Vice President Kamala Harris has garnered support from a significant number of billionaires as the 2024 election draws closer, outpacing former President Donald Trump in backing from the ultra-wealthy, according to a new Forbes report. The publication identified at least 100 billionaires backing either Trump or Harris, with a larger share leaning towards the vice president. High-profile figures such as Microsoft co-founder Bill Gates and former CEO Steve Ballmer have publicly voiced their support for Harris, highlighting a stark contrast in the billionaire landscape as the race intensifies.
Gates, known for his philanthropic efforts through the Bill & Melinda Gates Foundation, has often aligned himself with policies and candidates that emphasize global health, climate change, and social equity—areas that align more closely with the Biden-Harris administration’s priorities. Steve Ballmer, owner of the NBA’s Los Angeles Clippers and another tech billionaire, has also signaled his support for Harris, advocating for progressive policies and economic initiatives that he believes will bolster American competitiveness.
In contrast, former President Trump has the backing of a smaller but vocal group of billionaires, with Tesla and SpaceX CEO Elon Musk standing out as one of his most ardent supporters. Musk, currently the world’s richest person, has used his platform on social media to advocate for Trump’s return to the White House, criticizing what he sees as overreach by the current administration. Musk’s outspoken support contrasts with many other billionaires who have opted for a more discreet role in this election cycle.
Some of the most notable billionaires, including Warren Buffett, CEO of Berkshire Hathaway, and Meta Platforms founder Mark Zuckerberg, have largely chosen to stay out of the public eye regarding their political allegiances in the 2024 race. Buffett, who has historically supported Democratic candidates, has not publicly endorsed either side this time around. Similarly, Zuckerberg has kept a low profile, especially following scrutiny over social media’s role in previous elections.
The disparity in billionaire backing between Harris and Trump highlights a shift in political affiliations within the wealthiest circles of American society. Harris’ supporters include a blend of tech entrepreneurs, media moguls, and investment tycoons who see her economic policies as beneficial to innovation and sustainable growth. This contrasts with Trump’s supporters, many of whom appreciate his tax policies and deregulatory stance during his time in office.
Despite Harris having a greater number of billionaires in her corner, many of these backers have chosen a quieter approach, contributing to her campaign or related political action committees without making high-profile endorsements. Their preference to operate from behind the scenes is seen as a strategic move, allowing them to influence the race without the controversies that often accompany public political endorsements.
Trump, however, benefits from the visibility of Musk’s support, which he leverages to solidify his base and appeal to voters who are critical of the current administration’s handling of economic issues. Musk’s endorsement has been particularly impactful on social media, where his vast following amplifies his pro-Trump sentiments.
As Election Day nears, the influence of billionaire backing could play a significant role in shaping campaign strategies and voter perceptions. The support from prominent figures like Gates and Ballmer may help bolster Harris’ image among tech-savvy and progressive voters, while Musk’s vocal endorsement of Trump appeals to those who see the former president as a champion of free enterprise and deregulation.
With some of the world’s wealthiest individuals weighing in, the 2024 election is becoming a battle not just for votes, but for the support of those with the power to shape the economy and society on a larger scale. The quiet presence of figures like Buffett and Zuckerberg adds an element of unpredictability to the billionaire landscape, as many await their potential influence on the final stretch of the race.