Unpacking Super PACs
A look at who's behind all the money flooding into the 2024 election
What are super PACs and why are they a problem?
Super PACs are entities that can raise unlimited sums of money from corporations, individuals, unions, associations, and others to advocate for or against political candidates. While they can’t give that money directly to any candidates, they can and do spend billions of dollars on ads to help them get elected. Since super PACs can spend as much as they want, they are the primary way that special interests buy influence over political candidates. Money talks, and super PACs ensure big money has a much louder voice than regular citizens.
What are their goals and who is behind them?
Super PACs are raising billions of dollars to spend on ads this election season, and it’s helping them buy influence with the candidates they back. The numbers are jaw-dropping: so far, they’re on pace for a record-breaking year with $5.1 billion raised and $3.4 billion spent. While all of this is perfectly legal right now, it’s crucial voters like you to know what the most influential super PACs are doing and who is behind them. Most of the biggest super PACs are effectively arms of the major political parties where special interests can donate as much as they want—and buy the influence that comes with big contributions. Some of them are focused on a particular issue, be it cryptocurrency or American-Israeli relations. It’s important that you know who they are and what their biggest donors want!
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Big Money Spotlight
Here’s a look at some key big spenders of the 2024 election. This group is far from comprehensive, but it offers insights into a few different ways that big money buys influence: wealthy individuals put millions behind their preferred candidates, dark money groups hide other donors from the public eye, and issue-based super PACs spend millions supporting elected officials who give them what they want.
Donor Spotlight
Timothy Mellon (R)
Timothy Mellon is the heir to Gilded Age banking baron Andrew Mellon, and he acts like it. As of September 22, the conservative billionaire has poured more than $165 million into the 2024 election, including $125 million in contributions to the Make America Great Again Inc Super PAC and $25 million to the Robert F. Kennedy-aligned American Values 2024 Super PAC. Mellon is a secretive guy—so secretive, in fact, that the 43-year-old photo we have here is one of the only images you can find of him.
So what does Mellon want, exactly? He has called for lower taxes and an end to social safety net programs, which he once described as “slavery redux” for Black people. In 2021, he donated more $53 million to the State of Texas’ crowdfunded border wall, making up 98% of all the money donated to the project. Strangely enough, while Mellon is by far the largest single political contributor of 2024, he only became a major donor in 2018, when he gave more than $10 million to a Republican-aligned super PAC. As of September 22, his cash accounts for nearly half of all the money raised by Make America Great Inc Super PAC during this election cycle.
Michael Bloomberg
Michael Bloomberg has given more money to liberal super PACs than any other individual so far in 2024. Bloomberg is a lot of things: former Mayor of New York City, candidate for the 2020 Democratic presidential nomination, and the 15th richest person in the world. As of September 22, he’s poured more than $40.8 million into super PACs in 2024, including giving $10 million to the Democratic Party-aligned House Majority PAC. Bloomberg is no stranger to using his money to influence our political system and advance his own interests. He put more than $1 billion of his own money into his 2020 presidential campaign, and more than $200 million into his three successful New York City mayoral elections. Prior to 2020, most of Bloomberg’s super PAC donations went to a group he founded called Independence USA PAC, which supported both Democratic and Republican candidates who showed a willingness to work on gun control, the environment, marriage equality, and education in a bipartisan fashion.
Future Forward USA Action (D)
Future Forward USA Action is by far the largest contributor to Future Forward USA, the highest spending liberal super PAC of 2024. The group has given more than $56.1 million to the similarly named super PAC, accounting for roughly 28% of their revenue. So who is Future Forward USA Action, exactly? We don’t know! That’s because Future Forward USA Action is a “dark money” group that almost exclusively donates to the Future Forward USA Super PAC, which backs Kamala Harris and other Democrats.
You see, while super PACs need to disclose all of their donors, nonprofit “dark money” groups do not. To get around our already-weak disclosure laws, super PACs often receive large sums of money from dark money groups. This extra step in the process allows them to keep their donors secret without breaking any laws. Future Forward USA Action isn’t the only dark money group out there, but it is the biggest right now. All of this is perfectly legal thanks to the famous Citizens United v. Federal Election Commission and Speechnow.org v. Federal Election Commission rulings that radically changed our campaign finance laws in 2010.
Kenneth Griffin
As of September 22, Hedge fund billionaire Kenneth Griffin has dumped more than $74,000,000 into Republican-aligned super PACs this year, making him the third biggest spender of the 2024 election. Griffin is a staunch proponent of free markets, lower taxes, and reduced government regulation of businesses. In a rare 2012 interview, he famously told the Chicago Tribune that the wealthy “actually have insufficient influence” in politics. Griffin certainly does his part to pick up the slack with a variety of high-dollar contributions to super PACs supporting Republican Senate candidates, including $10 million backing fellow hedge fund executive David McCormick’s campaign for Pennsylvania’s Senate seat and $10 million backing former Maryland Gov. Larry Hogan’s campaign for his state’s Senate seat.
Super Pac Spotlight
Fairshake (Cryptocurrency)
Fairshake is a super PAC that backs candidates who support the growth of the cryptocurrency industry. Unlike most partisan super PACs that help elect candidates from their preferred party, Fairshake is an issue-based super PAC that supports candidates on both sides of the aisle. Fairshake is the most well-funded of the issue-based super PACs operating in 2024. As of September 22, they’ve spent $31.7 million, with $12.9 million spent in support of Democrats and $18.9 million spent opposing Democrats or supporting Republicans. Issue-based groups like Fairshake don’t just put their money behind candidates that already support their goals, they also use it to get rid of candidates who don’t or, crucially, to persuade candidates who need their help to see eye to eye with them.
United Democracy Project (Pro-Israel)
United Democracy Project is the super PAC arm of the American Israel Public Affairs Committee, more commonly known as AIPAC. The group is one of the two largest issue-based super PACs operating in the 2024 election, and they’ve spent more than $35.5 million to help elect more pro-Israel members of Congress. While many other issue-based super PACs back candidates from both parties, United Democracy Project has put most of it’s money into Democratic primary races where it believes it can move the party in a more pro-Israel direction. For example, the group poured nearly $15 million into defeating Rep. Jamaal Bowman in the NY-16 House primary earlier this year, making it the most expensive House primary election in history. They also spent $8.5 million to oust Rep. Cori Bush in favor of a more pro-Israel candidate during the MO-1 Democratic primary, making that race the second most expensive House primary in history.