Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Donors from Wall Street, Silicon Valley, and Hollywood significantly contributed to Vice President Kamala Harris’ fundraising activities in August.
This increase has given the Democrats a considerable financial advantage over former President Donald Trump as they approach the most expensive stage of the presidential election, according to a recent report by Fortune.
Harris’ campaign successfully raised an impressive $361 million in August, elevating the Democratic party’s total cash reserves to $404 million.
In comparison, Trump’s campaign garnered $130 million during the same timeframe, expending $32 million more than its intake due to an expensive advertising campaign aimed at countering Harris’ momentum.
Harris Takes the Lead in Financial Competition
Trump’s main super political action committee (PAC), Make America Great Again Inc., also experienced a decline in its reserves.
Despite the tight polling, Harris has secured a distinct advantage in the financial competition.
The Vice President’s fundraising initiatives included several high-profile events in locations such as San Francisco and the Hamptons, leveraging California’s affluent donor network.
Her campaign and the affiliated super PAC, Future Forward PAC, have obtained $421 million in paid media for the final months leading up to Election Day, nearly doubling the $216 million secured by Trump and MAGA Inc.
The finance sector has been a crucial source of backing for Harris.
Notable contributors include Bruce Karsh of Oaktree Capital Management, Robert Stavis from Bessemer Venture Partners, and Sadek Wahba, co-founder of I Squared Capital.
Related Posts
Other prominent donors comprise Janice Savin Williams from Siebert Williams Shanke, renowned oil trader Andy Hall, and E. John Rosenwald, a vice chair at JPMorgan Chase.
Hollywood has also rallied behind Harris, with celebrities such as Scarlett Johansson, Frances McDormand, and Carol Burnett supporting her campaign.
Alongside traditional fundraising, Harris has received substantial backing from Future Forward PAC, which raised $36 million in August, supported by $3 million donations from Facebook co-founder Dustin Moskovitz and the Pacific Environmental Coalition, a nonprofit led by venture capitalist Matt Cohler.
Notably, Christian Larsen, co-founder of Ripple Labs, contributed $1 million in XRP cryptocurrency, underscoring the increasing intersection of digital assets and political funding.
Trump Attracts New Supporters
Conversely, Donald Trump’s campaign has attracted new sources of support, particularly from the cryptocurrency sector, which he has actively engaged.
Elon Musk, the CEO of Tesla and SpaceX, made his largest reported political donation to date, contributing $289,100 to the National Republican Congressional Committee.
Furthermore, Musk has established a super PAC to support Trump and House Republicans, although details regarding its donors will not be revealed until next month.
Longtime Republican benefactors, including hedge fund manager Paul Singer, who had previously refrained from supporting Trump, have begun to contribute.
Prominent donors backing Trump and the GOP in August included Marc Andreessen of Andreessen Horowitz, Interactive Brokers Group Chairman Thomas Peterffy, and Tampa Bay Buccaneers owner Edward Glazer.
Additional significant contributions came from casino magnates Frank and Lorenzo Fertitta and billionaire Diane Hendricks, who donated $10 million to MAGA Inc.
The post Wall Street Funnels Cash Into Harris Campaign as Musk and Crypto Industry Rally Behind Trump appeared first on Cryptonews.
