Former President Trump is aiming to surpass a fundraising record set by President Biden just over a week ago. Trump’s campaign is predicting over $40 million to be raised at a fundraiser in Palm Beach, Florida, in an effort to catch up to Biden in the cash race for the 2024 presidential election. This would exceed the $26 million raised by Biden during a fundraiser with former Presidents Barack Obama and Bill Clinton. Trump’s re-election campaign sees this fundraiser as an opportunity to level the playing field with Biden.
The fundraiser is being hosted by billionaire investor John Paulson and marks the kickoff event for the Donald J. Trump National Committee. Major GOP donors who supported Trump in 2016, but stayed on the sidelines during the 2020 election, will be in attendance. Co-chairs of the event include Robert Mercer, Rebekah Mercer, Harold Hamm, Robert Bigelow, Steve Wynn, and Todd Ricketts. The event will feature contributions ranging from $250,000 to over $800,000, including dinner seating at President Trump’s table. The Biden campaign criticized the guest list as representing tax avoiders, scammers, racists, and extremists.
The gala will include special guests such as former First Lady Melania Trump and three of Trump’s former 2024 GOP primary opponents who have since endorsed him. This event showcases the coalescing of much of the Republican donor class around Trump, following his clinching of the GOP nomination. Despite past strained relations with some GOP donors, Trump has worked to mend these relationships in recent months. The fundraiser signifies a “come home to Trump” moment for the Republican Party’s donor class.
Trump’s large fundraising deficit to Biden is partially due to the president’s ability to raise money in coordination with the Democratic National Committee and state parties. However, a joint fundraising committee established by the Trump campaign and the Republican National Committee (RNC) will allow for coordination among themselves and with state GOP chapters nationwide. This effort comes as Trump has taken control of the RNC and installed allies in leadership positions. The RNC and Trump campaign official expect to have what they need to win the election despite not matching Biden’s fundraising dollar for dollar.
Trump and the RNC raised $65.6 million in March, ending the month with $93.1 million in cash on hand. This substantial fundraising effort alleviates concerns within the GOP regarding the fundraising deficit against Biden and the DNC. The Trump campaign continues to work towards closing this gap and is confident in their fundraising strategy. As the 2024 campaign progresses, fundraising efforts remain a significant factor in determining each candidate’s ability to compete in the election.
