richard Uihlein, co-founder of shipping supplies giant Uline, has also emerged as a major player in Trump’s fundraising efforts. Uihlein donated nearly $49 million to Restoration PAC in the third quarter, bringing his total contributions to $59 million this year.

Restoration PAC has spent millions on both the presidential race and several House contests, with significant expenditures targeting key battleground states such as Pennsylvania, Wisconsin, and Georgia. Uihlein’s support has been instrumental in funding attack ads and outreach efforts in these pivotal regions.

Meanwhile, Timothy Mellon, another key donor, contributed $125 million to Make America Great Again Inc., making him one of the largest contributors this election cycle.

What is the scale of Trump’s billionaire support?

In total, these billionaires have donated hundreds of millions of dollars to super PACs aligned with Trump’s campaign, underscoring the concentrated wealth supporting the former president.

For example, Musk, Adelson, and Uihlein collectively donated $220 million to pro-Trump groups in the third quarter alone. This vast influx of cash highlights the disproportionate influence a small group of ultra-wealthy individuals holds over the political process.

Beyond these three, other major contributors have also stepped up in recent months. Billionaire former Marvel executive Ike Perlmutter and his wife, Laura, donated nearly $5 million to Right for America PAC in late September, bringing their total contributions to $25 million this year. The PAC has already spent more than $20 million on attack ads targeting Harris in swing states.

Additionally, Diane Hendricks, owner of a roofing supply company, and Kelcy Warren, chairman of Energy Transfer Partners, each donated $5 million to Turnout for America, another super PAC focusing on voter turnout efforts.

How do Trump’s fundraising efforts compare to Harris’?

While Trump’s billionaire-backed super PACs have provided him with a lifeline, Harris has significantly outpaced him in overall fundraising. Harris’ two joint fundraising committees raised a combined $650 million during the third quarter, nearly double the amount raised by Trump’s equivalent committees.

The Harris campaign has received notable support from major Democratic donors such as Michael Bloomberg and LinkedIn co-founder Reid Hoffman, both of whom contributed tens of millions of dollars to FF PAC, the leading super PAC backing Harris’ campaign.

FF PAC has spent over $371 million on advertising efforts throughout the 2024 cycle, dwarfing the expenditures of Trump’s super PACs. It is the largest single outside advertiser in the presidential race, and its impact has been felt across battleground states.

However, despite Harris’ impressive fundraising achievements, her campaign continues to stress the need for more support to solidify her position in key regions before Election Day.

According to CNN, Trump held a major fundraiser at his Mar-a-Lago estate on Wednesday night, with top donors contributing up to $924,600 each as his campaign works to close the gap in fundraising and secure a victory in November.

How has funding impacted down-ballot races?

The financial support for Trump extends beyond the US presidential race. Senate and House candidates aligned with Trump have also benefited from the largesse of billionaire donors.

For instance, Senate Majority PAC, aligned with Senate Democrats, raised $119 million in the third quarter, slightly surpassing its Republican counterpart, the Senate Leadership Fund, which raised $116 million. This dynamic has created a competitive fundraising environment in which wealthy donors from both sides of the aisle are playing pivotal roles.

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On the Republican side, donors such as Ken Griffin, CEO of Citadel, and Stephen Schwarzman of Blackstone Group have each contributed millions to GOP Senate and House super PACs, underscoring the high stakes of the 2024 congressional races.

As Republicans seek to regain control of the Senate, billionaire donations are playing a decisive role in funding attack ads and outreach efforts in critical races across the country.

With inputs from agencies