California is a powerhouse when it comes to presidential fundraising, largely due to its wealthiest residents who wield significant financial influence. With the upcoming presidential election, the spotlight is on these wealthy donors who are backing Vice President Kamala Harris and former President Donald Trump. Harris, a native of the state, is expected to have a fundraising edge due to her deep-rooted connections as California’s former junior senator and attorney general. Trump, on the other hand, has often criticized California and faced a significant loss in the state during the 2020 elections.
In 2020, President Joe Biden’s campaign raised over $145 million from California, showcasing the state’s financial clout. Despite its Democratic leanings, California remains a crucial source of Republican donations, evidenced by Trump’s $333 million campaign committee fund in 2016, as reported by the Center for Responsive Politics. Analysis of federal election data by The Times reveals the biggest donors who are attempting to sway this year's election outcome.
The donor data reviewed includes individual contributions from Californians up to September 30. Dominating this list are Harris supporters, with 89 of the top 100 largest donors contributing to her cause. A staggering 48 out of the state’s top 50 donors have backed fundraising committees supporting Harris. In total, these California donors have contributed over $53 million to her campaign efforts, amounting to more than half of the $102 million from her top donors nationwide. In stark contrast, only nine of Trump’s top 100 donors hail from California, contributing just $8 million, representing a mere 5% of his $161 million fundraising.
Key California megadonors are firmly backing Harris. Among them, Haim Saban leads with a contribution of $1,852,599. The Israeli-American billionaire cites Harris’s strong alliance with both Israel and the American Jewish community as pivotal to his support. Similarly, Reid Hoffman, a venture capitalist from Greylock, has given extensively to Democratic super PACs and supports Harris due to potential economic impacts he believes Trump's policies could have on business.
Hollywood heavyweight Steven Spielberg is another avid Harris supporter, having significantly increased his contributions following Biden's performance in earlier debates. The excitement within Hollywood circles underscores this backing. Tech mogul Sean Parker and entertainment creator Seth MacFarlane add to the list of Harris supporters, using their influence and financial power to leverage more support for the Vice President.
Trump's influential boosters include Barbara Grimm-Marshall, who has heavily invested in his campaign, motivated by her interests in the education sector. Another notable Trump supporter, Douglas Leone of Sequoia Capital, has oscillated in his political stance, recently renewing his support for Trump citing concerns about American socio-economic policies.
Other prominent figures supporting Trump include Carl Barney and Marc Andreessen, who both view Trump's business-like approach to governance as pivotal. Real estate magnate Geoffrey Palmer and retired philanthropist Deborah Magowan have also contributed significantly, illustrating their steadfast Republican allegiance.
Overall, the financial battleground in California is robustly split, with both Harris and Trump drawing substantial financial backing from key figures in diverse sectors, reflecting the state's multifaceted political and economic landscape.
