Wall Street Boosts Harris Musk Supports GOP Fundraising

Wall Street boosts Harris asignificant in fundraising during August, thanks to contributions from Wall Street, Silicon Valley, and Hollywood. Federal Election Commission disclosures reveal that Harris’ financial momentum helped the Democrats establish a $109 million cash advantage over Republican rival Donald Trump as the campaign intensifies. This financial edge comes at a crucial time, as both candidates prepare for the most expensive phase of the 2024 presidential race.

Harris Tops Trump in Campaign Funds

While polls indicate a close contest between Harris and Trump, the vice president’s fundraising prowess has given her a strategic advantage. Harris’ campaign raised an impressive $361 million in August, significantly outpacing Trump, who raised $130 million. Trump’s campaign, however, spent more than it earned, with $32 million going toward an aggressive advertising blitz to counter Harris’ growing momentum. His main super PAC, MAGA Inc., also saw its financial resources dwindle.

Wall Street boosts Harris, providing her campaign with a crucial fundraising edge over Trump, according to wsj news.

Elon Musk’s High-Profile Support for Trump

Among the key figures backing Trump is Elon Musk, CEO of Tesla and SpaceX, who made the largest individual donation—$289,100—to the National Republican Congressional Committee. Musk’s financial support also extends to a super PAC founded to support Trump and House Republicans, although the donors to this group won’t be disclosed until next month. Musk’s involvement represents a growing relationship between Trump and the tech industry, particularly in the cryptocurrency sector.

Harris Dominates Media Spending

Despite Trump’s new financial supporters, his campaign has struggled to keep up with the high cost of advertising. Harris, meanwhile, has committed $421 million for paid media from September through Election Day, almost double the $216 million set aside by Trump and MAGA Inc. This significant media investment positions Harris strongly as both campaigns head into the final stretch.

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High-Profile Donors Rally Behind Harris

Kamala Harris has leveraged her extensive network in California, hosting fundraising events in San Francisco and the Hamptons. Major donors include Bruce Karsh from Oaktree Capital Management and Robert Stavis of Bessemer Venture Partners. I Squared Capital co-founder Sadek Wahba also contributes significantly to her campaign efforts. The entertainment industry has shown strong support, with donations from Scarlett Johansson and Carol Burnett. Frances McDormand, along with fashion icons Stacey Bendet and Rebecca Hessel Cohen, also provided contributions.

Trump’s Financial Support Grows Despite Challenges

Though Trump’s August haul totaled $130 million, leaving him with $295 million in cash reserves, his campaign faces mounting costs. Key backers include Marc Andreessen of Andreessen Horowitz and Tampa Bay Buccaneers owner Edward Glazer. Trump also garnered support from casino moguls Frank and Lorenzo Fertitta and country music star Lee Greenwood. Despite these contributions, the high cost of his campaign’s advertising efforts continues to strain his financial resources.

Republican Power Players Support MAGA Inc.

Diane Hendricks, billionaire owner of ABC Supply Co., emerged as a significant donor, contributing $10 million to MAGA Inc. She was a prominent figure at the Republican National Convention, introduced as an “everyday American.” The contributions from Hendricks and other Republican power players demonstrate Trump’s continued appeal to the party’s donor base. This support comes even as Harris gains financial ground in her campaign efforts.

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