TLDR:
- Mark Cuban claims Elon Musk, not Trump, is Kamala Harris’s main rival in election
- Musk donated $74M to Trump campaign via America PAC and is offering $1M daily sweepstakes
- Harris has broken fundraising records with $1B raised in three months
- Harris is positioning herself as a “pragmatic capitalist” to appeal to business community
- Harris has more billionaire backers (79) than Trump (50), according to Forbes
Billionaires increasingly influence the political landscape, with tech mogul Elon Musk and investor Mark Cuban emerging as significant players in the final stretch before Election Day.
According to recent Federal Election Commission filings, Musk has become the sole donor to America PAC, channeling $74 million to Donald Trump’s campaign between July and September. The Tesla CEO has further escalated his involvement by announcing a daily $1 million giveaway to swing state voters who sign his online petition supporting the First and Second Amendments.
The sweepstakes program includes additional incentives, with Pennsylvania voters eligible for $100 payments for signing or referring others to the petition. Reuters reports that Musk has already distributed $1 million checks to two rally attendees, though questions about the legality of this approach have been raised.
Mark Cuban, appearing on CNBC’s Squawk Box, characterized the current political dynamic as “the Harris campaign versus Elon—not even versus Trump.” Cuban, who has been campaigning for Harris, described Musk as “running the ground game for the Republicans” in the final weeks before the election.
Vice President Harris has achieved her own financial milestone, raising an unprecedented $1 billion in just three months leading up to September’s end, as reported by The New York Times. The fundraising success reflects the growing influence of wealthy donors in the democratic process.
The financial backing shows a clear divide among America’s billionaire class. Forbes data indicates that Harris has secured support from 79 billionaires, while Trump maintains backing from 50. This disparity has created a complex dynamic for the Democratic campaign, which must balance its traditional stance on wealthy taxation with the interests of its high-net-worth supporters.
Harris has recently emphasized her economic philosophy, declaring in a Telemundo interview,
“I am a capitalist. I am a pragmatic capitalist.”
This messaging appears designed to counter Trump’s portrayal of her as a socialist or communist, while appealing to business-minded voters and traditional Republicans.
The Vice President’s campaign has introduced concrete economic proposals, including a small-business plan featuring a $50,000 tax credit for new small businesses. The initiative aims to facilitate the creation of 25 million new small businesses over four years.
Behind the scenes, Harris’s team has maintained active dialogue with prominent business leaders. Reports indicate ongoing communications with JPMorgan Chase CEO Jamie Dimon, though the New York Times notes that Dimon’s support remains private due to concerns about potential backlash.
Tony West, Harris’s brother-in-law and Uber’s chief legal officer, has taken leave from his position to serve as a key intermediary between the campaign and corporate leaders. His involvement, alongside the campaign’s broader business outreach, underscores Harris’s efforts to strengthen ties with the business community.
Mark Cuban has focused his recent campaign activities on engaging with small businesses, particularly targeting independent and Republican voters. Last Thursday, he joined Harris at the University of Wisconsin-Milwaukee’s business school, where they participated in a “Shark Tank”-style competition.
The influx of billionaire influence has affected both campaigns’ messaging strategies. Cuban himself has addressed potential concerns about Harris’s tax policies, stating that any move to tax unrealized capital gains would prompt him to “campaign against her so there wouldn’t be a second term.”
Recent polls suggest a tightening race, with Cuban characterizing the current phase as “the playoffs” compared to “the regular season.” He emphasizes the importance of maintaining campaign intensity, stating, “You gotta play like you’re one point behind.”
Musk’s financial involvement through America PAC and his voter incentive program represents one of the most direct interventions by a billionaire in recent electoral history. The scale of his contribution has prompted discussions about the role of wealthy individuals in democratic processes.
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