The U.S. candidates in the ongoing elections have broken fundraising records, amassing a total of $15.9 billion, according to OpenSecrets, which gathered the data. This sum includes funds raised by both presidential candidates, Democrat Kamala Harris and Republican Donald Trump, as well as those running for Congress. This new record surpasses the $15.1 billion raised in 2020 and is more than double the $6.5 billion total from 2016.
In the presidential race, Vice President Harris raised the most, with over $1 billion collected, of which more than 40% came from small donors. An additional $586 million was raised by political action committees (PACs) supporting her. Trump’s campaign raised $382 million, with 28% from small donations, and his support committees raised $694 million.
The largest individual Republican donor was banker Timothy Mellon, 81, who contributed $197 million, including donations to Trump. On the Democratic side, Michael Bloomberg was the largest contributor, donating $93 million, while George Soros contributed $56 million through his PAC.
A large portion of these funds—$10.5 billion—was spent on political advertising. From March to November 1, Harris and Trump’s campaigns spent a combined $2.6 billion on ads, with Harris’s campaign spending $1.6 billion and Trump’s $993 million.
The top funders bankrolling pro-Trump super PACs are billionaire megadonors:
— OpenSecrets.org (@OpenSecretsDC) November 5, 2024
— Timothy Mellon: ~$151.5M to MAGA Inc.
— Elon Musk: ~$118.6M to America PAC
— Miriam Adelson: ~$100M to Preserve America PAC
— Richard Uihlein: ~$53M to Restoration PAChttps://t.co/WReBRZ9Uwq
Harris’s messaging focused on taxes, abortion rights, healthcare, and the economy, while Trump emphasized immigration, inflation, crime, taxes, and economic issues. The two candidates concentrated their spending in key battleground states, with Pennsylvania receiving the most funds, followed by Michigan and Georgia.
Despite the increase in internet usage, social media only attracted 17% of the candidates’ total ad spending. Democrats spent $132.4 million on Meta’s platforms (Facebook and Instagram), compared to the Republicans’ $24.7 million. Conversely, on X (formerly Twitter), Republicans spent $1.1 million, while Democrats spent only $150,000, according to advertising industry firm AdImpact.
