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Trump’s Pivot: From Small Donors to Billionaire Backers

Daniel Kim Views  

$30 million is anticipated to be raised at the Farm Beach event

Bloomberg reported on the 4th (local time) that former U.S. President Donald Trump, facing the November election, has been courting billionaires because his costly election rallies have not raised as much in donations as he had hoped.

The media noted that the list of participants in the election fundraising event held in Palm Beach, Florida, on the 6th includes the names of various billionaires. Hedge fund manager John Paulson is hosting the event, and oil tycoon Harold Hamm, sugar tycoon Jose Fanjul, and Republican Party major donors Robert Mercer and Rebekah Mercer are expected to participate. It is expected that Trump will raise more than $30 million through this event. Bloomberg evaluated this as a “scale that makes the donations drawn from low-loyalty supporters through the Wisconsin rally two days ago insignificant.”

The analysis is that while Trump is reducing the frequency of election rallies targeting small donors, he focuses on fundraising events targeting billionaires. Trump held a rally last month in Georgia after Super Tuesday, where thousands participated, and he only appeared as a special guest speaker until the end of the election campaign in Ohio. According to a reliable source, Trump’s rally costs $500,000 per event. The Trump election camp has been conducting small rallies with a smaller staff, carefully monitoring costs depending on the size and location of the rally. Bloomberg conveyed, “This is contrary to President Joe Biden spending considerable time on the streets during the same period.”

Bloomberg believes that Trump’s strategy is working. Trump and the Republican National Committee raised $65.6 million in March and announced they had a cash balance of $93.1 million as of the end of last month. This surpasses the $62 million raised in March 2020, when Trump was running for re-election as an incumbent. This has raised expectations that the Trump camp could close the fundraising gap with President Biden. In the case of President Biden and the Democratic National Committee, they raised a total of $53 million in February and reportedly have $155 million as of the end of the same month.

Daniel Kim
content@viewusglobal.com

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