Just 50 donors have contributed more than $1.5 billion in total to the 2024 federal elections, The Washington Postreported Monday, based on an analysis of Federal Election Commission data.
The Post's top 50 list, which includes contributions reported by August 20, is comprised mainly of individual megadonors but also includes some organizations. Most of the contributions accounted for in the list have gone to super political action committees (PACs), which can accept unlimited funds from individuals and corporations, thanks to the 2010 Citizens United ruling by the U.S. Supreme Court that loosened campaign finance law.
Monday's list led critics of the political system to lash out on social media, with one X user arguing that billionaire influence is undemocratic and leads to policies that hurt the working class, and another positing that it showed "capitalists bankrolling both capitalist parties."
The Post reported that those on the list "skew Republican" and the top several individual donors on the list are in fact Republicans.
The top donor is Timothy Mellon, an 82-year-old billionaire who was heir to a banking fortune and has given $165 million in total this cycle. He contributed $125 million to the Make America Great Again (MAGA) Inc. super PAC, which supports Republican nominee Donald Trump, and $25 million to Robert F. Kennedy Jr.'s now defunct campaign.
Kennedy withdrew from the presidential race Friday and endorsed Trump. Former U.S. Labor Secretary Robert Reich, who's now a a professor and progressive commentator, said the Trump-Kennedy union was no surprise, given that they shared the same "billionaire nepo baby" donor.
Number two on the Post's individual list is Kenneth Griffin, a billionaire hedge fund manager who's given $75.7 million this cycle, largely to congressional races. The top individual Democratic donor is Michael Bloomberg at $41 million.
The list's top organizational donor is Coinbase, a corporation that hosts a cryptocurrency exchange platform and pushes for deregulation of the industry. Coinbase made an $86 million contribution to the pro-crypto super PAC Fairshake, which spent heavily to influence primaries in both parties. For example, Fairshake spent $2 million to help defeat Rep. Jamaal Bowman (D-N.Y.), a progressive who was also the target of pro-Israel super PACs.
Coinbase is one of several cryptocurrency organizations on the list, as the industry moves to expand its influence in Washington. Sen. JD Vance (R-Ohio), Trump's running mate, reportedly has ties to cryptocurrency interests.
Super PACs aren't legally allowed to coordinate their electioneering efforts with campaigns but regularly do so, according to media reports, and in any case can wield great influence by, for example, buying advertising to support—or attack—a candidate. The FEC has also eased coordination rules for canvassing and paid materials.
Progressives have recently amplified their calls for campaign finance reform. Last week, OpenSecrets, a nonprofit campaign finance watchdog, released an analysis showing that super PACs had spent over $1.1 billion on federal elections through August 15, more than half of it on the presidential election.
OpenSecrets said this was roughly double what super PAC spending had been up until the same point in the 2020 cycle. The group found that MAGA Inc. was by far the largest super PAC spender so far this cycle, with about $125 million in outflows.
Sen. Bernie Sanders (I-Vt.) spoke forcefully about the need for a better campaign finance system in a speech at the Democratic National Convention last week.
"Billionaires in both parties should not be able to buy elections, including primary elections," he said. "For the sake of our democracy, we must overturn the disastrous Citizens United Supreme Court decision and move toward public funding of elections."
