With the presidential election gaining momentum, the competition for campaign contributions has intensified significantly. A striking highlight was Kamala Harris’s campaign projecting her image onto the massive Las Vegas Sphere, a stunt that reportedly costs $450,000 per day, making it one of the most expensive political advertisements in history. This is just a fraction of the nearly $1 billion in fundraising Harris has accumulated since emerging in the Democratic spotlight this summer.
On the fundraising front, the Democratic Party is harnessing the capabilities of ActBlue, which has facilitated over 113 million donations. In response, Republicans are utilizing their fundraising platform, WinRed, to maintain their competitive edge.
According to Bloomberg, a staggering $14.7 billion has been spent by candidates, political groups, and PACs this election cycle, amounting to approximately 92% of the total expected expenditures. More than 11,000 political entities, ranging from high-profile figures like Elon Musk to smaller organizations, have contributed funds during the 2024 election season, with expenditures exceeding $100,000.
Both political parties have processed over 113 million donations, distributing approximately $4.5 billion to various campaigns and committees representing more than 31 cents of every dollar spent in the race. Notably, Donald Trump’s campaign has seen significant backing from affluent supporters, with his super PACs receiving more contributions from just three individuals Elon Musk, Miriam Adelson, and investor Timothy Mellon than his campaign has garnered from donors contributing less than $200.
Conversely, Kamala Harris is benefiting from a diverse array of support, including both high-net-worth donors and grassroots contributions. Her campaign has expended $875 million in the race, overshadowing Trump’s $355 million spending. This financial advantage has proven crucial in reaching voters in key swing states.
“It is an extraordinary amount of money that the candidates are raising, and there’s no shortage of places to spend it,” commented Steve Caplan, a professor at the University of Southern California, as reported by The Guardian. He noted the explosion of channels and media outlets now available for targeted spending, from digital advertising to social media platforms.
Recent reports indicate that Harris and the Democratic Party are leading in fundraising, even amidst Trump’s influential connections in Silicon Valley. Hollywood figures have rallied behind Harris as the November 5 election nears, propelling her campaign to raise nearly three times Trump’s total. In the first half of October alone, Harris’s campaign secured $97.2 million, while Trump’s efforts amounted to only $16.2 million. Earlier in the campaign, the fundraising race was much closer, with Biden and Trump raising $284.1 million and $217.2 million, respectively, by June.
The Harris Victory Fund, supporting her campaign and other Democratic initiatives, has already raised $1.2 billion this election cycle, according to recent filings with the Federal Election Commission.