Wall Street, Silicon Valley, and Hollywood donors significantly bolstered Vice President Kamala Harris’ fundraising in August. This surge provided the Democrats with a financial advantage over former President Donald Trump as they approach the costly final stretch of the presidential election, according to Fortune.
Harris’ campaign raised a substantial $361 million in August, bringing the Democratic Party’s total funds to $404 million. In comparison, Trump’s campaign brought in $130 million but spent $32 million more due to an aggressive advertising campaign to counter Harris’ momentum.
Harris Outpaces Trump in Financial Support
Trump’s primary super political action committee (PAC), Make America Great Again Inc., saw its reserves decrease during this period. Despite tight polling, Harris has taken a commanding lead in the financial race. Her fundraising efforts were supported by high-profile events in locations like San Francisco and the Hamptons, drawing from California’s affluent donor base.
High-Profile Donors Back Harris
Harris and her allied super PAC, Future Forward PAC, have secured $421 million in paid media for the months leading up to Election Day. This nearly doubles the $216 million booked by Trump and MAGA Inc.
The finance sector has played a vital role in supporting Harris, with major donors including Bruce Karsh of Oaktree Capital Management, Robert Stavis from Bessemer Venture Partners, and Sadek Wahba, co-founder of I Squared Capital. Other notable donors include Janice Savin Williams from Siebert Williams Shank, oil trader Andy Hall, and E. John Rosenwald of JPMorgan Chase.
Even Hollywood figures, such as Scarlett Johansson, Frances McDormand, and Carol Burnett, have contributed to Harris’ campaign. In addition to traditional donations, Harris has also received significant backing from Future Forward PAC, which raised $36 million in August, including $3 million donations from Facebook co-founder Dustin Moskovitz and venture capitalist Matt Cohler’s Pacific Environmental Coalition.
Cryptocurrency and Political Donations
A standout contributor to Harris’ campaign is Ripple Labs co-founder Christian Larsen, who donated $1 million in XRP cryptocurrency. This donation emphasizes the increasing connection between digital assets and political fundraising.
Trump Gains New Backers Amid Crypto Surge
Meanwhile, Trump’s campaign has attracted new support, particularly from the cryptocurrency industry, which he has actively courted. Tesla and SpaceX CEO Elon Musk made his largest political contribution to date, donating $289,100 to the National Republican Congressional Committee. Musk has also established a super PAC to support Trump and House Republicans, with donor details set to be disclosed next month.
Republican donors who had previously distanced themselves from Trump, such as hedge fund manager Paul Singer, have begun contributing again. Marc Andreessen of Andreessen Horowitz, Interactive Brokers Group Chairman Thomas Peterffy, and Tampa Bay Buccaneers owner Edward Glazer were among the prominent figures backing Trump in August. Additional contributions came from casino moguls Frank and Lorenzo Fertitta and billionaire Diane Hendricks, who donated $10 million to MAGA Inc.
This financial backing from established and new supporters has positioned both campaigns for a heated final stretch in the presidential race.
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