By David Meyers and Andrew Mayersohn

Fifteen years ago, the role of money in politics changed dramatically. On Jan. 21, 2010, the Supreme Court issued its decision in Citizens United v. Federal Election Commission. Since then, election spending has reached unprecedented heights and, meanwhile, the public has less and less insight into the sources of that money.

On this 15th anniversary of Citizens United, we wanted to take a look at the last decade and a half — and the numbers that tell a story.

During the 2008 election cycle, the last presidential campaign before the floodgates opened, outside spending totaled $574 million. Four years later, in 2012, that amount more than doubled — to nearly $1.3 billion. By 2020, outside spending reached $3.3 billion and came close to $4.5 billion in 2024. Most of that money was spent by super PACs.

In 2010, super PACs spent $62.6 million. Two years later, in the first presidential election cycle following Citizens United, super PACs and hybrid PACs spent $622.7 million. Spending by those organizations surpassed $4.1 billion in 2024.

As outside spending and super PAC money has skyrocketed over the past 15 years, so has the influence of wealthy individuals. In 2008, before Citizens United, the top 100 individual donors contributed an aggregate $80.9 million, accounting for 1.5 percent of the $5.3 billion spent on federal elections. Their share climbed sharply through 2016 and has since settled in the 14 percent to 16 percent range of overall money spent on federal elections.

Go deeper with our full analysis.

By Indy Scholtens

President Donald Trump nominated Elise Stefanik to be the ambassador to the United Nations on Nov. 11, 2024. Stefanik, 40, has represented New York in the House of Representatives since 2014. While she does not have extensive foreign policy experience, Stefanik is a prominent pro-Israel voice and serves on the Armed Services and Intelligence committees. And she holds a senior leadership position in the House.

Who is she?

At the time, Stefanik was the youngest woman ever to be elected to Congress at age 30. Over the past decade, she transformed from a moderate Republican to a loyal Trump supporter. 

In several interviews given in 2015 and 2016 she criticized Trump’s rhetoric regarding women and Muslims. But she became one of Trump’s fiercest defenders, serving on the defense team during his first impeachment trial in 2020 and called the people prosecuted for storming the Capitol “hostages.” And when House Republicans removed Rep. Lynn Cheney (Wyo.) from the leadership team for her role in investigating the Jan. 6, 2021 riot at the Capitol, Stefanik was elected to replace her as chair of the Republican Conference.

Stefanik received extensive coverage for her grilling of college presidents about antisemitism on campuses during the protests that erupted following Israel’s response to the Oct. 7, 2023, attack by Hamas. Her questioning led to bipartisan criticism of Harvard and Penn presidents Claudine Gay and Elizabeth Magill, who both later resigned.

Follow the money:

• Stefanik has been a long-time contributor to Republican candidates. Her largest donation — $20,000 — went to fellow New Yorker Lee Zeldin’s 2022 campaign for governor. Zeldin has been nominated by Trump to lead the Environmental Protection Agency. 

• Politico noted that Stefanik’s shift to the right came at a time when lawmakers were able to raise millions of dollars after defending Trump when he was first impeached in 2019. Stefanik raised $3.2 million in the last quarter of 2019 — up from over $450,000 the previous quarter.

• Stefanik’s campaign fundraising has grown from $3.1 million in 2016 to $13.3 million in 2020 to $15.3 million in 2024, coinciding with Stefanik’s pivot toward Trump and movement up the leadership ranks.

• The top funding cohort of Stefanik’s 2023-2024 campaign were individuals who donated through the American-Israel Public Affairs Committee, contributing a total of $204,000. She received $5,000 from AIPAC itself. 

• Politico reported that after Stefanik’s questioning of college presidents, she raised $7 million. Top contributors were Apollo Global Management and Andreessen Horowitz, donating $29,400 and $19,800 to her campaign, respectively, through individual donations from CEOs and partners. Marc Rowan, the CEO of Apollo Global Management, called for the Magill’s resignation and has been a vocal advocate for Israel. Andreessen Horowitz has invested in Israeli defense start-ups, such as Zero Mark. 

• Stefanik’s husband, Matthew Manda, is connected to the National Shooting Sports Foundation, the top trade association for the firearm industry. Individuals and PACs related to gun rights contributed $404,000 to Stefanik during the 2024 election cycle. 

• Stefanik received $170,000 in contributions from individuals and PACs related to oil and gas industries in the 2024 cycle. 

Why does it matter?

• The United States continues to be the largest donor to the United Nations. In 2022 the country contributed more than $18 billion. As the U.N.ambassador, Stefanik will advocate for U.S. policy towards Israel, Gaza, Ukraine and other international hot spots.

• During his first administration, Trump pulled the United States out of the Paris Agreement on climate change. Although at the time Stefanik called the withdrawal “misguided,” she criticized the Biden administration last year for pushing a “Far Left climate agenda”. On his first day in office Trump issued dozens of executive orders, including one directing the U.N. ambassador to withdraw from the Paris Agreement. He also ordered the withdrawal from the World Health Organization. 

• Stefanik described the U.N. as a “corrupt, defunct and paralyzed institution” in an op-ed in the Washington Examiner and accused the organization and several of its bodies of antisemitism. She co-sponsored legislation that the House recently passed to “sanction International Criminal Court officials who investigate or prosecute the United States and its allies,” as a reaction to the ICC’s arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.

How Does the Citizens United Decision Still Affect Us in 2025? (Campaign Legal Center)

Pols use surplus campaign funds to build political goodwill (Maryland Matters)

Biden pardons former Ky. Democrat leader convicted of campaign finance violations (WHAS11)

‘Everyone’s trying to kiss the ring’: Trump’s inauguration devours corporate cash, smashing records (Politico)

Lee Zeldin, Trump’s E.P.A. Nominee, Is Short on Environmental Experience (The New York Times)

Over the course of his political career, Mr. Zeldin received more than $270,000 in campaign contributions from the oil and gas industry, according to OpenSecrets, which tracks campaign finances.

Airbnb to Spend Millions in Lobbying New York to Ease Rental Ban (Bloomberg)

The amount Airbnb is prepared to spend in a single state is significant compared to what larger tech companies spend on influencing government policy more broadly. Last year, for example, Meta Platforms Inc. spent $18.9 million on lobbying while Amazon.com Inc. spent $14.2 million, according to OpenSecrets.

Here's what Trump could do to boost the oil and gas industry on day one of his new term (Business Insider)

Trump campaigned on a promise to "drill, baby, drill" and "unleash Americans' energy production," even with the US already producing a record amount of oil and gas and being the world's largest exporter. Industry executives, employees, and corporate political action committees donated more than $32 million to Trump's campaign, data tracked by OpenSecrets shows.