Following former US President Donald Trump’s historic trial and criminal conviction, a surge of support from ultra-wealthy Republican donors has bolstered his electoral bid for November’s White House race. Trump, convicted of falsifying business records to conceal payments to adult-film star Stormy Daniels, has seen a resurgence in fundraising momentum.
His campaign reported a staggering $53 million raised within 24 hours of the verdict. Israeli-American casino tycoon Miriam Adelson is expected to contribute a substantial sum to Trump’s campaign through the political action committee Preserve America, exceeding the $90 million donated by her and her late husband Sheldon in 2020.
Notable figures like Silicon Valley investor David Sacks and hedge fund manager Bill Ackman have announced support for Trump, despite previous criticisms. Even Blackstone Group CEO Steve Schwarzman, who had distanced himself from Trump, now backs him, citing concerns over economic, immigration, and foreign policies, as well as a rise in antisemitism.
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Other prominent donors include Elon Musk, who plans to host a town-hall event with Trump but refrains from direct contributions, and Peter Thiel, who reportedly declines requests for donations.
Shaun Maguire, a partner at Sequoia Capital, pledged $300,000 to Trump, citing concerns over the fairness of his trial and dissatisfaction with Biden’s policies.
While Trump’s fundraising has surged, his opponent Joe Biden maintains a significant lead in overall campaign funds. Despite this, experts like Professor Justin Buchler caution that money may not be the determining factor in the election, emphasizing the importance of name recognition.
Data analysis shows that Trump’s fundraising spikes coincide with key moments in his legal battles, suggesting that controversies drive donor enthusiasm.
The BBC reached out to both the Trump and Biden campaigns for comment on the fundraising.”
