With billions on the line, a nonprofit “gray money” machine is rewriting the rules of U.S. elections

American elections are starting to look less like democracy and more like a shell game. A surge of nonprofit-funded political spending is reshaping U.S. elections, with hundreds of millions flowing through opaque 501(c)(4) groups that shield donor identities. In 2024, about $1.5 billion—17% of all super PAC funding—came from undisclosed sources, more than double 2020 levels. Wealthy donors—including well-known billionaire philanthropists such as Bill Gates and Michael Bloomberg—are using these entities to influence elections while staying anonymous, often by funneling money into super PACs indirectly. Democratic-aligned groups now lead the charge, often funneling money through layered nonprofits into super PACs like Future Forward. Enabled by loopholes post–Citizens United, this “gray money” system technically follows the rules while quietly dismantling transparency voters were promised.