Former President Donald J. Trump has recently turned to major Republican donors for financial support in his campaign against President Biden. While Trump has primarily relied on small donors throughout the race, large donors have started contributing as Biden and the Democrats have gained fundraising momentum. In March alone, one committee backing Trump raised nearly $18 million from six-figure contributions, leading to a total of $93 million on hand for Trump and the Republican Party. However, Republicans are still falling behind Biden and the Democrats, who raised over $187 million in the first three months of the year and ended March with $192 million on hand.
The filings with the Federal Election Commission provided the first detailed look at the joint fund-raising committees for Trump and Biden, which transfer funds to the campaigns and build out national campaign operations. The Biden Victory Fund, which includes donations from notable figures like Seth MacFarlane and George Conway, raised $121.3 million in the first quarter. This includes fundraising efforts like a $25 million event at Radio City Music Hall on March 28. The Trump 47 Committee Inc., Trump’s joint fundraising committee with the Republican National Committee, raised $23.6 million in the quarter, primarily from six-figure contributions including donations from Robert Mercer, Roger William Norman, and Kelly Loeffler.
The joint fund-raising agreement between Trump and the R.N.C. directs a portion of contributions to a political action committee that pays Trump’s legal bills. Donors to Trump 47 also included Jeffrey C. Sprecher, the CEO of Intercontinental Exchange, and his wife Kelly Loeffler, as well as Joe Ricketts, Linda McMahon, Phil Ruffin, and Woody Johnson. The Save America joint fund-raising committee, which served as Trump’s main fundraising vehicle during the primary campaign, raised $65.8 million in the first quarter of 2024, ending March with $13.7 million on hand.
Overall, Trump’s campaign and the Republican Party have raised over $65 million in March alone, but still trail behind Biden and the Democrats. Although Trump had been primarily relying on small donors, the influx of contributions from major Republican donors in recent weeks has boosted his financial standing. The joint fundraising committees for both candidates play a crucial role in transferring funds to the campaigns and building campaign operations. Trump’s campaign has not provided a full account of its first-quarter fundraising, but the recent filings shed light on the substantial contributions made by major donors to support his campaign against Biden.
