The ultra-rich poured more money into the last presidential election than ever before. Tesla founder, X owner and President-elect Donald Trump's right-hand man, Elon Musk, gave $239 million alone to his own Trump-supporting America PAC and in total spent over $250 million to help Trump win. Billionaire Michael Bloomberg donated $50 million to Future Forward PAC, a group supporting the Democratic ticket. Howard Lutnick, a cryptocurrency billionaire whom Trump recently tapped to be Commerce secretary, donated $5 million to MAGA Inc., according to FEC filings.
An analysis from the Brennan Center for Justice found that wealthy donors who gave more than $5 million to super PACs supporting Trump and Vice President Kamala Harris donated a combined $864 million in 2024, more than double the amount they gave in 2020. Billionaires across the country opened their wallets to support the candidate of their choosing, a stark reminder of the power special interests hold in American elections.
