US Presidential Race Fundraising: Trump, Biden, Kamala Harris Collected $4.7 Billion

Donors poured a staggering $4.7 billion into the campaigns of Donald Trump, Kamala Harris, Joe Biden, and their supporting groups during the 2024 US presidential election. The amount was revealed through final campaign finance reports released on December 5. 

The figure represents contributions from October 17 to November 25, as detailed in the latest filings, combined with earlier reports. The data highlights a stark financial divide between the parties, with Democrats and their affiliated groups raising approximately $2.9 billion compared to the Republicans' $1.8 billion.

Donald Trump and the Republican National Committee (RNC) raised $1.2 billion from November 2022 - when he launched his campaign - till election day. His key super PACs, including MAGA Inc, Right for America, Turnout for America, America PAC, and Preserve America, added another $849 million.

The Biden-Harris campaign benefitted from an early start, avoiding a competitive primary and signing a joint fundraising agreement with the Democratic National Committee (DNC) well ahead of their rivals. This enabled the Democrats to secure larger contributions. From April 2023, when Biden announced his re-election bid, till election day, the campaign raised around $2 billion. Their main allies super PACs, Future Forward and American Bridge, contributed an additional $652 million.

The overall $4.7 billion total includes funds raised during the Republican primary, much of which Trump's campaign used against other Republican challengers.

Dark money significantly influenced the final weeks of the election. Both Trump's and Harris's main super PACs relied heavily on contributions from affiliated dark-money groups. These funds, often termed "grey money," raise transparency concerns as the origins of the donations remain undisclosed.

MAGA Inc, Trump's primary super PAC, collected $78 million during the closing weeks, with $53 million originating from Securing American Greatness, its affiliated dark-money group. Similarly, Future Forward, the super PAC backing Harris, raised nearly $164 million during the same period, over $128 million of which came from its dark-money nonprofit, Future Forward USA Action.

Future Forward USA Action reportedly raised more than $900 million during the election cycle, including $58 million in 2023, according to a recent tax filing. This dark money later funded the super PAC in 2024, showcasing the blurred lines between transparency and influence.

Managing campaign finances post-election remains a delicate balance. Overspending can lead to debt, while underspending raises questions about unutilised resources.

The Trump campaign reported $11.4 million in unpaid bills as of November 25 but also held $10 million in cash and was owed $4.7 million. The Harris campaign faced criticism for being $20 million in debt post-election but ended the race with no outstanding debts and $2 million on hand.

Elon Musk emerged as a major financial player, donating $277 million through his entities to federal groups supporting Trump. This included $238.7 million funnelled into America PAC, a super PAC Musk established discreetly in 2024. Musk also made headlines as the sole donor to RBG PAC, a super PAC created to align Trump with the late Supreme Court Justice Ruth Bader Ginsburg on abortion issues. Elon Musk contributed $20 million to the group in October 2024.