Federal Election Commission reports and major news outlets

Record $1 Billion in Dark Money Boosts Republicans, Elon Musk Accounts for 96% of Transport Donations

Nov 26, 2024, 03:42 PM

A record-breaking $1 billion in dark money was spent during the recent U.S. election cycle, with nearly two-thirds of industry financial support directed toward Republicans. Industry donors contributed over $425 million to the general election, largely backing Republican promises to repeal regulations and cut taxes. Public companies whose executives donated to Republican candidates reportedly had a higher likelihood of securing tariff exclusions during President-elect Donald Trump’s first term, while those supporting Democrats saw reduced chances. Many businesses have expressed frustration with President Joe Biden’s regulatory agenda. Billionaires and special interest groups played a significant role in this election cycle, raising concerns about their influence on the political process and calls to overturn Citizens United. Notably, Elon Musk's contributions accounted for 96% of the transportation sector's donations, reflecting widespread industry support for tax cuts under a potential Trump administration.