According to analyses from campaign finance watchdogs, the companies that spent the most on campaign contributions in 2024 were from the cryptocurrency, technology, and defense industries. A significant portion of this spending was channeled through super PACs and "dark money" groups, making it difficult to pinpoint the exact origin of many corporate funds.
Crypto and tech
The cryptocurrency and
technology sectors were among the biggest corporate political spenders in the
2024 election.
- Crypto industry: A report from Public
Citizen found that companies and individuals in the crypto industry
accounted for nearly half of all known corporate contributions in 2024.
- Meta (Facebook, Instagram): Parent
company Meta was the largest platform for online political ad spending by
"dark money" groups, with about $238 million in documented ad
spending for the 2024 cycle.
- Alphabet (Google, YouTube): The
parent company of Google and YouTube saw about $66.2 million in political
advertising spending from dark money groups.
- SpaceX: Owned by top Republican donor Elon Musk, SpaceX was listed by OpenSecrets as a major contributor to Republican candidates during the 2024 cycle.
Defense
The defense industry was
another significant source of corporate political spending in
2024. OpenSecrets identified the following top contributors in this
industry:
- Lockheed Martin: $4.67 million
- Northrop Grumman: $3.41 million
- RTX Corp: $2.89 million
- General Atomics: $2.65 million
Challenges in tracking corporate contributions
Determining the exact amount
spent by corporations is difficult due to several factors:
- "Dark money"
spending: Groups that do not disclose their funding sources gave $1.3
billion to super PACs in 2024, often obscuring the original corporate
donors.
- Online advertising: Many political
ads on digital platforms fall outside Federal Election Commission (FEC)
reporting requirements.
- Trade associations and nonprofits: Companies often donate to trade associations and other non-disclosing nonprofits that then funnel money into political spending, concealing the source of the funds.
Data analysis from the 2024 US election cycle shows that several companies and their affiliates made significant campaign contributions.
Based on available data, the
top companies making contributions in the 2024 election cycle include:
- SpaceX: $276,275,595
- Adelson Clinic/Miriam
Adelson: $106,019,900
- Uline Inc: $13,023,873
- Hendricks Holding Co: $15,007,093
- Bigelow Aerospace: $14,182,000
- Energy Transfer LP: $12,548,084
- Cantor Fitzgerald: $11,004,656
- Abc Supply: $11,003,249
- Pratt Industries: $10,004,927
- British American Tobacco: $10,001,119
- Southern Waste Systems: $9,056,600
- Elliott Management: $7,511,735
- Andreessen Horowitz: $7,007,302
It is important to note that contributions can also come from individuals associated with these organizations and PACs affiliated with them, not just directly from the companies themselves. Additionally, the use of "dark money" groups, which are not required to disclose their funding sources, makes it difficult to get a complete picture of campaign spending.
The Brennan Center for Justice, OpenSecrets, and Wesleyan Media Project have highlighted the increase in "dark money" contributions to Super PACs in recent election cycles, including 2024. Super PACs can receive unlimited contributions, including from corporations and unions.
Norb Leahy, Dunwoody GA Tea Party Leader
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