WILLIAM BRANGHAM: The 2024 election was already shaping up to be the most expensive election in history.
But now several prominent billionaires are pouring huge amounts of money into presidential elections.
Laura Baron Lopez gives us the details on who these donors are and what kind of impact they could have.
Laura Baron Lopez: Thank you, William.
The new report points to two notable donations.
Businessman Timothy Mellon donated $50 million to a super PAC aligned with former President Donald Trump, the day after the president was convicted of 34 felony counts.
And Mike Bloomberg, the former New York City mayor who challenged Joe Biden for the 2020 Democratic nomination, is spending $20 million to support the president's reelection effort.
The campaign itself has also reported huge fundraising.
In May, the Biden campaign raised $85 million, but was eclipsed by the Trump campaign, which reported raising $141 million.
Join Anna Massoglia, Editorial and Research Manager at OpenSecrets, to find out where that money is coming from and where it's being spent.
Anna, thank you so much for being here.
ANNA MASSOGLIA, EDITORIAL AND RESEARCH MANAGER, OPENSECRETS: Thank you so much for having me.
LAURA BARON LOPEZ: The contributions from big donors like Mike Bloomberg and Timothy Mellon have been astounding.
How unusual is this type of donation, and how do you think it will impact the campaign?
ANNA MASSOGLIA: Well, multimillion-dollar donations to super PACs are becoming the norm now.
But what really stands out is the size and source of these donations, particularly in Mellon's case, we've never seen a donation this large, and it's so large compared to other donations, it's one of the largest donations we've seen.
Mike Bloomberg has a long history of funding his own presidential campaigns, so it makes sense that he would give money to Joe Biden and the super PAC supporting him.
But when it comes to Timothy Mellon, his influence is much newer, and we are only just beginning to understand the true extent of his influence.
Laura Baron Lopez: Yes, as you say, a lot of people know who Mike Bloomberg is.
They don't really know who Timothy Mellon is.
Who is he and how big a deal do you think it is that he's donating to Trump at this point?
Anna Massoglia: That's important.
Mellon also donated to a super PAC backing Kennedy and now Trump, which highlights the complex dynamics of the Kennedy campaign's influence on the two major candidates.
LAURA BARRON LOPEZ: To RFK Jr. ANNA MASSOGLIA: Yes, that's correct.
And one thing to note is that none of this money is going directly to the Trump campaign.
The money will go to MAGA Inc., a pro-Trump super PAC that is the main super PAC run by Trump's allies and aligned with the Trump campaign.
One big difference is that super PACs can raise and spend an unlimited amount of money, while campaigns are limited in the amount they can raise from any one individual.
And super PACs would open the door for even more billionaires to pour money into trying to influence elections.
Laura Baron Lopez: We know how much billionaires are spending because it's publicly available, but what about the influence of money whose origins are unclear – so-called dark money?
How widespread is that this year?
Anna Massolia: Dark money is flowing into US elections.
One new way we’re tracking this at OpenSecrets is through dark money donations to super PACs.
As I mentioned earlier, super PACs must disclose the sources of their donors' funds, but dark money organizations, or 501(c) organizations, which are not technically political committees, only need to disclose the source of their funds and do not have to disclose the ultimate source of their funds.
There is also the possibility of taking shell companies public.
And even though super PACs follow the letter of the law and disclose who their donors are, they are able to avoid disclosure requirements because the ultimate source of the donors is unknown.
And this election cycle, money is expected to flow from dark money groups to super PACs at new records.
LAURA BARON LOPEZ: This has been a big money week for President Biden.
He raised $30 million at a Hollywood fundraiser.
It was the largest fundraising event for a Democrat at a single event, breaking the party's record.
But President Biden's financial advantage is fading, and we see President Donald Trump starting to catch up.
How important is that?
Will it have long-term effects?
ANNA MASSORIA: It's certainly a reversal of the situation that for several months Biden had raised more money than Trump and had larger cash reserves.
And just in the last two months, we've seen Trump start to catch up and actually surpass what Biden has raised this month, particularly Trump and the RNC compared to Biden and the DNC, and this is an important development not just for the campaign but for the party, because it has implications for many other candidates.
And the money that is now coming in will depend on how it is spent.
One big expense for Donald Trump that Joe Biden doesn't have would be legal fees.
And while much of his money goes to legal costs, Biden is able to spend far more on media, public relations, staffing, etc., and while Trump still has expenses, he has less overall when legal costs are included.
LAURA BARON LOPEZ: How much money will go to organizations like the Heritage Foundation, which is launching Project 2025, the blueprint for a second term for President Trump?
ANNA MASSOGLIA: One of the problems with outside groups like 501(c) nonprofits is that because they're not explicitly political, they're not legally required to disclose to the Federal Election Commission how they raise money, who their donors are, or even details about their spending, unless they're explicitly endorsing a candidate.
In the case of The Heritage Foundation and Heritage Action, which are 501(c)(3) and (c)(4) organizations, very little will be known about their financial situation this year until their next tax filing deadline.
And even if they were, we don’t know who is funding these efforts and we have few details about how they are being spent.
Lola Baron Lopez: Anna Massoglia from Open Secrets, thank you for reporting this.
Anna Massolia: Thank you so much for having me.
