Harris Vs Trump: Kamala Harris Leads In Fundraising As Wall Street, Silicon Valley Boost Her

In the race for campaign funds for the upcoming presidential election, Kamala Harris has surged ahead, backed by significant contributions from Wall Street, Silicon Valley, and Hollywood. But Donald Trump and the Republicans have made up some of the gap due to a substantial boost from Tesla Inc. and SpaceX CEO Elon Musk.

What Happened: As per the latest Federal Election Commission filings, Harris’ fundraising efforts in August have given the Democratic ticket a $109 million cash advantage over Trump.

Harris raised $361 million in August, while Trump spent $32 million more than the $130 million he raised, reports Bloomberg.

Trump’s campaign received backing from new sources, including crypto industry donors and long-time Republican supporters like hedge fund manager Paul Singer. However, the most substantial single gift came from Musk, who donated the maximum amount of $289,100 to the National Republican Congressional Committee.

Trump’s costly ad campaigns have depleted some of his cash reserves.

Also Read: Trump Vs Harris: New Poll Reveals Post-Debate Swing Towards This Candidate In Key State

In contrast, Harris and her main super PAC, Future Forward PAC, have booked $421 million in paid media from September through Election Day, nearly double the $216 million for Trump and his allied super PAC MAGA Inc.

Notably, Musk also created a super PAC this year to support Trump and House Republicans, which has been spending millions in recent weeks. The donors to this super PAC will not be disclosed until next month.

Why It Matters: The fundraising race is a crucial indicator of the support each candidate has and can significantly impact their campaign strategies.

Harris’ lead in fundraising, backed by influential sectors like Wall Street and Silicon Valley, showcases her broad appeal and strong financial backing. On the other hand, Musk’s support for Trump underscores the tech mogul’s alignment with the GOP, potentially influencing other tech industry leaders.

However, the effectiveness of these funds will depend on how they are utilized. Trump’s high expenditure on ad campaigns, despite new support, has led to a depletion of his cash reserves.

In contrast, Harris’ campaign seems to be more financially robust, with a significant amount booked for paid media. The disclosure of donors to Musk’s super PAC next month will also be a significant development to watch.

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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.