Donald Trump’s campaign announced that it had raised $50.5 million at a Saturday fundraiser in Florida, far surpassing the $26 million raised by Joe Biden at a recent event in New York City. The fundraiser, which took place at the Palm Beach home of billionaire investor John Paulson, set a record for a single fundraising event. Campaign advisers expressed confidence in their ability to propel Trump to victory in the upcoming election, citing the successful event as evidence of their message, operation, and financial resources.
The closed-door fundraiser in Palm Beach attracted some of the GOP’s biggest donors, including figures like hedge fund billionaire Robert Mercer and oil tycoon Harold Hamm. Attendees had the option to contribute anywhere from $250,000 to $824,600 per person, with perks such as dinner seating at Trump’s table for those at the highest contribution level. The event signaled strong support for Donald Trump among wealthy Republican donors as the general election campaign intensifies.
Despite the success of the fundraiser, Trump still faces a significant fundraising gap compared to Biden and the Democratic Party. In March, Biden and the Democrats raised over $90 million and entered April with $192 million in available cash, while Trump and the RNC raised $65.6 million and had $93.1 million on hand. The Palm Beach fundraiser benefited the Trump 47 Committee, a joint fundraising operation that includes Trump’s campaign, the RNC, and state party committees.
Biden’s team highlighted their early fundraising advantage as a means of building a strong campaign infrastructure in key battleground states, including opening over 100 new campaign offices. They emphasized their grassroots fundraising operation, with 96% of first-quarter donations being under $200, as a sustainable source of support. Democrats, including DNC chairman Jaime Harrison, touted their record-breaking support from grassroots donors who are enthusiastic about reelecting Biden, Vice President Harris, and Democratic candidates across the board.
The fundraising competition between Trump and Biden reflects the intensity of the upcoming election and the significant resources required to mount successful campaigns. Both candidates are mobilizing their supporters and securing financial support to fund their efforts. Trump’s campaign has shown strength in attracting large donors, while Biden’s team has emphasized the breadth and depth of their grassroots support. Both sides are gearing up for a hard-fought battle as the general election looms closer.
