In August, Vice President Kamala Harris surpassed former President Donald Trump in fundraising, gaining a $109 million cash lead as the U.S. approaches the most costly stage of the 2024 presidential race. Federal Election Commission records show that Harris and the Democratic Party brought in $361 million during the month, while Trumpâs efforts raised $130 million.
Harrisâ significant cash boost was powered by contributions from Wall Street, Silicon Valley, and Hollywood donors, positioning her campaign well for the final stretch. While the race remains tight in polls, Harris has pulled ahead in financial support, which could prove crucial in the upcoming months.
Harrisâ Allies Raise Record Amounts
Harrisâ campaign and her main super PAC, Future Forward PAC, built a formidable war chest with $404 million in cash by the beginning of September. Future Forward PAC alone raised $36 million in August and had $84 million available at the start of September.Â
Prominent figures in the finance industry, such as Bruce Karsh of Oaktree Capital Management, Robert Stavis of Bessemer Venture Partners, and Sadek Wahba of I Squared Capital, were major contributors.
Alongside financial leaders, several Hollywood stars also backed Harrisâ campaign. Among them were Scarlett Johansson, Carol Burnett, Frances McDormand, and fashion brand founders Stacey Bendet and Rebecca Hessel Cohen. Harris also gained support from event planner Bronson van Wyck and author Carl Hiaasen.
Trump Attracts Support from the Crypto Industry
Although Harris led in total fundraising, Trumpâs campaign gained new backing, especially from the crypto industry. In August, Trumpâs campaign brought in $130 million, with support from established Republican donors and newcomers like hedge fund manager Paul Singer, who had not previously contributed to Trumpâs campaigns.
Additional notable donations came from Marc Andreessen, co-founder of Andreessen Horowitz, and Thomas Peterffy, Chairman of Interactive Brokers Group.
Tesla and SpaceX CEO Elon Musk provided the largest single contribution, giving $289,100 to the National Republican Congressional Committee to assist GOP House candidates. Musk also launched a super PAC to back Trump and House Republicans, which has been spending significantly in recent weeks, though details on its donors are still pending.
As the election nears, both candidates are spending heavily on advertising. Harrisâ campaign and Future Forward PAC have booked $421 million in paid media from September through Election Day, nearly doubling Trumpâs $216 million in reserved ads. This financial commitment is aimed at maintaining Harrisâ momentum and blunting Trumpâs efforts to close the gap in key battleground states.
While Trumpâs campaign has launched costly ad campaigns to combat Harrisâ momentum, it has faced financial constraints. Trumpâs super PAC, Make America Great Again Inc., raised $25 million in August but has already depleted some of its cash reserves. At the start of September, Trump and the GOP had $295 million in the bank, compared to the Democratsâ $404 million.
Hollywood and Finance Industry Dominate Harrisâ Donor Base
A wide array of industry leaders from finance and entertainment supported Harrisâ fundraising efforts in August. Celebrities such as Mayim Bialik and Alan Alda joined the growing list of Harris donors, while figures like Bruce Karsh and Glenn Fuhrman, who managed money for Michael Dell, helped her campaign build a significant cash reserve.
Notably, Future Forward PAC received $3 million donations from Facebook co-founder Dustin Moskovitz and the Pacific Environmental Coalition, a nonprofit led by venture capitalist Matt Cohler. Reed Hastings, Netflix co-founder, and Christian Larsen, co-founder of Ripple Labs, also contributed to Harrisâ war chest. Larsenâs donation, made in the form of XRP cryptocurrency, highlighted Harrisâ growing appeal among tech industry leaders.
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