In the world of campaign politics, wealthy individuals often pour vast sums of money into their efforts to attain higher office. Representative David Trone, Democrat of Maryland, spent over $60 million of his personal fortune in a Senate campaign but lost the Democratic primary to Angela Alsobrooks. Nicole Shanahan, Robert F. Kennedy Jr.’s running mate, contributed $15 million to their independent presidential campaign, despite historical odds against third-party or independent candidates winning presidential elections. Other self-funded candidates this cycle include Vivek Ramaswamy and Doug Burgum, who spent millions on unsuccessful campaigns.
Wealthy individuals have a long history of funding their political ambitions, with varying degrees of success. While some self-funded campaigns, like Trone’s successful congressional bid, can lead to victory, others, like Michael Bloomberg’s and Tom Steyer’s presidential campaigns, end in costly defeats. Bloomberg and Steyer each spent hundreds of millions from their personal fortunes on their campaigns, but ultimately achieved minimal success in terms of votes or delegates. Similarly, Linda McMahon and Steve Forbes poured millions into their Senate and presidential campaigns, respectively, only to fall short of their ultimate goals.
Michael Bloomberg’s 2020 presidential campaign was the most expensive flop in American history, with Bloomberg spending $1 billion and earning a hefty $426.76 per vote. Tom Steyer’s 2020 campaign also saw high spending, with $341 million contributed resulting in $1,320.37 per vote. Linda McMahon spent nearly $100 million on two Senate campaigns in Connecticut, winning the Republican nominations but losing both races decisively. Steve Forbes invested $74 million in his 1996 and 2000 presidential campaigns, but ultimately fell short in both bids for the nomination.
Despite the high costs and low success rates of many self-funded campaigns, wealthy individuals continue to invest significant sums in their political aspirations. Whether driven by personal ambition, political beliefs, or a desire for influence, these candidates often face an uphill battle in a system that traditionally favors established party candidates. While some, like Trone, may find success eventually through persistence and financial backing, others, like Bloomberg and Steyer, serve as cautionary tales of the risks and limitations of self-funded campaigns in the realm of U.S. politics.
