Billionaire Battle: 83 Back Kamala Harris, 52 Stand Behind Donald Trump

The influence of U.S. billionaires in the 2024 presidential race has reached an unprecedented level, with significant contributions flowing into the campaigns of both former President Donald Trump and Vice President Kamala Harris.

Elon Musk, the CEO of Tesla and SpaceX, has notably contributed over a third of the funding to Trump's campaign and other Republican candidates, marking a significant impact on the funding landscape. Musk's public endorsement of Trump was highlighted during a rally in Pennsylvania on October 5, showcasing the tech mogul's active involvement in the political arena.

In contrast, other billionaires are channelling their support towards Vice President Kamala Harris, albeit in a more subdued manner. The Harris campaign has successfully garnered a staggering $998 million in donations between January 2023 and October 30, a figure that encompasses funds raised during the Biden campaign as well. This financial backing comes from a diverse group of billionaires, including those who have not publicly declared their political affiliations.

Support from NFL owners also appears to skew in favour of Republican candidates, indicating a political divide among the country's wealthiest individuals. Despite this, the Trump campaign reported raising $392 million in the same period, as per Federal Election Commission filings, demonstrating significant financial support, though not at the level of Harris's campaign.

Among the billionaires backing political figures, three centibillionaires stand out for their contributions. Elon Musk supports Donald Trump, whereas Bill Gates, the Microsoft co-founder, and Michael Bloomberg, the businessman and former Mayor of New York, throw their weight behind Kamala Harris.

Their donations underscore the significant influence these individuals hold in the political sphere, with Musk donating an estimated $132 million to Trump's campaign and Republican causes, Gates contributing $50 million to Future Forward USA Action, and Bloomberg adding about $100 million to the same nonprofit supporting Harris.

Billionaires' Preferences in the 2024 Election

Forbes' ongoing analysis reveals a clear preference among billionaires for Kamala Harris over Donald Trump. This trend is reflected in the notable endorsements and financial contributions from influential figures such as film director Steven Spielberg, Eric Schmidt of Google, Laurene Powell Jobs, the widow of Apple founder Steve Jobs, and Melinda French Gates, Bill Gates's former wife. Their support for Harris indicates a broader trend of billionaire backing in the Democratic camp.

On the other side, Trump's campaign has attracted support from billionaires like Steve Wynn of Wynn Resorts, Miriam Adelson of the Las Vegas Sands Corp., and Ray Davis, the co-owner and co-chairman of the Texas Rangers. These endorsements and contributions highlight the varied political leanings among America's wealthiest individuals, illustrating the diverse political landscape within the billionaire community.

Overall, the 2024 presidential race is witnessing an unprecedented level of involvement from billionaires, with their financial contributions and endorsements significantly influencing the dynamics of the campaigns. The support for Kamala Harris among billionaires, including those from the tech and entertainment industries, contrasts with the backing Donald Trump receives from figures in the sports and hospitality sectors.

The report claims that a total of 83 billionaires have put their weight behind Kamala while Trump has the backing of 52 billionaires.