Full Measure After Hours: The Big Money Donors Behind Trump and Harris
Released on November 4, 2024, "Full Measure After Hours" hosted by Sharyl Attkisson delves into the intricate web of major financial backers supporting Donald Trump and Kamala Harris in the 2024 U.S. presidential election. Featuring insights from Anna Masolia of Open Secrets, the episode unpacks the dynamics of campaign financing, key donors, and the evolving landscape of political contributions.
1. Record-Breaking Election Spending
The 2024 presidential race has set new financial benchmarks, with an unprecedented flow of funds surpassing all previous elections. Anna Masolia highlights, “[00:00] we're really seeing more money than ever flowing into US elections in 2024... it's becoming the most expensive race in US history.”
2. Elon Musk’s Game-Changing Donations
Elon Musk has emerged as a significant player in this election cycle. Initially committed to contributing $45 million a month to his super PAC, America PAC, Musk’s total donations have surged to approximately $75 million, primarily supporting Trump. Masolia notes, “[01:39] Musk has really been a game changer for this election cycle... this has the potential to really change the election because of the pure sum of money that is going into it.”
3. The Power of Super PACs
Super PACs play a crucial role in amplifying campaign efforts. Masolia explains, “[02:52] super PACs can raise and spend unlimited sums... on things like advertisements... get out the vote efforts, door knocking, or more tangible things like those advertisements.” These organizations significantly boost a candidate’s visibility and outreach, whether through supportive or adversarial messaging.
4. Kamala Harris’s Surge in Fundraising
Kamala Harris has experienced a remarkable uptick in fundraising. In her first full month as the Democratic nominee, Harris raised $361 million compared to Trump’s $130 million. Masolia observes, “[03:41] we now see the Democratic side becoming more competitive... just that initial bump was unprecedented.”
5. Key Individual Donors
The landscape of individual donors shows distinct affiliations:
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Timothy Mellon for Trump: Mellon, an heir to the Mellon banking fortune, has rapidly increased his contributions to $165 million. Masolia comments, “[04:44] Mellon... has poured money in a very big way,” noting his shift from supporting a pro-Kennedy super PAC to Trump after Kennedy’s withdrawal.
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Michael Bloomberg for Harris: Former New York Mayor Bloomberg stands out as a top donor for Harris, contributing approximately $40.8 million. Additionally, Reid Hoffman emerges as another significant Democratic supporter.
6. Industry Contributions: Tech vs. Defense
Donor industries reveal clear preferences:
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Tech Industry: Harris receives substantial backing from major tech giants such as Alphabet (Google), Microsoft, Amazon, Apple, Meta, and IBM. Masolia explains, “[06:17] Silicon Valley has leaned more towards Democratic candidates... it’s not entirely unexpected to see that trend continue.”
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Defense Sector: Trump’s top donors include major players from the Defense Department, Boeing, Lockheed Martin, and Raytheon, among others.
7. Cryptocurrency’s Increasing Influence
The cryptocurrency industry has surged in political donations, with super PACs like Fair Shake channeling tens of millions. Masolia states, “[07:26] One of the top spending super PACs this cycle is Fair Shake... they've attacked candidates on both sides of the aisle... as long as they are considered either pro crypto or anti crypto.”
8. Donor Demographics and Industry Support
Retirees remain the largest donor demographic for both candidates, as Masolia notes, “[11:34] It is not uncommon for candidates to have their top industry giver to be retirees.”
Additionally, industries like education, healthcare, and nonprofit organizations predominantly support Harris, while sectors such as airlines, real estate, and certain tech divisions lean towards Trump. This divide underscores the varied interests and strategic contributions each side attracts.
9. Projecting Election Expenditures
The 2024 election is on track to surpass $14 billion, with outside spending already setting new records. Masolia emphasizes, “[12:43] We are projecting this to be a new nominal record... outside spending has already hit a new record.”
10. Money vs. Election Outcomes: A Shifting Paradigm
Historically, higher fundraising often correlated with electoral success. However, the 2024 cycle hints at a shift. Reflecting on the 2016 election where Trump won despite lower traditional donations, Masolia remarks, “[13:36] We're seeing small donors and grassroots donors becoming much more a part of equation. It’s not necessarily who has more money that wins.”
11. Inheritance of Campaign Funds
Kamala Harris benefited from inheriting over $100 million from Joe Biden’s campaign after he exited the race, which she has significantly built upon. Masolia notes, “[14:15] Harris did get to inherit Biden's money... she has raised so much more than he had at that point.”
Conclusion
The 2024 presidential election showcases a complex interplay of substantial financial support from diverse sectors and individual donors. With unprecedented spending and new dynamics in donor affiliations, both Trump and Harris are navigating a highly competitive and resource-intensive race. As Anna Masolia from Open Secrets elucidates, the infusion of big money and the strategic use of super PACs are reshaping the traditional contours of political campaigning, potentially influencing the eventual outcome in unforeseen ways.
For a deeper dive into the fundraising figures and additional insights, viewers are encouraged to watch the November 3rd episode of "Full Measure with Sharyl Attkisson" available on FullMeasure.News.
This summary encapsulates the key discussions and insights from the podcast episode, providing a comprehensive overview for those who haven’t listened.