Elon Musk and billionaires boost Trump's campaign funding in 2024
- Elon Musk and Miriam Adelson made substantial donations to pro-Trump political groups, with Musk contributing nearly $75 million and Adelson $95 million.
- Democratic candidates have raised more funds than their Republican opponents in critical Senate races, enhancing their financial position ahead of the elections.
- The financial dynamics suggest a highly competitive environment as both parties prepare for the upcoming elections.
In the United States, significant financial contributions from billionaires have been directed towards supporting Donald Trump's presidential campaign. Notably, Elon Musk contributed nearly $75 million to a pro-Trump super PAC, while Miriam Adelson donated $95 million to another group backing Trump. These donations were reported in filings with the Federal Election Commission for the third quarter of 2024. The filings revealed that the America PAC has spent nearly $96 million on the presidential race, with a substantial portion allocated to voter outreach in battleground states. Additionally, other conservative billionaires have also made large donations, with Uihlein contributing about $49 million to the Restoration PAC. This PAC is actively spending millions on advertising in key states such as Pennsylvania, Wisconsin, and Georgia. In contrast, Democratic fundraising efforts have seen significant success, with the Senate Majority PAC raising over $119 million, surpassing its Republican counterpart. Democratic candidates in critical Senate races have outperformed their Republican opponents in fundraising, particularly in states like Michigan, Pennsylvania, and Arizona. This financial advantage is crucial as both parties prepare for the upcoming elections, with Democrats entering the final stretch in a stronger financial position. The overall financial landscape indicates a fierce battle for control of Congress, with both parties mobilizing substantial resources to secure victories in the upcoming elections.