### Wall Street Supports Harris Campaign as Musk and Crypto Sector Rally Behind Trump
**Election**
**Kamala Harris**
**Trump**
In August, Vice President Kamala Harris’ campaign achieved a remarkable fundraising feat, accumulating $361 million.
**Last updated: September 22, 2024, 04:07 EDT**
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Ruholamin Haqshanas
**About the Author**
Ruholamin Haqshanas is a contributing writer for CryptoNews, specializing in cryptocurrency and finance. With over four years of experience, he has been featured in several prominent crypto publications.
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**Last updated: September 22, 2024, 04:07 EDT**
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Wall Street, along with donors from Silicon Valley and Hollywood, played a crucial role in propelling Vice President Kamala Harris’ fundraising efforts in August. This influx of support has given the Democrats a notable financial advantage over former President Donald Trump as they approach the most expensive phase of the presidential race, as reported by Fortune.
Harris’ impressive fundraising brought the total cash on hand for the Democratic Party to $404 million. In stark contrast, Trump’s campaign raised $130 million during the same timeframe but spent $32 million more than it earned, largely due to an aggressive advertising campaign aimed at countering Harris’ growing momentum.
### Harris Gains Financial Edge
The primary super PAC supporting Trump, Make America Great Again Inc., has also seen its resources diminish. While polling indicates a competitive race, Harris has established a distinct lead in fundraising.
Her campaign capitalized on high-profile events in affluent areas such as San Francisco and the Hamptons, effectively leveraging California’s wealthy donor base. Together with the Future Forward PAC, which backs her campaign, Harris has secured $421 million in paid media for the final push leading up to Election Day—nearly double the $216 million booked by Trump and MAGA Inc.
The finance sector has been particularly supportive of Harris, with significant contributions from notable figures such as Bruce Karsh of Oaktree Capital Management, Robert Stavis of Bessemer Venture Partners, and Sadek Wahba, co-founder of I Squared Capital. Other prominent donors include Janice Savin Williams from Siebert Williams Shanke, renowned oil trader Andy Hall, and E. John Rosenwald, vice chair at JPMorgan Chase.
Hollywood has also rallied behind Harris, with celebrities like Scarlett Johansson, Frances McDormand, and Carol Burnett making contributions to her campaign. Beyond traditional fundraising efforts, Future Forward PAC raised an additional $36 million in August, aided by $3 million donations from Facebook co-founder Dustin Moskovitz and the Pacific Environmental Coalition, a nonprofit led by venture capitalist Matt Cohler. Notably, Ripple Labs co-founder Christian Larsen donated $1 million in XRP cryptocurrency, illustrating the increasing intersection of digital assets and political funding.
### Trump Attracts New Support
Conversely, Donald Trump’s campaign has gained fresh backing, particularly from the cryptocurrency sector, which he has actively courted. Elon Musk, the CEO of Tesla and SpaceX, made a significant political contribution of $289,100 to the National Republican Congressional Committee, marking his largest reported donation to date. Musk has also established a super PAC to support Trump and House Republicans, with donor details set to be revealed next month.
Veteran Republican donors, such as hedge fund manager Paul Singer, who previously distanced himself from Trump, have begun to contribute. Notable supporters in August included Marc Andreessen of Andreessen Horowitz, Thomas Peterffy of Interactive Brokers Group, and Tampa Bay Buccaneers owner Edward Glazer. Major donations also came from casino magnates Frank and Lorenzo Fertitta, alongside billionaire Diane Hendricks, who contributed $10 million to MAGA Inc.
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