In a significant financial shift, Wall Street, Silicon Valley, and Hollywood donors have propelled Vice President Kamala Harris’ campaign fundraising efforts, giving the Democrats a strong advantage over former President Donald Trump as they head into the costly final phase of the 2024 presidential election, according to a report from Fortune.
Harris’ Campaign Raises $361 Million in August
Harris’ campaign raised an impressive $361 million in August, bringing the Democratic party’s total cash on hand to $404 million. In contrast, Trump’s campaign raised only $130 million during the same period, and spent $32 million more than it raised due to a high-cost advertising blitz designed to counter Harris’ growing momentum.
Harris Leads in Financial Resources
Despite tight polling between the two candidates, Harris has built a clear lead in financial resources. Her campaign has held high-profile fundraising events in key locations like San Francisco and the Hamptons, capitalizing on California’s wealthy donor base. The Vice President’s campaign, alongside its allied super PAC, Future Forward PAC, has secured $421 million for paid media in the final months leading up to Election Day. This amount nearly doubles the $216 million booked by Trump and his primary super PAC, Make America Great Again Inc. (MAGA Inc.).
Notably, Harris has garnered significant support from the finance industry, with prominent backers including Bruce Karsh of Oaktree Capital Management, Robert Stavis from Bessemer Venture Partners, and Sadek Wahba, co-founder of I Squared Capital. Other key contributors include Janice Savin Williams from Siebert Williams Shanke, legendary oil trader Andy Hall, and E. John Rosenwald, vice chairman at JPMorgan Chase. Hollywood celebrities like Scarlett Johansson, Frances McDormand, and Carol Burnett have also lent their financial support to Harris’ campaign.
In addition to these traditional sources, Harris has received substantial backing from Future Forward PAC, which raised $36 million in August. Notable contributions to the PAC include $3 million from Facebook co-founder Dustin Moskovitz and venture capitalist Matt Cohler’s Pacific Environmental Coalition. Ripple Labs co-founder Christian Larsen also made headlines by donating $1 million in XRP cryptocurrency, highlighting the growing role of digital assets in political fundraising.
Trump Finds New Allies in Musk and the Crypto Industry
On the other side, former President Donald Trump’s campaign has found new sources of financial support, particularly from the cryptocurrency industry. Elon Musk, the CEO of Tesla and SpaceX, made his largest political contribution to date, donating $289,100 to the National Republican Congressional Committee. Musk has also set up a super PAC to support Trump and House Republicans, though details about its donors will not be disclosed until later.
Other notable figures contributing to Trump’s efforts include hedge fund manager Paul Singer, who had previously distanced himself from Trump, and Marc Andreessen of Andreessen Horowitz. Thomas Peterffy, chairman of Interactive Brokers Group, and Edward Glazer, owner of the Tampa Bay Buccaneers, have also thrown their financial weight behind Trump and the Republican Party.
Casino moguls Frank and Lorenzo Fertitta and billionaire Diane Hendricks contributed significantly to MAGA Inc., with Hendricks donating $10 million in August.
With both campaigns gathering financial momentum from influential sectors, the stage is set for an expensive and highly competitive final phase of the 2024 presidential race.
