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Fundraising Groups Aligned with Donald Trump Raise Record $400mn in Second Quarter
Fundraising groups aligned with Donald Trump have raised more than $400 million in the second quarter of this year, a record haul that almost matches the sums raised during his entire 2016 presidential campaign. According to a Financial Times analysis of federal filings, this massive windfall puts Trump on track to outpace his Democratic rival, President Joe Biden.
Record-Breaking Second Quarter
The $400 million figure is three times the first-quarter total and roughly double the contributions from the same period in the 2020 election. This unprecedented fundraising success is attributed to small donors who are furious at Trump’s criminal conviction in New York and billionaires who are flocking to his campaign.
450,000 Donations in a Single Day
More than 450,000 donations came in to pro-Trump groups on May 31, the day after Trump became the first former president to be found a felon. This smashed the previous record of about 85,000 contributions in a day after his mugshot was taken in Georgia.
Legal Costs Escalate to $84mn
The groups that have reported show that their legal costs have escalated to more than $84 million since the start of the campaign. They have used some of the funds they raised to help Trump fight the New York "hush money" case and special counsel Jack Smith’s charges that he attempted to overturn the 2020 election and improperly withheld classified documents.
Biden’s Fundraising Efforts Struggle
Biden had been dominating the money race, as Trump used donors’ money to see off rivals in the Republican primary and pay his lawyers. By the end of March, Biden-supporting groups had raised a combined $413 million in contributions and pro-Trump groups had received about $326 million in contributions.
Trump’s Tribulations Motivate Billionaires
Trump’s tribulations, including his criminal trials and Saturday’s attempt on his life, have motivated billionaires from Silicon Valley to Wall Street to donate. Banking scion Tim Mellon has been Trump’s biggest disclosed donor, giving $75 million to a pro-Trump super PAC, including $50 million the day after the former president’s conviction for falsifying business records to cover up an affair with a porn actor ahead of the 2016 election.
Silicon Valley Donors Back Trump
Marc Andreessen and Ben Horowitz, founders of venture capital firm Andreessen Horowitz and two of the most prominent figures in Silicon Valley, are among those now planning to donate to the Trump campaign, according to one person with direct knowledge of their plans.
Conclusion
In conclusion, Donald Trump’s fundraising efforts have reached new heights, with pro-Trump groups raising a record $400 million in the second quarter. This massive windfall is likely to give Trump an edge over his Democratic rival, President Joe Biden, in the upcoming presidential election.
FAQs
Q: What is the significance of the $400 million raised by pro-Trump groups?
A: The $400 million figure is a record haul for pro-Trump groups and indicates a strong fundraising effort.
Q: What are the reasons behind Trump’s fundraising success?
A: Small donors are furious at Trump’s criminal conviction in New York, and billionaires are flocking to his campaign.
Q: How much have legal costs escalated for pro-Trump groups?
A: Legal costs have escalated to more than $84 million since the start of the campaign.
Q: How does Trump’s fundraising compare to Biden’s?
A: Trump’s fundraising efforts have surpassed Biden’s, with pro-Trump groups raising $400 million compared to Biden’s $270 million.
Q: Who are some of the notable donors backing Trump?
A: Notable donors backing Trump include Tim Mellon, Ike Perlmutter, Marc Andreessen, and Ben Horowitz.
Q: What is the significance of Elon Musk’s endorsement of Trump?
A: Elon Musk’s endorsement of Trump is significant, as it may herald further outsized donations to the Trump campaign.
Author: www.ft.com
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