Big money donors are rallying around former President Trump as he becomes the presumptive nominee and attempts to close the cash on hand gap with President Biden. Trump will host an “Inaugural Leadership Dinner” at Mar-a-Lago with high-profile Republican donors, including hedge-fund billionaire John Paulson and others like Robert Mercer, Harold Hamm, Robert Bigelow, and Steve Wynn. The event signals a major push to cut into Biden’s cash on hand lead. Todd Ricketts, Woody Johnson, and Wilbur Ross are also expected to be involved in the fundraising efforts.
After Biden raised at least $26 million in a fundraising event with former Presidents Obama and Clinton, many expect Trump’s fundraising haul to potentially exceed that amount and raise around $43 million at the “Chairman Level” event costing $824,600. Trump will also hold a fundraising luncheon in Georgia with former Republican Sens. David Perdue and Kelly Loeffler, with top donors like Bernie Marcus and Tommy Bagwell expected to attend. A fundraiser in Orlando with attorney Dan Newlin is also planned for the same day.
RNC Chairman Michael Whatley praised Trump’s fundraising efforts, stating that the RNC and Trump campaign are working as a unified operation focused on victory. The RNC reported raising $65.6 million in March, ending the month with $93.1 million in cash on hand. Biden’s campaign raised $53 million in February and ended the month with $155 million on hand, surpassing Trump’s cash on hand total. However, Trump leads Biden in small dollar donors who contributed less than $200, according to a report by the New York Times in February.
The event at Mar-a-Lago is meant to galvanize support for Trump as the presumptive nominee of the Republican Party. John Paulson, who is hosting the event, believes it is time for Republicans to unite behind Trump after he won the primaries. The co-chairs of the event, including Robert Mercer, Harold Hamm, and others, have previously been involved in funding political campaigns such as Florida Gov. Ron DeSantis’ presidential run against Trump in the primary. Despite their past commitments, they are now focusing on supporting Trump’s bid for the presidency.
Trump’s fundraising efforts are part of a strategy to close the cash on hand gap with Biden, who recently set a high-dollar fundraising record. With major donors and high-profile Republicans coming together to support Trump, the campaign aims to raise substantial funds to compete with the Biden campaign. The fundraising events planned in Georgia and Orlando are designed to attract top donors and maximize support for Trump’s reelection campaign. The coming months will likely see a significant increase in fundraising efforts as the election approaches.
