When it comes to the presidential election, what used to look like the Kentucky Derby has turned into a Formula 1-style race. It’s all courtesy of billionaires pouring money on the scales of fairness.
But which side do the wealthy prefer? Vice President and Democratic nominee Kamala Harris turned out to be the favorite. Track the movements of the rich Forbes It found that 81 billionaires support Harris and about 51 support former President Donald Trump, as of publication date.
To boot, 28 billionaires have donated $1 million to Harris since August, per Forbes. This includes, but is not limited to, former Meta Platform executives Sheryl Sandbergfounder Michael Bloombergand Hollywood director Steven Spielberg. Others have donated large gifts, according to the Federal Election Commission’s analysis and reports from Bloomberg. Notable figures who have left their mark include billionaire Shark tank Judge Mark Cuban, who has openly campaigned for Harris, and Taylor Swift. The true depth of the donations will not be seen until the whole matter is settled; like Forbes He notes that final FEC reports aren’t released until December.
Trump has less appeal among the group than Harris, but he still has some big players making a lot of noise. The world’s richest man, Elon Musk, campaigned extensively for Trump, creating chaos Questionable legality Sweepstakes organized by his own political action committee, and he transferred $74 million from July to September alone to the aforementioned PAC for Trump.
While Harris may have more support from billionaires, Trump is not far behind, largely due to whale donations. In all, 26 billionaires have donated at least $1 million to Trump, according to estimates Forbes. Among his supporters who have donated smaller gifts are venture capitalist Marc Andreessen and hedge fund manager Bill Ackman.
Billionaires support Harris, but not without cost
A a report From wealth manager UBS found that millionaires also favor Harris. Harris is more favored than Trump, as the poll included 971 investors, with 57% favoring Trump and 43% favoring Trump. However, they narrowly favor Trump over Harris on the economy, 51% and 49%, respectively.
What some consider The closest elections In recent history, both political parties have claimed this race to be of great importance. some Titans of Wall Street It stuck with Harris because of some other items on the ticket. Over 90 business leaders I supported her“Electing Harris is the best way to support the continued strength, security, and reliability of our democracy and economy,” he said.
But that doesn’t mean Democratic billionaires are willing to give away their wealth entirely. While some within Harris’ own party pRushing to impose taxes on the rich As wealth inequality widens, its billionaire backers are doing the opposite: signing a blank check.
Cuban spoke out against potential Taxing Harris Unrealized capital gains while on CNBC Squawk box. He stressed that “this will not happen.” “If for some reason she lies about it, I will campaign against her so there is no second term.”
Having reached new fundraising milestones, Harris received a record number of small donations when she announced her candidacy, according to the British newspaper The Guardian. times. So, it’s not just the wealthy who keep it afloat.
Money talks, and the rich whisper
More recently, philanthropist and Microsoft co-founder Bill Gates has emerged from the sidelines. “These elections are different,” he said in a statement. New York Times, Specifically reporting a $50 million donation to Harris’ campaign.
However, Gates remained far from a true endorsement, as did JPMorgan Chase CEO Jamie Dimon. Damon has reportedly told colleagues that he supports Harris, though he has not revealed this publicly for fear of retaliation if Trump wins, according to the Guardian. times.
Likewise, Warren Buffett and Mark Zuckerberg remain illiterate. Buffett said he was concerned about the possibility of an artificial intelligence deepfake using his image to endorse a candidate CNBC “Anything they see in my image or voice is not me.”
But for some, these elections were enough to represent a real change of opinion. And while “getting a lot of attention” in this election, philanthropist Melinda French Gates publicly endorsed a candidate when she endorsed Harris. By calling for a leader who champions reproductive rights, French Gates appears to have made an attempt Great contribution To her campaign.