Total 2020 election spending to hit nearly $14 billion, more than double 2016’s sum

The top 10 donors so far this cycle have contributed over $640 million, with most going to outside groups such as super PACs, which can raise and spend an unlimited amount of money. Some of the top donors include casino magnate Sheldon Adelson and his wife, Miriam; billionaires Mike Bloomberg and Tom Steyer; and Tim Mellon, the chairman of Pan Am Systems.

The new data shows that employees in certain industries, including those on Wall Street, have largely flipped to Democrats.

While CRP notes that Biden’s campaign is powered in part by small dollar donors, it has seen a significant boost from executives in the securities and investment industry.

Biden finished the 2020 election cycle with over $74 million from people on Wall Street, compared to Trump, who received $18 million from those in the same industry.

Article source: https://www.cnbc.com/2020/10/28/2020-election-spending-to-hit-nearly-14-billion-a-record.html