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citizens united
‘Astonishing Stat’: Billionaires Gave Nearly 20% of Donations in 2024 US Federal Elections
"For a representative democracy like ours to work, citizens must have some confidence that, through... political engagement, they have a fighting chance to turn their priorities into government policy," said an elections expert.
Mar 09, 2026
Billionaires exerted an unprecedented amount of influence over the 2024 US federal elections, accounting for almost one-fifth of the nearly $16 billion spent to elect candidates during that cycle, according to a New York Times analysis published Monday.
Just 300 billionaires and their immediate families poured an unprecedented $3 billion into the election, either giving directly to candidates or through political action committees.
These individuals represent just about 0.0087% of the 3.46 million people who donated more than $200 to one or multiple candidates during the election cycle.
And yet, with an average donation of $10 million apiece—equivalent to what 100,000 typical donors would give—they amounted to about 19% of all spending, allowing their interests to be pushed to the center of major races.
The Times highlighted the extraordinary role that billionaire fundraisers played in pushing Sen. Tim Sheehy (R-Mont.) over the finish line in his bid to unseat the three-term incumbent Democrat, then-Sen. Jon Tester.
Sheehy's long shot campaign was given a boost by Blackstone CEO Stephen Schwarzman, who donated $8 million to his super PAC after previously investing $150 million in the candidate's struggling firefighting business, which helped seed his campaign.
As the report explains, Schwarzman "was not the only financial heavyweight in Mr. Sheehy’s corner":
At least 64 billionaires and 37 of their immediate family members donated directly to his campaign, a New York Times analysis found. When also accounting for money that flowed through political committees that support Mr. Sheehy, an analysis shows that billionaires contributed about $47 million in the race that Mr. Sheehy went on to win.
Sheehy's campaign drew support from a who's who of GOP power brokers: Jeff Yass, the founder of the Pennsylvania-based trading firm Susquehanna International Group and a major funder of Trump's massive White House ballroom project; the Uihlein family, which owns Uline shipping and has been central to backing anti-abortion, anti-immigrant, and election-denialist causes; and Florida hedge fund founder Ken Griffin, who spent $12 million to stop an initiative in the state to legalize marijuana.
In installing Sheehy, the ultrawealthy bought themselves "a key ally on tax policies that benefit the wealthy" who "cosponsored a proposal to eliminate the estate tax," the Times reported.
While billionaires still have their talons in both political parties, the Times noted a distinct shift toward Republicans in 2024—for every one dollar given to Democrats, five went to the GOP in the election.
Trump, who openly begged for donations from oil tycoons on the campaign trail, was the single largest beneficiary of this avalanche of spending.
According to a study by Americans for Tax Fairness in October 2024, less than a month before election day, Trump had already received $450 million from 150 billionaire families, 75% of their $600 million total to major candidates, and three times Democratic presidential candidate Kamala Harris's $143 million.
By the end of the campaign, Trump and his affiliated PACs would amass more than $250 million from Tesla and SpaceX CEO Elon Musk, and more than $100 million from both the pro-Israel megadonor Miriam Adelson and the banking heir Timothy Mellon, according to OpenSecrets.
Trump has since appointed more than a dozen billionaires to administration positions, including Musk, who was tasked with eviscerating public spending as the de facto head of the so-called "Department of Government Efficiency" (DOGE).
But as the Times reported, "Many of those billionaires are not only hoping to reshape the federal government... but to win influence in state legislatures, city councils, school boards, and courthouses."
"Ultrawealthy donors... have helped overhaul political leadership and policy in states across the country, expanding private charter schools, restricting abortion rights, advancing artificial intelligence in government, and blocking laws that would make it harder to evict tenants," the report explained.
As the 2026 midterm cycle begins, another spending blitz is coming. As the Times reported last month, the artificial intelligence industry, crypto industry, the pro-Israel lobby, and Trump's super PAC have each amassed war chests of tens, if not hundreds, of millions of dollars to help elect their allies to Congress.
Silicon Valley billionaires, including PayPal co-founder Peter Thiel and Google co-founder Sergey Brin, meanwhile,have collectively dumped tens of millions into stopping a proposal in California for a one-time 5% tax on billionaires in the state, which would replace Medicaid funding slashed by Republicans' massive budget law last year.
The explosion in spending by the ultrarich has come quickly. Where billionaires spent just $16.6 million to influence the 2008 election cycle, that number has steadily ballooned up to $3 billion in 2024, a more than 12,000% increase when adjusted for inflation.
Daniel Weiner, the director of the Brennan Center for Justice's elections and government program, said that the "astonishing stat" was a "legacy of the Supreme Court's Citizens United decision" in 2010, which allowed billionaire-funded dark money groups to spend unlimited amounts of cash on political communication advocating for candidates.
"The resulting collapse of campaign finance rules has combined with a resurgence in the sort of high-level self-dealing that was pervasive during the Gilded Age, when bribery and graft were common, and corporations used their wealth to secure monopolies, government subsidies, and other benefits," Weiner wrote for TIME on Monday.
"As in the past, the question now is who will offer Americans a real alternative, including a commitment to stamp out self-dealing in all three branches of the government," he said, recommending a constitutional amendment to restore campaign finance limits tossed aside by the Supreme Court, a ban on spending by government contractors seeking contracts, and bans on congressional stock trading.
"For a representative democracy like ours to work, citizens must have some confidence that, through voting and other forms of political engagement, they have a fighting chance to turn their priorities into government policy," he concluded. "Far too many Americans have lost that faith, and they identify pervasive corruption at the top of our government as a big part of the reason. But cycles of corruption followed by reform are an enduring feature of American history. A new round of ambitious reform is overdue."
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16 Years After Citizens United, Critics Say Trump Exemplifies Dangers of Corporate Political Spending
Campaigners at Public Citizen say the unchecked flood of corporate money unleashed by the Supreme Court's 2010 decision "paves the way for demagogues like Donald Trump to seize power."
Jan 21, 2026
The consumer watchdog group Public Citizen on Wednesday highlighted how President Donald Trump not only has taken advantage of the "torrent of corporate spending" unleashed by the US Supreme Court's Citizens United ruling 16 years ago, but also is now working to make the fallout from the decision even worse.
“In 2024, the already horrifying amount of money went on steroids, as we witnessed the largest direct corporate spending on elections ever," said the group's co-presidents, Lisa Gilbert and Robert Weissman.
Corporate-funded dark money groups, nonprofits, and shell companies, which are not required by law to disclose their donors, poured more than $1.9 billion into the 2024 federal election cycle, nearly twice as much as in 2020, according to the Brennan Center for Justice. That amount of spending has climbed dramatically since 2010, with $4.3 billion spent to influence elections since the decision.
The most recent election saw spending power more consolidated into the hands of a few powerful individuals than ever before, with top Trump benefactors including Tesla and SpaceX CEO Elon Musk, investor Timothy Mellon, pro-Israel megadonor Miriam Adelson, and several others all spending more than $100 million apiece to support his candidacy.
The cryptocurrency industry likewise dumped over $245 million into the election cycle and "drove election outcomes and completely reshaped congressional policy debates, as politicians caved to crypto demands rather than face an onslaught of industry spending in the next election," according to Gilbert and Weissman.
Since Trump took office, his administration has further eroded the guardrails, allowing companies to go unchecked in their political spending.
On Wednesday, Public Citizen also unveiled a report showing that "the Securities Exchange Commission (SEC), under Trump appointee Chair Paul Atkins, acted in unprecedented ways to erect barriers to shareholders holding companies accountable for corporate political spending," most notably telling companies that they would not face objections if they fail to include political activity on shareholder statements.
Public Citizen democracy advocate Jon Golinger said this "ripped away the fig leaf by which the Supreme Court aimed to hide the shame of Citizens United."
The group noted that former Associate Justice Anthony Kennedy, who wrote the majority opinion in the case, had justified it by saying that there is "little evidence of abuse that cannot be corrected by shareholders through the procedures of corporate democracy" and that runaway corruption could be headed off by the "prompt disclosure of expenditures."
"All Americans suffer and our democracy withers when corporations and the superrich have more of a say in elections than regular voters do," Gilbert and Weissman said.
"It’s not only that corporations and the superrich are able to block overwhelmingly popular policies—meaningful cuts to drug prices, raising the minimum wage, making corporations pay their fair share in taxes, cracking down on polluters and much more—that would make our country more just, healthier, and more sustainable," they continued. "It’s also that deep frustration with a failed political system paves the way for demagogues like Donald Trump to seize power."
Across party lines, Americans overwhelmingly say that the corporate spending in elections allowed by Citizens United undermines democracy.
An October poll conducted by Issue One found that 79% of Americans said "large independent expenditures by wealthy donors and corporations in elections give rise to corruption or the appearance of corruption." This included 84% of Democrats, 74% of Republicans, and 79% of independents.
Gilbert and Weissman said, “A constitutional amendment to overturn this terrible decision is 16 years overdue.”
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'Are We Really Living in a Democracy?' Asks Sanders After Musk Drops $10 Million on US Senate Race
"Billionaires can’t be allowed to buy elections."
Jan 19, 2026
After flirting last year with forming his own political party, far-right billionaire Elon Musk is funding Republican political candidates once again.
Axios reported on Monday that Musk recently made a massive $10 million donation to bolster Nate Morris, a MAGA candidate who is vying to replace retiring US Sen. Mitch McConnell (R-Ky.).
Axios described the massive donation, the largest Musk has ever given to a Senate candidate, as "the biggest sign yet that Musk plans to spend big in the 2026 midterms, giving Republicans a formidable weapon in the expensive battle to keep their congressional majorities."
Sen. Bernie Sanders (I-Vt.) reacted with disgust to the news, and said that Musk's enormous donation was indicative of a broken campaign finance system.
"Are we really living in a democracy when the richest man on earth can spend as much as he wants to elect his candidates?" Sanders asked in a social media post.
"The most important thing our nation can do is end Citizens United and move to public funding of elections," he added, referring to the 2010 Supreme Court decision that cleared the way for unlimited spending on elections by corporations. "Billionaires can’t be allowed to buy elections."
Democratic Maine State Auditor Matt Dunlap, currently running to represent Maine's second congressional district, also denounced Musk for throwing his weight around to buy politicians.
"Billionaires buy our elections, rig the tax code, and undermine our democracy," wrote Dunlap. "Working people deserve a government that works for them—not for billionaires like Elon Musk."
Musk is no stranger to spending big to help elect Republicans, having spent more than $250 million in 2024 to help secure President Donald Trump's victory.
However, his riches are no guarantee of a GOP win. Last year, for example, Musk spent millions to elect former Wisconsin Attorney General Brad Schimel to a seat on the Wisconsin Supreme Court, only to wind up losing the race by 10 points.
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