President Joe Biden has raised a record-breaking amount of campaign funds at a fundraising event in Los Angeles. Hollywood stars enthusiastically cheered for Biden, helping to raise $28 million in just one day. On the other hand, it was also reported that CEOs of major U.S. companies are flocking around former President Donald Trump.
According to the Financial Times (FT), Biden landed in California on the 15th immediately after concluding the G7 summit in Italy. Former President Barack Obama and Hollywood stars like George Clooney and Julia Roberts are expected to attend the California fundraising event.
While Silicon Valley has turned to support the Republican Trump, Hollywood remains a strong supporter of the Democratic Party.
Trump recently raised $12 million from Silicon Valley venture investors and entrepreneurs, while Biden secured over $28 million in just one day on the 15th, surpassing Trump’s fundraising by more than double. The campaign funds raised by Biden in Hollywood that day were the largest ever raised by the Democratic Party. This also exceeded Biden’s previous record of $26 million raised at Radio City Music Hall in New York City in March.
Biden had a $70 million advantage over Trump in fundraising competition at the beginning of the year, but the gap is rapidly narrowing as Silicon Valley and Wall Street turn to Trump.
The Wall Street Journal reported on the 15th that Trump’s contacts with high-ranking financial figures are increasing. Financial figures who were confused by Biden’s policies are reaching out to Trump, believing that Trump’s chances of winning the presidential election are increasing. CEOs like James Dimon of JP Morgan and Brian Moynihan of Bank of America(BofA), known for keeping a distance from politics, are also either showing a sympathetic attitude towards Trump’s policies or leading criticism against Biden’s policies. Especially following the Hush Money case where Trump was convicted on all 34 charges related to sex payments, paradoxically there has been an increase in support for Trump. The Trump camp also assesses that the base of Trump’s support is strengthening, with small donations flooding in following the New York Manhattan Criminal Court at the end of May.
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