2024 US Elections: A Record-Breaking Financial Landscape
The 2024 US elections are set to become the most expensive in history, with total spending projected to reach an astounding $15.9 billion. This figure surpasses the $15.1 billion spent during the 2020 elections and is more than double the $6.5 billion allocated for the 2016 elections, according to data from the non-profit organization Open Secrets. The financial frenzy encompasses all elections held on November 5, including presidential, congressional, and local races.
In the fiercely contested presidential race, Democratic candidate Kamala Harris has emerged as the fundraising leader, amassing over $1 billion directly for her campaign. Remarkably, 40% of her contributions came from small donors, supplemented by an additional $586 million from political action committees (PACs). Conversely, Republican candidate Donald Trump raised $382 million directly, with 28% from small donors and $694 million from PACs.
The largest individual donor this election cycle is Timothy Mellon, a banking heir who has contributed $197 million to Trump and Republican causes. Other notable Republican supporters include Elon Musk, Miriam Adelson, and Kenneth Griffin, each donating over $100 million. On the Democratic side, Michael Bloomberg leads with $93 million, followed by George Soros with $56 million through his PAC.
A staggering $10.5 billion has been allocated for campaign advertising across all races, with the Harris and Trump campaigns alone spending $2.6 billion on ads from March to November 1. Democrats accounted for $1.6 billion of this total, while Republicans spent $993 million. Notably, Pennsylvania stands out as the state with the highest swing state spending at $264 million, followed by Michigan at $151 million and Georgia at $137 million. Overall, Pennsylvania saw a total of $1.2 billion spent across all its races.
Despite a shift towards digital media, traditional advertising remains dominant, with digital platforms receiving $419 million for presidential advertising, representing only 17% of total spending. On social media platforms, Democrats outspent Republicans on Facebook and Instagram, investing $132.4 million compared to the Republicans' $24.7 million. However, Republicans led on X (formerly Twitter), spending $1.1 million against the Democrats' $150,000.
