In the 2024 Presidential Election, Donald Trump emerged victorious thanks to the efforts of the wealthiest man in the world: Elon Musk. After months of ultra-wealthy campaign donors dictating political talking points and using their wealth to preserve pollutant industries, Donald Trump won—and so did Elon Musk.
On the morning of Wednesday, November 6, as Donald Trump became President-Elect for the second time in his life, he made history as the first-ever convicted felon to become president of the United States. While Trump’s win was not unprecedented, it was unexpected.
Now, in the aftermath of his win and the lead up to his second term, many are reflecting upon the role many of the country’s wealthiest individuals played in hoisting one of their peers back into the White House.
Trump’s Win Is Just the Latest Development for Billionaires in Politics
In many ways, the results of the 2024 election are a culmination of events set into motion nearly fifteen years ago. In January 2010, the Supreme Court changed the landscape of political campaigning by removing finance restrictions on US elections. This decision enabled corporations to spend unlimited cash on ads if they weren’t formally “coordinating” with parties.
This loophole is the exact methodology Trump and some of his biggest contributors used to gain the upper hand in the election. For example, Musk giving out million-dollar checks to swing-state voters to encourage them to vote for Donald Trump certainly seems legally questionable. Yet, it is publicly accepted thanks to this ruling from 2010.
Retrospectively, this landmark was the first step toward today’s billionaire-ification of US politics. For the 2024 election, a staggering $15.9 billion was spent on ads and campaigning by both Democrats and Republicans, making it the most expensive election in history. Nearly $1 billion was poured into political ads in only one week.
Beyond the sheer scale of the political ad spend, what’s even more worrying is the disproportionate influence of billionaires on the candidates. Eighteen percent of all political ad funding came straight from the pockets of a tiny handful of America’s mega-rich.
According to USA Today, Harris had 83 billionaires supporting her—comprising 6% of her campaign funds, according to Al Jazeera—while 52 backed Trump. However, it is critical to note that the 52 who supported Trump were highly generous donors, comprising over 34% of his campaign fund.
The Musk of It All
Besides candidates Kamala Harris and Donald Trump, the primary player in this election has been Elon Musk. Every day between October 19 and November 5, the billionaire gave $1 million to a voter who signed his effectively pro-Trump petition in seven key swing states.
This key giveaway resulted in Musk and his political committee being sued by Philadelphia’s District Attorney, who called the giveaway program “an illegal lottery that violates state consumer protection laws.”
Yet, it didn’t matter. Musk is a vocal advocate for free speech and gun rights. Decked out in his “Dark MAGA” hat—a black version of the red original that he referred to as ‘dark’ and ‘gothic’—he stood by Trump’s side at rallies across the country, fist-pumping and jumping with joy.
Musk donated over $120 million to the Trump campaign. According to The New York Times, Musk also turned his social media site, X, into one giant, interactive online ad for Trump’s campaign, or a “Trump echo chamber.”
Musk bought Twitter (one of the most popular internet sites in October 2022.) It seems much of his motivation to purchase the app and the modifications made were to utilize it for Trump’s gain in this election. Even going back to Musk’s official endorsement of Trump moments after the first assassination attempt, every bit of Musk’s presence was to capture a larger audience for Trump.
Essentially, the country’s wealthiest bankrolled the election, wielding political power and influence like never before.
