Some of the world’s richest people poured tens of millions of dollars into political groups in recent months to boost Donald Trump’s campaign fund, new reports filed Tuesday with federal regulators show.
Elon Musk gave nearly $75 million to a pro-Trump super PAC. Miriam Adelson, a staunch Trump supporter and heir to a casino fortune, gave even more, $95 million to another group supporting the former president, according to filings with the Federal Election Commission for the July-September quarter.
In total, just three billionaires, Musk, Adelson and Midwestern packaging magnate Richard Yulein, donated about $220 million in a three-month period to groups supporting the Trump candidacy.
Their staggering donations underscore the critical role a handful of billionaire donors are playing in Trump’s efforts to outdo Kamala Harris as the race has intensified.
Harris has raised $1 billion since the start of the campaign
Harris has been rallying — raising $1 billion since becoming the Democratic nominee in late July, faster than any other presidential candidate.
The filings show that a wealthy fundraising committee that funnels money to her campaign and Democratic-aligned committees took in $633 million in the third quarter, four times what Trump’s fundraising arm raised in that period.
But Harris’ team is imploring supporters to send even more to reach undecided voters.
Billionaires support Trump’s return to the White House
Musk has emerged as a frontrunner in Trump’s bid to return to the White House. America PAC, the super fund founded by Musk, has launched a massive door-to-door campaign in states like Pennsylvania, though the strategy of a presidential campaign outsourcing its on-the-ground operation is largely untested.
America PAC had reported spending nearly $96 million on the presidential race, including nearly $57 million on research and field operations, according to the filings.
The new filing from America PAC included seven separate contributions from Musk totaling $75 million between early July and late September. While there were other donors initially, Musk was the sole donor of the third quarter.
America PAC has taken on a critical advocacy role for the Trump campaign. In addition to the presidential race, the group has also spent millions targeting several high-stakes contests, including California and New York.
The large sums thrown into the re-election effort
Adelson’s $95 million went to another top pro-Trump super PAC, Preserve America — accounting for nearly all of the money she raised in the July-September quarter. Adelson has now given the team a total of $100 million this year.
Preserve America has spent nearly all of what it raised in the third quarter and spent nearly $92 million on independent spending, mostly advertising.
Advertising data shows Preserve America has still prepaid about $29 million in advertising time leading up to the election.
Another top pro-Trump super PAC, Restoration PAC, also reported a huge donation from a single major donor. Yuline gave about $49 million to the fund in the third quarter. In total, Yuline has now given nearly $59 million this year to the Restoration PAC.
Other generous Trump supporters during the third quarter included billionaire former Marvel executive Ike Perlmutter and his wife, Laura, who donated nearly $5 million late last month to the Right for America PAC.
And Harris has benefited from funding from the wealthy
FF PAC, the top super PAC backing the vice president’s campaign, has bought a total of $371 million worth of advertising time since the start of 2023, according to AdImpact data, including to support President Biden before he ends his run. in July. He is the largest outside advertiser in the presidential race.
FF PAC will reveal its September fundraising and spending activity on Sunday. But by the end of August, according to its most recent filings, the group had reported raising more than $200 million, including $19 million from billionaire former New York mayor Michael Bloomberg and $10 million from LinkedIn co-founder Reid Hoffman.
Source: ot.gr
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