Trump Leans on Major Donors to Close Financial Gap with Biden
TL/DR –
Former President Donald Trump and the Republican Party raised more than $65 million in March, according to new federal filings. However, President Biden and the Democratic Party outpaced this effort by raising over $187 million in the first three months of 2024, including $90 million in March, leaving them with $192 million on hand. Notably, Trump has increasingly tapped into major Republican donors, after primarily relying on smaller donors throughout much of his campaign.
Trump Leans on Major GOP Donors Amid Financial Gap with Biden
Former President Donald Trump’s campaign and the Republican Party turned to major donors in March in an effort to narrow the financial gap with President Biden, according to recent federal filings. Traditionally, Trump has depended on small donors, particularly those offering less than $200 online. Yet, with fundraising momentum flowing towards Biden and the Democrats, big donors have started contributing significant sums to the former president.
By the end of March, Trump’s financial support included nearly $18 million raised in the final two weeks by one committee alone, primarily from six-figure donations. The total cash at the end of the month was a reported $93 million for Trump and the Republican Party, having raised more than $65 million in March.
Republicans Still Trailing Democrats in Fundraising
Despite these efforts, Republicans are still behind. Biden and the Democratic Party jointly raised over $187 million in Q1 2024, including $90 million in March alone, finishing with $192 million at month-end. The Trump campaign has not fully disclosed its first-quarter fundraising, but the two committees that did file reported a combined $90 million since January.
The reports provided the first detailed look this year into joint fundraising committees, which raised the majority of funds for both candidates. The Biden Victory Fund, the president’s main joint-fundraising committee, reported raising $121.3 million in Q1.
High-Profile Donors Support Biden and Trump
Top contributors to Biden include “Family Guy” creator Seth MacFarlane, billionaire entrepreneur Reid Hoffman, and attorney George Conway. Trump’s new joint fund-raising committee, Trump 47 Committee Inc., raised $23.6 million in Q1, including large, six-figure contributions.
Donations included $814,399 from hedge fund billionaire Robert Mercer, whom Trump has been pursuing. Other major donors to Trump 47 included real-estate developer Roger William Norman and aerospace magnate Robert T. Bigelow. Trump’s joint fundraising agreement with the RNC allocates part of the contributions to a political action committee paying for his legal expenses.
Trump’s Primary Fundraising Vehicle
Other prominent contributors to Trump include Jeffrey C. Sprecher, CEO of Intercontinental Exchange, and his wife, Kelly Loeffler, a former Republican senator from Georgia. Trump’s Save America joint fundraising committee raised $65.8 million in Q1 2024, ending March with $13.7 million on hand.
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