As the 2024 US presidential race heats up, billionaires across the country are quietly taking sides, providing significant financial backing to either Vice President Kamala Harris or former President Donald Trump. While some, like Elon Musk, are vocal about their support, others, such as Warren Buffett and Mark Zuckerberg, are opting to stay on the sidelines, despite rumours and speculation about their political leanings.
According to Forbes, 76 billionaires are backing Kamala Harris, while 49 billionaires have been identified as supporters of Donald Trump.
Many more billionaires may still commit to a candidate, but their contributions won't be made public until after the election when the final Federal Election Commission reports are released in December.
Why are billionaires leaning toward Harris?
Despite Kamala Harris's criticism of pro-billionaire policies, many ultra-wealthy individuals support her due to pragmatic reasons. A letter from more than a dozen billionaires endorsing Harris emphasised that she is expected to maintain “fair and predictable policies” that ensure economic stability. This resonates particularly well with Silicon Valley billionaires who have known Harris since her days as a California prosecutor. A recent survey also revealed that sectors like technology, healthcare and sustainability would thrive under a Harris presidency.
Kamala Harris backers
Among the 76 billionaires supporting Harris, 28 have donated $1 million or more to groups backing her. Here are some notable names:
- Michael Bloomberg (Former New York mayor, Bloomberg)
- Arthur Blank (Atlanta Falcons)
- Reid Hoffman (LinkedIn)
- Vinod Khosla (Khosla Ventures)
- Dustin Moskovitz (Facebook)
- Steven Spielberg (Hollywood director)
In addition, 36 billionaires contributed between $50,000 and $999,999. Some of these include:
- Tory Burch (Fashion designer)
- Reed Hastings (Netflix)
- Chris Larsen (Ripple)
- Laurene Powell Jobs (Apple)
Further, Melinda French Gates, Joe Gebbia (Airbnb), and several other prominent figures have financially backed the Democratic Presidential candidate. High-profile individuals such as Mark Cuban and Magic Johnson signed an open letter endorsing her.
Donald Trump's billionaire supporters
Trump, who has positioned himself as a champion of the ultra-wealthy and working-class alike, has garnered significant backing from 49 billionaires. Notable supporters include:
- Miriam Adelson (Las Vegas Sands Corp.)
- Don Ahern (Las Vegas construction)
- Diane Hendricks (ABC Supply)
- Linda McMahon (WWE)
- Steve Wynn (Wynn Resorts)
Another 16 billionaires have contributed between $50,000 and $999,999, including:
- Tilman Fertitta (Houston Rockets)
- John Paulson (Paulson & Co.)
- Thomas Siebel (Siebel Systems)
Trump's supporters also include tech magnate Elon Musk, who has actively stumped for him, appearing at a rally and offering incentives to swing state voters through his political action committee.
Billionaires staying neutral (For now)
While many billionaires are openly supporting either Harris or Trump, others are keeping their distance for the time being:
- Jeff Bezos, the Amazon founder, has praised Donald Trump's resilience after he was shot but has yet to publicly endorse a candidate.
- Warren Buffett is a known Democrat but has stayed quiet this cycle.
- Mark Zuckerberg reportedly had private discussions with Donald Trump but has not endorsed any candidate.
- Bill Gates has not officially endorsed a candidate. However, in a July interview, he expressed positive sentiments toward Harris, noting, “It's great to have somebody who's younger, who can think about things like AI and how we shape that in the right way.”
- Jamie Dimon, the CEO of JPMorgan Chase, the largest US bank, has not endorsed any candidate, according to his spokesperson. However, last week, Trump shared a false social media post claiming Dimon's endorsement.
- Ray Dalio, the founder of Bridgewater Associates, the world's largest hedge fund, described the upcoming election as “the most consequential” of his life. Yet, he has not endorsed either Harris or Trump.
- Sergey Brin, Google co-founder, who previously found Trump's election “deeply offensive” as an immigrant, has kept his feelings private during this election cycle, with no public statements regarding the current candidates.
- Larry Ellison and Ken Griffin: These two billionaires have remained surprisingly silent in the final months leading up to the election, despite their past financial support for Republican causes.
As the election approaches, more billionaires may reveal their preferences.
