Donors from Wall Street, Silicon Valley and Hollywood played a key role in supporting Vice President Kamala Harris’ fundraising efforts in August.
According to a recent Fortune report, the increase has given Democrats a significant financial advantage over former President Donald Trump as they enter the most costly phase of the presidential election.
The Harris campaign managed to raise an impressive $361 million in August, bringing the Democratic Party’s budget to $404 million.
In contrast, Trump ‘s campaign raised $130 million in the same period, spending $32 million more than it contributed due to an expensive advertising campaign to counter Harris’ momentum.
Harris takes lead in financial race
Trump’s main political action super PAC (PAC), Make America Great Again Inc. also saw its reserves fall. Despite the fierce polls, Harris has gained a clear lead in the financial race. The vice president’s fundraising efforts have included numerous high-profile events in places like San Francisco and the Hamptons, tapping into California ‘s donor base.
Her campaign secured $421 million in paid media in the final months before Election Day, nearly doubling the $216 million set aside by Trump and MAGA Inc.
The financial industry has been a significant source of support for Harris. Notable donors include Bruce Karsh of Oaktree Capital Management, Robert Stavis of Bessemer Venture Partners and Squared Capital co-founder Sadek Wahba.
Other prominent donors include Janice Savin Williams of Siebert Williams Shanke, legendary oil trader Andy Hall and E. John Rosenwald, vice chairman at JPMorgan Chase. Even Hollywood has endorsed Harris, with stars such as Scarlett Johansson, Frances McDormand and Carol Burnett contributing to her campaign.
In addition to traditional fundraising, Harris received significant support from Future Forward PAC, which raised $36 million in August, bolstered by $3 million in donations from Facebook co-founder Dustin Moskovitz and the Pacific Environmental Coalition, a nonprofit led by venture capitalist Matt Cohler.
Remarkably, Ripple Labs co-founder Christian Larsen donated $1 million in XRP cryptocurrency, underscoring the growing link between digital assets and political funding.
Trump sees new sources of support
On the other hand, Donald Trump ‘s campaign has gained new sources of support, particularly from the cryptocurrency industry, a sector he has actively courted. Elon Musk, CEO of Tesla and SpaceX, made his largest reported political contribution to date, donating $289,100 to the Republican National Congressional Committee.
In addition, Musk has formed a super PAC to support Trump and Republicans in the House of Representatives, but details of its donors will not be revealed until next month. Longtime Republican donors, including hedge fund manager Paul Singer, who previously stayed away from Trump, have now begun donating.
Marc Andreessen of Andreessen Horowitz, Interactive Brokers Group CEO Thomas Peterffy and Tampa Bay Buccaneers owner Edward Glazer were among prominent donors supporting Trump and the Republican Party in August.
Other large donations came from casino tycoons Frank and Lorenzo Fertitta and billionaire Diane Hendricks, who gave $10 million to MAGA Inc.
