House Democrats launched an investigation into a controversial meeting that took place in Florida in April, where former president Donald Trump allegedly sought $1 billion in campaign cash from top oil executives after promising that he would reverse dozens of President Joe Biden’s environmental agenda policies if he got back to office. So far, none of the attendees confirmed the allegations, but this particular meeting was a sign that conservative megadonors are finally thinking of financially supporting the presumptive Republican nominee in an effort to beat Biden in November. A source familiar with the meeting has told The Post that Trump “would get some money” from top oil and gas executives following the Mar-a-Lago meeting.
Struggling for cash
Since the start of the presidential campaign, Trump has trailed behind Biden’s fundraising efforts. Reports also suggested that at one point, Trump was experiencing financial difficulties, as it is well-known that he utilized campaign funds to cover his escalating legal expenses. This was one factor that made wealthy megadonors hesitant, as some of them attempted to support some of Trump’s early challengers, such as Nikki Haley and Ron DeSantis. With the most recent developments, particularly Trump’s guilty verdict in New York’s hush-money case, Trump appears to be quickly closing the money gap with Biden.
Other legal cases
The trials in the remaining three cases against Trump are unlikely to start before the November general election, experts agree. With just more than five months until the election, this means that Trump could now completely focus on the campaign, which is another positive sign for wealthy donors before their final decision to pour money into Trump’s campaign. And several reports now indicate that the time for big donations has finally arrived.
Getting back to Trump
After flirting with alternate candidates in the Republican primary, many elite GOP donors and tycoons are getting back behind Trump. Former President Trump was able to outraise President Biden in April. According to The Hill, citing official data, Biden raised $51 million in April, which falls short of the $76 million Trump raised over the same time. But when it comes to cash on hand, Biden still tops Trump entering June with $192 million total.
What really pushed things forward was Thursday’s guilty verdict in the hush-money case. In the hours following the verdict, Americans went crazy on social media, with many of them confirming an immediate donation to the former president. The New York Times today reported that former President Donald Trump’s campaign announced that he had raised $34.8 million in the wake of his felony conviction, shattering online records for Republicans and an early sign of the extent to which the base was rallying behind him.
The megadonors
Casino billionaire Miriam Adelson and her late husband Sheldon donated around $90 million to Trump in 2020. Miriam Adelson initially supported Ron DeSantis, but she confirmed that she will contribute to the Trump campaign too, shortly after DeSantis suspended his bid. According to Politico, sources familiar with Adelson’s plans have said that she plans to donate “more than she and her husband did four years ago.”
The Financial Times reported that Bill Ackman, who previously supported Trump’s Republican opponents like Nikki Haley during this year’s primaries, plans to announce his support through X, Elon Musk’s social media site in which he holds a minority stake. Insiders also mentioned that Ackman’s negative view of Biden is much stronger than his mixed feelings about Trump.
“Donors at every level from working Americans to business leaders are coming into President Trump’s campaign because they know the fate the nation is at stake,” Trump campaign adviser Brian Hughes told Axios.
Who else is expected to donate to Trump?
Last week, Blackstone CEO Steve Schwarzman stated he would back and fund Trump, despite earlier calls for new leadership. Activist investor Nelson Peltz, who has expressed regret over supporting Trump following the Capitol riot, welcomed the former president to his Florida home in March. Elon Musk, who was present at Peltz’s gathering, now frequently communicates with Trump and is arranging dinner events to rally prominent figures against Biden. Meanwhile, tech investors David Sacks and Chamath Palihapitiya, known for their “All In” podcast, are organizing a fundraiser in Silicon Valley for Trump on June 6.
