In the nail-biting saga that is the 2024 election, campaign spending has shattered records, reaching a mind-blowing $16 billion—yes, billion—and we’re still in a dead heat. Every battleground state remains ‘too close to call,’ and with donors pouring money into the campaigns like fuel on a wildfire, the stakes (and dollars) have never been higher.
According to OpenSecrets, a non-profit tracking election finance, the unprecedented donations are soaring past prior records. Louis Perron, a Swiss political consultant, pointed out the obvious: “Whoever runs against Donald Trump will have endless money.” And that’s no exaggeration. The $16 billion spent so far could buy three Major League Baseball teams or send 36,000 people into space. But instead, it’s driving a heated Trump vs. Harris showdown—spurred, no doubt, by emotional motives, according to Perron, who says, “The driver is emotional.”
Vice President Kamala Harris has hauled in a historic $1 billion since replacing President Biden in July, following pressure from heavy-hitters in her party like former House Speaker Nancy Pelosi. Harris is now backed by a massive war chest, proving her sway with grassroots donors. Meanwhile, Trump has lost some traction with small donors, who make up less than a third of his support, down from nearly half in 2020. That’s left him leaning more on high rollers to keep his campaign afloat.
The outside spending from mega-donors and super PACs, however, is a whole different animal. Brendan Glavin from OpenSecrets notes, “The rate of increase this cycle for outside groups is going through the roof,” with these organizations bankrolling TV ads and campaign efforts across every key state. Conservative PACs, particularly the Make America Great Again PAC, have pumped in over $239 million, while the pro-Harris Future Forward PAC has matched that with $212 million of its own.
Meanwhile, dark money groups, which aren’t required to disclose donors, are spending their way to influence House and Senate races that could determine control over the entire government. It’s wild out there. In battleground states like Montana, Ohio, and Pennsylvania, Senate races alone are clocking past $100 million each in what could end up being the most expensive election cycle in U.S. history. Montana’s Senate race could actually hit $250 million—enough to put $250 in the hands of each of the state’s million residents.
In a shocking twist, Elon Musk, the world’s richest man, is said to be dropping a cool $45 million per month to support a Trump PAC. That’s on top of other mega-donors, who, combined, make up 7% of the entire donation pool. With these billion-dollar backers on both sides, 2024 is proving to be the priciest, and possibly most unpredictable, election in modern history. While 2020 still holds the title for the largest adjusted spending at $18.3 billion, the madness we’re seeing now might just change that by November 5.
So, as billions are burned on ads, rallies, and “dark money” influence, it’s clear that this election isn’t just about votes; it’s about who can survive the biggest spending spree in political history—without losing control.
