Billionaires' spending reached record levels in 2024 US elections: Report
What's the story
Billionaires upped their spending during the 2024 US elections by a wide margin, a new report by Americans for Tax Fairness said.
The analysis found that just a hundred of the ultra-rich families had put in $2.6 billion into the election cycle that brought Donald Trump back to the White House, and the Republicans ruled both Houses of Congress.
That's over double what billionaire donors spent four years ago.
Supreme Court impact
Citizens United ruling led to surge in billionaire contributions
The dramatic increase in spending can be traced to the 2010 Citizens United v. FEC ruling by the US Supreme Court.
The landmark decision permitted unlimited campaign donations, resulting in a dramatic increase in spending via Super PACs.
Since the ruling, billionaires have reportedly pumped in 160 times more funds into campaigns than they did earlier.
Comment
ATF executive director comments on the trend
"The money-for-power exchange that was always hidden in the back rooms of American politics has disturbingly burst into the open in the second Trump administration," said David Kass, ATF's executive director.
"Elon Musk and some of the world's wealthiest families spent record amounts to secure significant tax breaks and deregulation, using cuts to vital services like healthcare, education, and nutritional support to pay for it."
Funding distribution
Majority of billionaire donations favored GOP causes
ATF's analysis also showed that a large amount of the funding went to GOP causes and candidates.
Roughly 70% of the money from the 100 top contributing billionaire families was spent on Republicans.
Musk, who is now Trump's top adviser, spent nearly $200 million via his Super PAC for the latter's second term.
Tech industry influence
Silicon Valley executives also contributed significantly
Many Silicon Valley executives also accompanied Musk in donating heavily to the election campaigns.
This group together contributed more than $194 million to campaign purses during the US presidential election, according to a Guardian analysis that was published late last year.
Some of the executives were also rewarded with positions in the new administration after funding for 2024 campaigns.
Election strategy
Billionaire contributions also targeted down-ballot races
Though the presidential election attracted record financial contributions, significant amounts were also donated to political races that were local and/or relatively less important.
The contributions were aimed at ensuring a Republican stronghold on the government.
The ATF report found billionaire spending made up roughly half of expenditures in three key Senate races: Montana, Pennsylvania, and Ohio.