Warren Buffett Won’t Back Any Candidate In 2024 Race

Warren Buffett has made it clear that he will not be endorsing either Kamala Harris or Donald Trump in the 2024 presidential race.

The 94-year-old billionaire, CEO of Berkshire Hathaway, whose net worth is approximately $146.3 billion, has historically supported Democratic candidates.

However, a statement from Buffett’s company, released on Wednesday, firmly stated that he has no intention of running for office and dismissed any speculation to the contrary as "fraudulent."

The announcement followed a fake advertisement that appeared on Instagram, which prompted concerns that AI might be used to manipulate Buffett’s likeness. The message emphasized that Buffett does not endorse any political candidates or investment products, aiming to dissuade both campaigns from exploiting his name for political gain.

"In light of the increased usage of social media, there have been numerous fraudulent claims regarding Mr. Buffett’s endorsement of investment products as well as his endorsement and support of political candidates. Mr. Buffett does not currently and will not prospectively endorse investment products or endorse and support political candidates," the company’s statement declared.

Buffett revealed to CNBC that the statement was partially in response to a fake political endorsement circulating on Meta Platforms’ Instagram.

"I don’t even know how to get on Instagram," Buffett said in the interview. "Anything they see with my image or my voice, it just ain’t me."

Buffett’s neutrality in the election contrasts with the recent actions of billionaire Elon Musk, who has thrown his weight behind Donald Trump.

Musk, now a prominent Republican "megadonor," has made a significant contribution to a pro-Trump political organization. Financial disclosures revealed that Musk donated $75 million over the last three months to a superPAC he founded, according to Reuters.

The superPAC, called America PAC, is focused on mobilizing voters in swing states critical to the outcome of the election. Between July and September, the group spent about $72 million, surpassing other pro-Trump voter-turnout efforts. Trump’s campaign relies heavily on external groups for voter outreach, making Musk’s involvement a vital asset in the closely fought contest between Trump and Democratic nominee Vice President Kamala Harris, Reuters further noted.

During this period, Musk, who is also the CEO of Tesla, was the sole donor to America PAC.

Although Musk has previously voted for Democratic candidates, his political stance has shifted dramatically in this election. He endorsed Trump in July and made a joint appearance with him at a rally in Pennsylvania earlier this month, according to reports.

On Wednesday, Musk announced via a post on X (formerly Twitter) that he will be "giving a series of talks" across Pennsylvania, beginning shortly after his rally appearance with Trump in the state.

He urged supporters to sign a petition on the America PAC website to attend his talks, scheduled from "tomorrow night through Monday."

Last week, a source told Reuters that Musk intends to intensify his campaign efforts for Trump in Pennsylvania, which is considered a pivotal state for both Trump and Harris in the presidential race.

Musk’s financial backing of America PAC has propelled him into the upper echelon of Republican donors, a group that includes figures like banking heir Timothy Mellon and casino mogul Miriam Adelson. Reuters also revealed that Musk had quietly funded a conservative political group for years before making his public support for Trump known.

America PAC is focused on rallying voters who support Trump but don’t consistently vote, employing a labor-intensive, high-stakes strategy for voter outreach, according to Reuters. However, the group has faced staffing challenges, including difficulties in recruiting door-knockers in key battleground states, partly due to the late start of its operations.

By the end of September, the superPAC had roughly $4 million left in its funds, according to filings.

"Separate filings earlier on Tuesday showed that casino magnate Miriam Adelson donated $95 million to another pro-Trump superPAC, Preserve America PAC, during the same period," Reuters added.