A new analysis from The Washington Post reveals that just 50 megadonors are responsible for $1.5 billion in campaign cash for the 2024 presidential cycle.
Overall, this group of billionaires skews toward former President Donald Trump and the Republican Party — although there are Democratic megadonors in the mix as well.
The largest donors are railroad magnate Timothy Mellon, who has contributed $165 million to various GOP PACs along with Robert F. Kennedy Jr.'s independent campaign, which he ended last week before throwing his support to Trump. Ken Griffin, the financial tycoon who previously backed Florida Gov. Ron DeSantis, is currently supporting a number of Republican campaigns to the tune of $75 million. And financiers Jeff and Janine Yass, who have poured in another $75 million to various GOP causes.
On the Democratic side, big names include former New York City Mayor Michael Bloomberg, who has given $41 million, and tech philanthropists Reid Hoffman and Michelle Yee, who have given just under $32 million.
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On the list of organizations, cryptocurrency firms are also big players in the race, with Coinbase and Ripple Labs contributing a combined $140 million to various PACs advocating for policy favorable to them. Koch Industries, another infamous political player on behalf of Republicans, has given $43.3 million this cycle.
In recent years, these sorts of high-dollar donations, spurred on by Supreme Court decisions loosening campaign finance regulations, have become commonplace; although on the flip side, small-dollar donations have also soared, facilitated by platforms like ActBlue and WinRed that allow easy contributions to both presidential and downballot races.
