The race for campaign cash in the 2024 election has heated up, with Vice President Kamala Harris showcasing her remarkable fundraising strength while former President Donald Trump leans heavily on billionaire supporters.
Harris outpaced Trump by a 3-to-1 margin in September, raising an unprecedented $1 billion in less than three months as a candidate. Her record-breaking haul sets a new standard for campaign finance, highlighting the vice president’s strong support heading into the final stretch of the race.
Meanwhile, Trump’s official campaign has lagged, but outside groups have stepped in to bridge the gap with massive contributions from high-profile billionaires. Among these donors is Tesla CEO Elon Musk, who announced a controversial initiative over the weekend, pledging daily $1 million giveaways to voters in swing states. Last quarter, Musk contributed $75 million to Republican efforts, making him one of the party’s top donors. However, Musk’s efforts are facing scrutiny, with election law experts questioning the legality of his initiative.
Musk’s donations, while substantial, fall behind Timothy Mellon, heir to the Mellon banking fortune. Mellon remains the GOP’s top donor, contributing another $25 million last quarter to the Trump-aligned super PAC, MAGA Inc., bringing his total contributions to nearly $200 million this cycle. Miriam Adelson, widow of casino magnate Sheldon Adelson, has also played a significant role, donating $95 million to pro-Trump efforts since July.
The full scope of campaign contributions remains unclear, particularly with the involvement of “dark money” groups that are not required to disclose their donors.
Elon Musk’s Influence and Controversy
Musk’s campaign tactics have taken center stage in recent days. His high-profile announcement over the weekend, featuring a $1 million giveaway, has sparked legal concerns. The initiative, which offers cash to voters who sign an online petition supporting the U.S. Constitution, has drawn scrutiny from election law experts who warn that paying people to register or vote could violate federal law.
Pennsylvania Governor Josh Shapiro suggested that law enforcement may need to investigate Musk’s actions, noting on NBC’s “Meet the Press” that the effort “raises serious questions.” Additionally, reports have surfaced that another Musk-funded group created fake websites impersonating Harris’s campaign, using fabricated policy positions to mislead voters.
Musk also repeated debunked claims about Dominion Voting Systems at a rally, reviving false allegations about the 2020 election. Dominion, which successfully sued Fox News for defamation in 2023, criticized Musk’s comments and said it is “monitoring” the situation.
Questions are also emerging about Musk’s voter outreach efforts, with reports suggesting that some canvassers may have exaggerated the number of voters they reached. Media outlets such as Reuters and The Guardian have raised concerns about the effectiveness of his get-out-the-vote operation.
Kamala Harris’s Record-Breaking Fundraising
As Musk’s activities generate controversy, Harris’s campaign has focused on bolstering her fundraising dominance. New data released over the weekend confirms that Harris raised a staggering $1 billion in the third quarter, setting a new record for presidential campaign fundraising.
In September alone, her campaign raised $221.8 million, more than triple Trump’s $63 million, according to Federal Election Commission (FEC) reports. When factoring in allied groups, Harris’s total September haul reached $378 million—more than double the $160 million raised by Trump’s supporters.
Despite his struggles to keep pace, Trump is ramping up efforts to close the fundraising gap. He is scheduled to host a major fundraising event in New York City, where top donors can contribute nearly $1 million for what has been dubbed the “Ultra MAGA Experience.” The event will coincide with a rally at Madison Square Garden, as Trump seeks to reinvigorate his fundraising machine ahead of Election Day.
