Last weekend, Trump in Florida managed to do something no one else has done in the history of the U.S.—raise more than $50 million for his campaign in a single day—setting a single-event fundraising record. Trump’s record-setting fundraiser came shortly after Joe Biden’s fundraiser in New York, where his campaign raised around $26 million. Until Saturday, Biden’s fundraiser, supported by Barack Obama, Bill Clinton, and some other big names from the entertainment world, held the top position for only a few days.
The stage is set for a rematch
Biden’s eye-popping fundraising haul was a major show of Democratic support for Biden at a time of persistently low poll numbers as surveys consistently put Trump ahead in the race since the beginning of the year. So far, Biden’s campaign has raised more than $192 million, heavily outperforming Trump’s campaign. In a recent statement, Biden said that his campaign had raised nearly $100 million more than Trump and Republicans by the end of March.
It’s not always about the money
Raising more money than the opponent helps, but it’s not a guarantee for a win. Trump proved with his 2016 win over Democrat Hillary Clinton that he didn’t need to raise the most money to seize the presidency. On the other hand, Trump raised more money than Biden in 2020, and yet he lost the presidential race. According to NPR, Donald Trump raised $1.96 billion in 2020, while Joe Biden raised $1.69 billion.
What’s next
Miriam Adelson, who, together with her late husband Sheldon Adelson, was the top contributor to Donald Trump’s campaign in 2020 with $90 million, hasn’t opened her wallet for Trump’s 2024 run yet. She’s not alone; other big names like Stephen Schwarzman from Blackstone and Paul Singer from Elliott Management are also holding back. With Joe Biden having a financial edge in what’s predicted to be a record-breaking expensive election, Trump’s need for funds is urgent, especially as he’s also using some of the money for his legal cases.
Adelson expected to donate
Trump is trying hard to get financial support from the megadonor class, including Adelson, who’s among the richest women globally and is the controlling shareholder of the Las Vegas Sands casino empire. Trump and Adelson talk often and have met for dinner twice recently, once in Las Vegas and another time at Trump’s Mar-a-Lago. People close to Adelson or involved in Trump’s fundraising efforts expect her to eventually donate.
“Israel is losing the PR war”
Trump, in a recent interview with Hugh Hewitt, said he absolutely stands with Israel but added, “They’re losing the PR war.” The Adelsons have supported Trump financially in the past, but have also contributed to other Republican candidates in 2016 like Texas Sen. Ted Cruz and Florida Gov. Jeb Bush. During his presidency, Trump strongly supported Israel, earning him praise from the Adelsons and other pro-Israel figures.
Constant communication
Adelson often speaks with Trump, with insiders revealing that their conversations cover Israel and Adelson’s efforts to tackle drug addiction. Politico earlier reported the March dinner. Amid Trump’s effort to win over wealthy people like Adelson, it’s becoming apparent that Republican megadonors are increasingly supporting Trump. According to a recent survey by The Wall Street Journal, Trump is ahead of Biden in six out of the seven key battleground states.
Trump’s fundraising efforts
With Trump now the expected nominee for the Republican party, his campaign and a shared fundraising initiative with the party can now receive donations up to $814,600 from a single donor. This is a significant jump from the previous cap of $6,600 per person. Republican megadonors generally align with Trump on economic policy, including decreased regulation and limited government.
