Elon Musk continues his financial support for Trump-aligned causes, while Kamala Harris maintains her lead in fundraising, according to fresh disclosures.
In the final days leading up to the election, the wealthiest individual globally suddenly ramped up their spending. This surge comes amid Vice President Kamala Harris consistently outperforming her Republican opponent, former President Trump, in fundraising, having amassed approximately $97 million, far surpassing Trump's October earnings of around $16 million, according to data submitted by both campaigns to the Federal Election Commission.
Both candidates and their affiliates have been rather generous with their funds this month, shelling out over half a billion dollars collectively during the initial half of October as they aggressively vie for an edge ahead of Election Day.
Here are some salient takeaways from the submitted reports:
Harris Outpaces Trump in Spending, Yet Bouysed by Remaining Funds
Vice President Harris' major campaign committee spent close to $166 million between October 1 and 16, outpacing Trump's campaign expenditures of around $99.7 million during the same period. Almost $130 million of Harris' campaign funds were allocated toward media expenses.
Harris' fundraising momentum post-accepting the Democratic nomination in late July has given her a substantial financial cushion heading into the race's final days. With nearly $119 million still in her campaign's coffers, this is significantly more than triple the funds left in Trump's account.
Furthermore, data from AdImpact, which monitors political advertising, highlights how Harris has utilized her fiscal advantage to saturate the airwaves in critical battleground states since President Biden stepped down. Her campaign has spent approximately $488 million on advertising since then, including ads scheduled to air through Election Day. By comparison, Trump has spent around $284 million over the same time frame.
Musk Supports Trump and Senate Republican Candidates
Elon Musk has become a prominent financial figure in this year's election, providing financial backing for Trump's campaigns in crucial battleground states, a role predominantly left to outside groups by the former president. Recently, Musk launched an eye-catching, daily $1 million sweepstakes for swing-state voters, drawing scrutiny from the US Justice Department.
The filings reveal that Musk's America PAC received four contributions totaling $43.6 million during the first half of October. Additionally, he donated $12.3 million to other super PACs primarily supporting Republican attempts to seize control of the Senate.
Before this election, Musk had contributed moderately to federal candidates, evenly split between Democrats and Republicans. However, for this campaign, he has actively engaged in supporting Trump's election bid and has even shared the stage with the Republican nominee on the campaign trail.
Thursday's filings indicated that Musk's super PAC attracted additional support in October. Billionaire investor Nelson Peltz gave $1 million to America PAC, and the Michigan-based DeVos family, including Trump's Education Secretary Betsy DeVos, also made high-value donations.
Other Significant Trump Donors
Besides Musk, other substantial donors backing Trump include Midwestern packaging magnate Richard Uihlein, who contributed another $6.5 million to the super PAC he controls – Restoration PAC, which has been vigorously supporting Trump's campaign. Uihlein, whose family founded Schlitz Brewing, has historically backed conservative, anti-establishment candidates and has emerged as one of the primary financial backers of pro-Trump causes this cycle.
Uihlein's wife, Elizabeth, donated $3 million in October to another pro-Trump group, Preserve America, which has predominantly been funded by billionaire Miriam Adelson, a physician and the widow of casino mogul Sheldon Adelson. Ronald Cameron, who oversees poultry-producing giant Mountaire Farms, donated $2 million to Preserve America.
WhatsApp co-founder Jan Koum has become one of the latest tech figures to support Trump's election bid, contributing $5 million in stock from social media giant Meta to Make America Great Again, Inc., the main super PAC supporting Trump, according to new filings. Previously, Koum had donated to a super PAC backing Nikki Haley's failed Republican presidential nomination campaign.
MAGA, Inc., also acquired $1 million apiece from Arkansas-based investor Warren Stephens and pharmaceutical heir Woody Johnson, co-owner of the New York Jets and former UK ambassador for Trump.
Sizable Donations to Harris as Well
Key donors to Future Forward, a super PAC supporting Harris, include Facebook co-founder Dustin Moskovitz, who contributed $25 million in total to the group during the first half of October, bringing his overall donations to $38 million.
However, a substantial portion of the $89.5 million collected by the pro-Harris super PAC over the period, totaling $40 million, came from Future Forward's nonprofit arm, which keeps donor identities confidential, shielding Harris' supporters from public scrutiny.
The latest filings also reveal that Liz Cheney, the former Wyoming congresswoman who has publicly broken ranks with her fellow Republicans in support of Harris, is not only campaigning with her. Cheney's political action committee, Our Great Task, donated $2.5 million on October 8 to American Bridge 21st Century, a leading Democratic research and rapid response group working to aid Harris.
Legal Fees
Despite collecting funds for his presidential campaign, Trump's political operation continues to subsidize the former president's legal expenses.
Between October 1 and 16, Save America, Trump's leadership PAC, spent $3.9 million on "legal consulting," records indicate. Almost three-quarters of the funds, approximately $3.3 million, went to Robert & Robert. Clifford Robert, the firm's principal, is one of the lawyers representing Trump in his appeal against his civil fraud judgment in New York.
The escalating political spending seen in the final stages of the election has been influenced by the wealthiest individual globally boosting their expenditures, as well as Vice President Kamala Harris' consistent fundraising success. Her campaign has significantly outperformed her opponent, Former President Trump, in terms of funds raised, with over $97 million compared to Trump's October earnings of around $16 million.
Furthermore, data shows that Harris has leveraged her financial advantage by saturating critical battleground states with advertisements, spending approximately $488 million on advertising since President Biden stepped down, far surpassing Trump's advertising expenditures during the same period.
