Friday, November 8, 2024

The OpenSecrets Donor Newsletter: Everything you need to know about 2024 elections

NOVEMBER 7, 2024

This week, we released updated that the total cost of state and federal elections will reach $20 billion. Outside spending on 2024 federal elections has already hit a record $4.5 billion, with more than half of that spending coming from groups that do not fully disclose the source of their funding.

Also, check out our new guide to everything you need to know about money in 2024 elections.

Warm regards,

Hilary Braseth

Executive Director

Big money, big stakes: 5 things everyone should know about money in 2024 elections

The 2024 election marks a historic moment in U.S. politics, not only for candidates but also for the record sums of money spent on political campaigns and ballot measures nationwide.

State candidates, party committees and ballot measure committees are projected to raise $4.6 billion for 2023 and 2024 elections, a new analysis of state-level campaign finance disclosures projects.

Outside spending on 2024 federal elections has hit a record $4.5 billion, with more than half of that spending coming from groups that do not fully disclose the source of their funding.

The crypto trio: How the cryptocurrency industry has made its mark on 2024 elections

For many voters, cryptocurrency is not a top-of-mind policy issue in the 2024 election cycle. But a triad of affiliated pro-crypto super PACs have poured over $133 million into the election.

Dive deeper into the data behind the headline

What To Know

OpenSecrets’ analysis on the 2024 elections found that dark money accounts for over $1 billion in total contributions to independent groups like super PACs.

By The Numbers

Future Forward USA PAC, the top outside spender of the cycle, is a hybrid PAC that took more than $136.4 million in unnamed contributions from its allied dark money group Future Forward USA Action. The super PAC spent a whopping $517 million to help support Harris’ campaign.

Senate Democrats’ flagship dark money group, Majority Forward, has poured over $113.2 million into political committees spending on 2024 elections. That includes about $70.8 million to Senate Majority PAC and more than $29.4 million into the liberal Last Best Place PAC.

On the other side of the aisle, a pro-Trump dark money group named Building America’s Future has made tens of millions in contributions to super PACs. That includes $16 million to Duty to America PAC and millions more to Stand For Us PAC and Future Coalition PAC. All three super PACs spent to oppose Harris and Building America’s Future also poured money into its own efforts to chip away at Harris’ voter base.

Dig Deeper

Dark money groups like 501(c)(4) nonprofits that do not disclose their have also reported tens of millions in spending to the FEC.

Conservative dark money groups have reported spending more than $9.9 million, according to filings analyzed by OpenSecrets, while liberal dark money groups have over doubled that amount spending about $25 million this cycle. Dark money groups have poured hundreds of millions more into super PACs.

See our media citations from outlets around the nation this week:

Pennsylvania House districts are leaning Republican (CBS News)

With control of the U.S. House of Representatives still up in the air, Pennsylvania's three most competitive House races are leaning in Republicans' favor a day after Election Day. The three districts — the 7th, 8th and 10th — made up three of the four most expensive races in the state, according to OpenSecrets, a nonprofit tracking money in politics.

Private Equity Spends Heavily in 2024 Election (Wall Street Journal)

Private-equity employees spent more than $231 million on 2024 races through Oct. 17, just a hair below the 2020 record of $236 million, according to OpenSecrets, which tracks money in politics.

Presidency price tag: US election campaign spending surges by 115% over two decades (CNBC)

Over the past 20 years, the price tag for US presidential elections has surged by nearly 114%, with campaign costs skyrocketing from $2.57 billion in 2000 to an expected $5.51 billion in 2024, according to data from OpenSecrets.

Trump and Harris break bipartisan tradition by withholding top donors (The Hill)

How Much Was Spent to Influence the US Election? More Than $14 Billion (Bloomberg)

What's the most expensive Senate race? Billions of dollars poured in for these candidates (USA Today)

Progress 2028: Group impersonating Harris backers behind misleading ads (AFP)

Deceptive 'Pro-Harris' Manifesto Tied To Pro-Trump Group (Barron’s)

Rogers leading Slotkin in hotly contested U.S. Senate race (MLive)

US election sabotage? Musk-linked group behind anti-Harris disinformation, 'Progress 2028' manifesto: Report (WION)

The 10 biggest billionaire donors to Kamala Harris, Donald Trump, and others this election (QZ)

Sharyl Attkisson: The financial heavyweights boosting Trump and Harris, with days left to election (Balitmore Sun)

Record high US$15.9 billion spent on US election campaigns (The Business Times)

Law Firms Funnel Millions to Congressional Races (Law.com)

Misleading Digital Campaign Created by Conservative Group Distorts Harris’ Positions (Factcheck.org)