In a high-stakes battle for the White House, Vice President Kamala Harris’ ambitious bid for the presidency resulted in a staggering $2.3 billion expenditure. Financial disclosures reveal that the Harris campaign allocated nearly $1.37 billion of that sum to a robust advertising effort.
Since becoming the Democratic nominee in July, following President Joe Biden’s exit from the race due to concerns about his mental fitness to lead another term, Harris managed to secure substantial donations from celebrities, committees, and super PACs intent on preventing Donald Trump’s return to the Oval Office. Despite outpacing Trump in fundraising by approximately $500 million—amassing $1.8 billion in total—the effort fell short.
The financial chasm between the two campaigns was evident, with Trump spending $456 million less on media than Harris. The flood of political ads dominated the airwaves, especially in pivotal swing states like Pennsylvania, Georgia, North Carolina, Michigan, Wisconsin, Nevada, and Arizona. In a final push before November 5, the Harris campaign even secured ad space on the Sphere in Las Vegas.
Yet, despite the record-breaking expenditure, Harris’ vision for a new administration was unequivocally dismissed by voters. As of Thursday afternoon, with the results from Nevada and Arizona still pending, Trump secured 295 Electoral College votes, significantly surpassing the 270 needed for victory. Trump’s success in swing states, including Pennsylvania, underscored his dominance, with leads also in Nevada and Arizona as votes continued to be counted.
Pre-election polls suggested a tight race, but betting markets favored Trump’s chances of securing a second term. Polymarket bettors pegged Trump’s prospects at 61% as Election Day began, with his stock on Kalshi reflecting an implied probability of 58%.
By Tuesday night, it became clear that Harris’ quest for the presidency was thwarted. The aftermath saw some Democrats critiquing Biden for not withdrawing sooner, which could have facilitated a more competitive primary. Others argued that Harris faced insurmountable challenges, including rising everyday costs, an immigration crisis, and an administration perceived as overly focused on international issues like Ukraine.
Questions about Harris’ candidacy lingered, amplified by her controversial Oct. 8 appearance on “The View,” where her response to what she might have done differently than Biden was, “There is not a thing that comes to mind — and I’ve been a part of most of the decisions that have had an impact.”
The financial backing of both campaigns showcased the stark divide among major donors. Casino magnates like Dr. Miriam Adelson, Phil Ruffin, and Steve Wynn heavily funded Trump, with Adelson alone contributing around $100 million. On the other side, Harris received significant support from technology and media moguls, including Bill Gates, who donated $50 million, and Michael Bloomberg, who contributed $47 million. Celebrity influence also played a role, with actor George Clooney spearheading a July fundraiser that generated $28 million in a single night.
Ultimately, despite a well-financed and aggressive campaign, Harris conceded the election to Trump at Howard University in Washington, D.C., marking the end of a fervent and highly anticipated political contest.
