Topline
A coalition of wealthy donors gave large sums to former President Donald Trump during the first quarter, helping him narrow the fundraising gap with President Joe Biden.
Key Facts
The Trump 47 Committee, his joint fundraising vehicle with the Republican National Committee, which can accept checks up to $824,600 per donor, took in $23.5 million in the first three months of the year, according to Federal Election Commission filings made public Monday—money divided among his campaign, his Save America Leadership PAC that’s been footing his legal bills, the RNC and state parties.
Intercontinental Exchange founder Jeffrey Sprecher, hotel magnate and former DeSantis donor Robert Bigelow, TD Ameritrade founder J. Joe Ricketts and former Georgia senator Kelly Loeffler, who is married to Sprecher, all gave the maximum amount to the Trump 47 Committee.
Casino mogul Phil Ruffin, sugar magnate Jose Fanjul, Energy Transfer pipeline company co-founder Kelcy Warren, former pro wrestling executive and ex-SBA Administrator Linda McMahon, Los Angeles real estate billionaire Geoffrey Palmer, former Renaissance Technologies CEO Robert Mercer, casino mogul Steve Wynn and hedge fund billionaire John Paulson also each donated more than $800,000 to Trump 47.
The Trump-aligned super PAC Right for America also reported raising $13 million in the first quarter, not including the $12 million it raised at a dinner at Mar-a-Lago last week, according to The New York Times.
The group’s biggest donation, $10.1 million, came from former Marvel Entertainment CEO Ike Perlmutter and his wife Laura.
Key Background
Trump is making inroads on Biden’s fundraising lead after facing a cash crunch prior to him clinching the GOP nomination as the former president’s fundraising apparatus spent significant sums paying lawyers defending him in his various criminal and civil cases. Trump’s campaign and the Republican National Committee said earlier this month it brought in more than $65.6 million in March, more than tripling its February fundraising haul, and ending the month with more than $93 million in cash. Trump Save America, his joint fundraising committee with his campaign, also reported raising $65.8 million in the first quarter. The fundraising totals do not include the $50.5 million Trump’s campaign said it raised at a fundraiser Paulson hosted at his Palm Beach home on April 6.
Big Number
$51.5 million. That’s how much the Save America PAC has spent on Trump’s legal fees as of April 6, accounting for 67% of the total spent this year.
Tangent
Biden’s campaign and the Democratic National Committee, after raising more than $53 million in February, still out-fundraised Trump’s campaign in March, bringing in $90 million and ending the month with $192 million in cash on hand, what his campaign said is the largest war chest ever amassed by any Democratic nominee at this point in the election cycle. The pro-Biden Future Forward PAC, meanwhile, raised $20.4 million in the first quarter. The haul includes $6 million from Renaissance Technologies’ billionaire co-founder James Simons and his wife Marilyn, $6 million from LinkedIn co-founder Reid Hoffman, $7 million from Democratic megadonor and Chicago media mogul Fred Eychaner, $4 million from Dreamworks co-founder Jeffrey Katzenberg and the Katzenberg family trust, and $1 million from former Facebook chief operating officer, billionaire Sheryl Sandberg. The Biden Victory Fund, the president’s joint fundraising committee with his campaign, the Democratic National Committee and state parties, reported raising $121.3 million in the first quarter, including $930,000 from lawyer and Trump adversary George Conway, $930,000 from Pinterest co-founder Paul Sciarra, $930,000 from Facebook co-founder Dustin Moskovitz and $923,000 from Eychaner.
Further Reading
Biden Ad Courts Nikki Haley Voters—Even As Her Big-Name Donors Coalesce Behind Trump (Forbes)
Trump’s Campaign Asks For Fundraising Cut From Candidates Who Use His Likeness, Report Says (Forbes)
Biden Raised Twice As Much As Trump Last Month—Here’s How It Compares To Their 2020 Hauls (Forbes)
Trump’s Legal Fund Is Running Out Of Cash — Here’s How Big Donors Could Still Pay His Bills (Forbes)
