These Billionaires Are Donating Big in 2024 Election to Advance Their Interests

There’s less than three months to go until the U.S. presidential election on November 5, 2024. And like the sun rising, billionaires are increasingly making huge donations, or finding other ways to garner influence, to shape the election’s outcome and gain greater access and influence with its potential winner.

We all have our own interests, causes, and commitments, but billionaires actually have the wealth to advance theirs at the highest heights of power. Billionaires may accumulate their wealth through companies that accept public subsidies, rely on public infrastructure, and exploit workers, but they use their private fortunes to pursue large-scale policy agenda that impact us all.

This piece profiles a range of emblematic billionaires and the wider sectors, interests, and causes they represent.

From far-right Christian nationalists to fossil fuel barons, from public education dismantlers to Silicon Valley monopolists, these billionaires are all showering money on, or elbowing their way toward more access to, the presidential candidates with the hope of advancing their agendas that are almost always in opposition to the needs of working class people. And remember: behind each one of these billionaires stands a broader set of elite interests and influence operations backed by an even wider network of other ultra-wealthy donors.

Jeffrey Yass and the Public Education Dismantlers

Jeffrey Yass is the largest federal donor in the current election cycle, but if you haven’t heard of him yet, you’re not alone. Yass is not a very public figure, and he’s only started to make a big splash through his political donations over the past several years.

Yass is worth a whopping $28.5 billion. He is the richest person in the state of Pennsylvania. Yass oversees a Wall Street trading firm called Susquehanna International Group (SIG), and he’s made a fortune off high-risk trading and investing.

A big chunk of his wealth has come from his 7% share of ByteDance, the parent company of TikTok. Yass’s stake is worth an estimated $21 billion.

Yass is something of a mini-Koch, funding a sprawling political operation made up of a range of rightwing groups and PACs. And no cause is dearer to Yass’s heart than school privatization.

Yass has spent tens of millions pushing school vouchers in states like Pennsylvania, Texas and Kentucky, and also backing federal school privatization PACs like the Club for Growth’s School Freedom Fund and the American Federation for Children’s Victory Fund.

While Yass hasn’t donated to any presidential candidate, he’s met with Trump, quickly flipping the former president’s position on TikTok. Yass has also invested in Trump’s social media platform, Truth Social, and there are rumors that Yass could end up in Trump’s cabinet.

When it comes to school privatization, Yass appears to be motivated by his staunch libertarian ideology and belief that “free markets” solve all our problems, a savior complex, as well as tax credits for corporations that donate to private or charter schools.

Yass’s goal of school privatization aligns with a fellow billionaire, former Trump education secretary Betsy DeVos. Depending on the election outcome, these billionaires stand to achieve their wildest dreams of dismantling public education in the U.S.

Tim Dunn and the Christian Nationalist Billionaires

While he doesn’t have a huge national profile, oil billionaire Tim Dunn is well known in Texas.

For years, Dunn has poured tens of millions of dollars into Texas politics to shift the state’s GOP to the hard right — most notoriously, through the now-defunct Empower Texans, but also through a range of other groups and politicians, Dunn has advanced a far-right agenda, opposing everything from public school teachers to LGBTQ+ and reproductive rights, all driven by a Christian nationalist worldview.

Now Tim Dunn, who made his billions off the West Texas fracking boom, is going national, donating $5 million to pro-Trump Super PAC, funding a Trump-aligned think tank, and vying for influence in a potential second Trump administration.

The Texas Monthly has referred to Dunn as “the billionaire bully who wants to turn Texas into a Christian theocracy,” calling him “a key player in the growing Christian nationalism movement, which rejects the importance of pluralism to American identity” and instead “contends that only devout Christians are good Americans.” Former Texas House Speaker Joe Straus said that Dunn told him that “only Christians should hold leadership positions in the lower chamber,” according to Texas Tribune.

It’s no secret that rightwing evangelical Christians are perhaps the largest part of Donald Trump’s political coalition. Dunn, as perhaps the most powerful member of that powerful base, isn’t the only religious zealot billionaire donor — look at, say, the Wilks brothers — but he’s clearly making moves to be a political insider at the national level.

Depending on the election’s outcome, Dunn and his hard-right evangelical agenda stand to gain ground.

Reid Hoffman and the Silicon Valley Monopolists

The traditionally blue-leaning Silicon Valley — home of the likes of Google and Meta — has been making headlines this electoral season. Tech barons like David Sacks, Palantir co-founder Joe Lonsdale, and others are lining up behind Trump, creating a stark division within the tech billionaire class.

But make no mistake: a slew of powerful Silicon Valley billionaires are still bankrolling the Democrats — and they’re hoping to protect their business interests.

Take, for example, Reid Hoffman, worth $2.5 billion, and one of the top Democratic donors. Hoffman cofounded LinkedIn and, along with the likes of Elon Musk and Peter Thiel, was part of the “PayPal mafia” founders. He remains a major venture capital investor and sits on Microsoft’s board.

As it became apparent that Kamala Harris would replace Joe Biden as the Democratic nominee, Hoffman, who had donated a whopping $10 million to a pro-Biden and Harris super PAC, said he was “redoubling” his support for Harris.

He just made one little recommendation, however: if elected, Harris should fire Federal Trade Commission chair Lina Khan, who has endured the wrath of billionaires across the industry and political spectrum for her muscular efforts in cracking down on monopoly practices and pushing new industry regulations.

Hoffman also penned a New York Times op-ed advocating for Harris, saying she would be better for U.S. “innovation,” “economic prosperity,” and “national security,” at a time when things like AI, robotics, and autonomous vehicles — Silicon Valley profit engines — will assume ever greater importance.

Hoffman is just one among a slew of tech titans backing Harris, including Netflix founder Reed Hastings and former Meta executive Sheryl Sandberg.

As should be clear, much of Silicon Valley’s super-elite, while divided over who should be the next president, agree on taking down regulatory power that stands in their way. And they’ll all be doing just fine no matter the result of the election.

Harold Hamm and Fossil Fuel Barons

It’s no secret that the fossil fuel industry has largely lined up behind the GOP. With the 2024 presidential election, oil and gas barons are hoping to usher in a fossil-friendly administration that will weaken the EPA, rollback regulations, and boost oil production.

Harold Hamm, the CEO and Chairman of Continental Resources, is worth $18.5 billion, making him one of the wealthiest fracking billionaires in the world. The Oklahoma-based Continental Resources is among the very top independent oil producers in the U.S.

Hamm had been a big Trump donor and close ally and advisor to Trump during his presidency. He distanced himself from Trump after 2020, but by the end of 2023 had come back around to backing Trump, donating and organizing fundraisers.

Trump made headlines when he made — according to the Washington Post — a “remarkably blunt and transactional” offer to his oil baron donors at a Mar-o-Lago fundraiser that, if they donated $1 billion to him, he would reverse Biden-era environmental policies and halt any new ones if elected.

Hamm has been corralling oil billionaire support for Trump. According to the Washington Post, “Hamm has a wish list of policy changes in a second Trump term that would pad his profits and those of other oil executives,” including “opening up more federal lands to drilling, easing the Endangered Species Act and curbing numerous regulations at the Environmental Protection Agency.”

Oil billionaires who have attended Trump fundraisers and have donated to Trump also include Hilcorp Energy’s Jeff Hildebrand, GeoSouthern Energy’s George Bishop, and Energy Transfer Partners’ Kelcy Warren.

Against the backdrop of rising climate chaos, efforts by oil billionaires to buy the presidency in order to protect their power and profits could undoubtedly impact us all.

Miriam Adelson and Pro-Israel Billionaires

Miriam Adelson is worth a staggering $27.5 billion, a fortune she shared with her late husband, Sheldon Adelson, the casino mogul and GOP megadonor who died in 2021.

The Adelsons have shelled out hundreds of millions of dollars over recent decades. As ardent Zionists, few causes have been closer to their hearts than supporting Israel.

While alive, Sheldon Adelson, a staunch backer of war criminal Benjamin Netanyahu and the expansion of Israeli settlements in Palestine, deeply influenced the Trump administration’s Israel policy, including the decision to recognize Jerusalem as Israel’s capital.

With Miriam in charge of the family fortune, nothing has changed. The New York Times decsribes her as “a political carbon copy of her husband: intensely pro-Israel, rabidly partisan.”

Miriam Adelson was born in Israel and is a former IDF officer. She has referred to “pro-Palestinian advocates” as “our enemies” and said “ they should be dead to us.”

Adelson has promised to spend upwards of $100 million to elect Donald Trump (though tensions have emerged between Adelson and Trump after he reportedly sent her text messages she found off-putting; Trump now appears to be trying to mend the relationship).

According to news reports, she wants the U.S. to support Israel’s annexation of the West Bank. A close friend says she does not support the creation of a Palestinian state.

If Adelson has her way, the presidential election outcome could pay off well. Given her huge donations, few donors will have more influence over the Israel policy of a potential second Trump administration.

Adelson is not alone among billionaire pro-Israel election donors. Home Depot co-founder Bernie Marcus, for example, who is worth $9.8 billion, is one of AIPAC’s top donors and a huge backer of ultra-Zionist groups like Christians United for Israel, the Zionist Organization of America, and the Israel on Campus Coalition. Marcus has previously donated big to Trump and is supporting him in 2024.

Elon Musk and the Billionaire Saviors

There’s a special kind of billionaire whose desire to intervene in politics goes beyond direct material interest, though that certainly exists. These billionaires have superhero complexes, imagining themselves as real-life Bruce Waynes or Tony Starks, who, by virtue of their purported business success and self-professed brilliance, should have a larger platform to speak to the world and more access to influence it.

Enter Elon Musk.

Musk may be the world’s most famous billionaire. The founder and CEO of Tesla and SpaceX is worth an astonishing $221 billion. On top of that, he also owns X (formerly Twitter), one of the world’s biggest social media platforms.

It’s not entirely clear what motivates Elon Musk. He’s a fan of conspiracy theories and flirts with the far-right. He regularly tweets out childish memes and kernels of Muskian wisdom that mostly bash so-called “wokeness” and immigration policy and trans rights. He wants to colonize Mars, and his ego is about as big as the red planet.

To be sure, there are other self-fashioned billionaire Supermen, ranging from the anti-DEI Bill Ackman to the world health savior (except on vaccines) Bill Gates. But Musk may take the cake.

Musk has not veered too far into politics — though he’s previously made smaller donations to or voted for Democrats like Hillary Clinton, Obama, and Biden — but now that’s changing. He endorsed Donald Trump in July and pledged $45 million a month, until the November election, to a pro-Trump PAC.

In May, the Wall Street Journal reported on the “growing alliance” between Trump and Musk and said Trump, if elected, was “weighing an advisory role” for Musk in his administration. Musk met with Trump at billionaire Nelson Peltz’s Palm Beach estate, where he discussed a plan to “invest in a data-driven project to prevent voter fraud,” and he recently interviewed Trump on X.

Greater influence for Musk could spell many things. In addition to having a freer hand to promote conspiracies and far-right ideas, Musk is a notorious union buster who wants to destroy the National Labor Relations Board.

Recently, the United Auto Workers filed charges with the NLRB against Musk and Trump for threatening workers when, during Musk’s recent interview with Trump on X, Musk laughed at Trump’s celebration of Musk’s anti-union stance.

The Winklevoss Twins and Bitcoin Billionaires

Cryptocurrency is a polarizing topic, with its backers and detractors alike, but one thing is certain: its growing popularity has bolstered a slew of billionaire profiteers who are now intervening in electoral politics to advance their crypto-wealth.

Perhaps the most noteworthy public figure and big donor from the crypto world has been the now-disgraced and imprisoned Sam Bankman-Fried, who was a huge Democratic donor.

Now, with new crypto-billionaires upset over the Biden administration’s regulatory efforts of the industry — with particular animus focused on the SEC head Gary Gensler — many are turning toward backing Trump, who recently told a crypto industry conference that he’s be the first “crypto president” and that he’d fire Gary Gensler.

Enter the billionaire Winklevoss twins, Cameron and Tyler, worth $2.7 billion each.

The Winklevoss twins are cofounders of the cryptocurrency exchange Gemini. In June 2024 they announced that each of them had donated $1 million to Trump — and in Bitcoin no less.

Regulators and courts have forced Gemini to pay tens of millions and settlements in fines because of unsafe and unsound practices, so it’s no wonder the Winklevoss twins want to put more crypto-friendly officials in power.

To be sure, the Harris campaign is also now trying to make inroads with the crypto industry, having launched a “Crypto for Harris” campaign.

The Winklevoss twins have also thrown money into Arizona races across the political aisle.

One thing’s for sure: with crypto barons increasingly seeking to influence national politics, and with all sides reaching out to the industry, powerful insiders stand to gain influence in any new administration that will be tasked with overseeing a volatile and uncertain industry whose crashes can have wide repercussions.

Stephen Schwarzman and Wall Street Billionaires

No sector throws money in politics like Wall Street. The billionaires who dominate the financial industry are some of the heaviest hitters when it comes to backing politicians and parties they wish to curry favor with.

Stephen Schwarzman, perhaps the most influential Wall Street baron of our time, is a case in point. The cofounder, chairman and CEO of the Blackstone Group, the world’s largest private equity firm, is worth nearly $40 billion.

While Schwarzman is known for his outlandish birthday parties and global collection of mansions, as well as among the world’s biggest landlords and a fossil fuel profiteer, he’s also made a splash through donating tens of millions of dollars into politics.

Schwarzman has spent millions backing his friend Donald Trump, and he served as a top economic advisor to Trump during his presidency. While Schwarzman disavowed Trump in 2022, he crawled back to support him in 2024. Other Wall Street billionaires who disavowed Trump after the January 6, 2021 capital insurrection, like Nelson Peltz and Bill Ackman, are also backing him now.

What could be behind this turnabout? As one private equity executive anonymously told the Financial Times: “We’ll get richer if he wins.”

But Wall Street will get rich no matter who wins, and they’re also backing Democrats. Billionaire backers of the blue presidential ticket include financial titans like Michael Bloomberg, Seth Klarman, Roger Altman, and many others.

Even Schwarzman’s right hand man, Blackstone president Jonathan Gray, backs Harris. That the two top leaders of the world’s single richest private equity firm each back a separate candidate could tell us something: no matter who prevails in November, Wall Street will be a winner.

Taking on the Billionaire Class

What billionaires decide to do with their vast coffers of wealth — whether that be building philanthropic empires, holding localities hostage for sports stadium subsidies, making flight attempts to outer space, or throwing millions into politics to shape elected leadership and policy agenda — impacts us all.

Taking on billionaire power is not an easy task, but fortunately, there are growing, vibrant coalitions doing just that.

One example is the #AllEyesOnYass coalition that is exposing and challenging the power of Jerrfey Yass, the powerful Pennsylvania-based billionaire mentioned above who is leading the elite effort to dismantle public education.

And here the good news: if you want to get started taking on billionaire power where you live, work, or go to school, you can check out the recent LittleSis training webinar on “Researching Billionaires and Other Powerful People,” and sign up for further power research trainings here.