With the U.S. presidential election entering its final stretch, high-profile billionaires are revealing their political alliances through substantial donations.

Donald Trump has received significant financial backing from three key supporters: Miriam Adelson, widow of the Sands Corporation founder, Diane Hendricks, head of ABC Supply, and Kelcy Warren, executive chairman of Energy Transfer. Each has contributed the maximum amount to the "Trump 47 Committee" and donated $5 million to a supporting super PAC.

For Vice President Kamala Harris, the wealthiest backer is former Google CEO Eric Schmidt, who has contributed nearly $3 million to her campaign. Additionally, billionaire Michael Bloomberg, founder of Bloomberg LP, has been a major Democratic donor, giving $19 million to the “Future Forward PAC” and $930,000 to the Biden Victory Fund.

Recently, Trump made headlines by briefly working at a Pennsylvania McDonald's, a move widely reported in U.S. media. Harris responded by recalling her own experience working at McDonald's. According to the Telegraph, U.S. politicians have long used fast-food visits as a symbol of American values and entrepreneurship to connect with the working class.

Analysis of McDonald's 2023 political donations showed that $138,500 of their $172,500 in donations went to Democratic candidates or campaigns. In contrast, Republicans received $34,000 in donations.

Elon Musk quietly entered Republican fundraising activities as early as 2022, gradually increasing his contributions. By July of this year, Musk's Republican donations totaled nearly $15 million, with a further $30 million given in August and September. Musk is reportedly funding recruitment efforts to attract 1 million voters willing to sign petitions in support of conservative viewpoints, viewing them as “targeted voter prospects.”

Meanwhile, Berkshire Hathaway released a statement clarifying that Warren Buffett does not support any political candidates or products, urging investors not to be misled by misinformation.

The New York Times recently reported that Microsoft co-founder Bill Gates donated $50 million to support Harris. The funds were channeled through the Future Forward USA Action, which is supporting Harris's campaign. Gates, who has previously kept a low profile regarding political endorsements, reportedly has concerns over Trump’s stance on key issues should he win the election. In a statement, Gates expressed support for candidates committed to improving healthcare, reducing poverty, and addressing climate change in the U.S. and globally.

Follow us

Find us on Twitter, Instagram, YouTube, and TikTok for frequent updates on all things investing.

Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！

Important Notice and Disclaimer:

We have based this article on our internal research and information available to the public from sources we believe to be reliable. While we have taken all reasonable care in preparing this article, we do not represent the information contained in this article is accurate or complete and we accept no responsibility for errors of fact or for any opinion expressed in this article. Opinions, projections and estimates reflect our assessments as of the article date and are subject to change. We have no obligation to notify you or anyone of any such change. You must make your own independent judgment with respect to any matter contained in this article. Neither we or our respective directors, officers or employees will be responsible for any losses or damages which any person may suffer or incur as a result of relying upon anything stated or omitted from this article.

This document should not be construed in any jurisdiction as constituting an offer, solicitation, recommendation, inducement, endorsement, opinion, or guarantee to purchase, sell, or trade any securities, financial products, or instruments or to engage in any investment or any transaction of any kind, nor is there any intention to solicit or invite the purchase or sale of any securities.

The value of these securities and the income from them may fall or rise. Your investment is subject to investment risk, including loss of income and capital invested. Past performance figures as well as any projection or forecast used in this article is not indicative of its future performance.

This advertisement has not been reviewed by the Monetary Authority of Singapore