Former President Donald Trump’s unfolding drama over his question for the 2024 presidential campaign has caught the attention of political analysts and donors alike. He has attempted to gain the support of rich conservative backers, including those who previously distanced themselves from him. According to recent reports, these measures are working.
Reengaging Previous Supporters
Previously, several conservative mega-donors shifted away from Trump due to the controversy surrounding him. However, a new report from The Guardian suggests that, despite this initial reluctance, several of them are now reconsidering their stance. The prospect of him becoming the Republican primary candidate seems almost inevitable.
Significant Pledges from Influential Donors
One of the biggest donations Trump received was from Robert Bigelow. Bigelow was previously a major donor to Ron DeSantis’ campaign and pledged $20 million to him. However, he recently pledged the same amount to Trump and an additional $1 million to help Trump cover his legal expenses.
Big Funders
Similarly, Omeed Malik also supported DeSantis earlier in the campaign. However, like Bigelow, he switched tracks and decided to support Trump instead, claiming that he would raise “millions of dollars” for him. He said, “It’s starting to become prime time here between Biden and Trump, and this is when I can be much more effective.”
Tech and Wall Street Funding
Trump’s campaign is aggressively trying to get financial support from Silicon Valley and Wall Street. They have tried to use his dominant position in the Republican primaries as a reason why he should receive this support. He is attempting to use these funds to create a better campaign against potential Democratic contenders.
Expanding the Donor Base in Las Vegas
During a visit to Las Vegas, Trump tried to secure Bigelow’s support, along with other wealthy donors. This trip proved to be successful, as he also received funding from several of them. One billionaire, John Paulson, even held a dinner dedicated to Trump. Clearly, Trump’s plan to engage the wealthy is working.
Resistance From Prominent Figures
However, not all previous supporters appear willing to change their minds. Peter Thiel, for example, has chosen not to contribute to Trump’s campaign. He has claimed he fears that Trump’s victory could cause potential chaos in America. Previously, Thiel supported Trump’s 2016 campaign with approximately $1.25 million.
New Generation
Like Thiel, Stephen Schwarzman, the CEO of Blackstone, initially donated to Trump’s 2016 election campaign. In fact, he was one of the biggest donors to the group, although he has changed his mind now. Schwarzman said that he believes the Republican party needs new leaders instead of relying on past glories.
Legal Challenges and Financial Consequences
One of the major reasons some donors are choosing not to engage with Trump is due to his legal troubles. He is currently facing several criminal and civil cases, which require a lot of money. This has led to some donors contributing specifically toward his legal defense, in addition to campaign funding, whereas it has alienated others.
Not As Good
Another reason for this apparent pivot away from Trump is that several wealthy donors do not feel Trump has performed as well as expected. During the midterm elections, the Republicans performed remarkably poorly. This led to many donors moving away from him, with one calling him a “three-time loser.”
Constant Support
Even so, some donors have pledged their allegiance to Trump. Bernie Marcus is the co-founder of Home Depot and a significant Republican donor. He has expressed continued support for Trump, even if the former President were to be convicted of a crime. Marcus claims that the allegations against the former President are “all trumped up.”
The Influence of Small-Dollar Donors
Although he has focused on billionaire backers, Trump’s campaign has been successful in getting small-dollar donors. He raised approximately $23.7 million from donations lower than $200. This grassroots support can prove to be just as important for sustaining campaign activities and avoiding Trump’s hefty legal expenses.
High Fundraising
However, despite these successes, Trump’s principal fundraising committee has faced recent challenges. According to reports, in December 2022, the campaign spent more than it raised. This included nearly $2.5 million on texting, $1.7 million on online advertising, and $950,000 on list rentals.
Comparing Financial Position
As of 2023’s third quarter, Trump’s campaign reported having $37 million in the bank. The majority of this funding will be allocated for the GOP primary. However, the campaign has not clarified how much money they actually raised during this quarter, nor has there continued to be a clear difference between spending and raising.
Super PAC Contributions
Some of the biggest donations to Trump’s campaign from the super PACs, namely MAGA Inc. They are a pro-Trump super-PAC, and they raised over $46 million in the second half of 2023. Likewise, Trump has also received a $10 million donation from Timothy Mellon and multiple million-dollar donations from figures like WWE founder Linda McMahon.
Focused Attack
However, MAGA Inc. has worked on more than simply funding. They have also initiated targeted attacks against GOP rivals and have aggressively attempted to secure Trump’s nomination. This has involved spending a significant amount of money to undermine Trump’s competitors, such as Ron DeSantis and Nikki Haley.
Initial Fundraising Spike Post-Announcement
After launching his 2024 campaign, Trump’s campaign spiked, raising over $4.1 million online in just two weeks. However, this surge did not remain constant. The later figures fell short of the fundraising heights that he had achieved in his 2016 campaigns. It remains to be seen if he will reach these figures before the election.
Compared to Other Candidates
According to reports, Trump’s campaign raised approximately $24.5 million in the third quarter of 2023. This was significantly higher than his then-rivals in the GOP. Despite this, the campaign’s spending strategies reveal a high cost to raise funds, with a large amount of the proceeds going towards covering fundraising expenses.
Stepping Up
Reports also suggest that Trump is likely to step up his fundraising campaign in the coming weeks. This comes after reports that a group in support of Biden is planning to make “the largest single purchase of political advertising by a Super Pac in the nation’s history.” There are rumors that this has put “pressure on Trump to ramp up his mega-donors.”
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