Billionaires Backing Trump After Conviction
Ultra-wealthy Republican donors are rallying behind former US President Donald Trump following his historic trial and criminal conviction. Trump, the Republican contender for this November’s presidential election, was found guilty of falsifying business records to conceal hush money payments to former adult film star Stormy Daniels.
Despite trailing Joe Biden and the Democrats in fundraising efforts, Trump’s conviction has injected new momentum into his campaign. His team announced that nearly $53 million (£41.6 million) had been raised within 24 hours of the verdict.
Israeli-American casino magnate Miriam Adelson is expected to boost Trump’s campaign this week significantly. Reports indicate her donation to the Preserve America political action committee (PAC) will surpass the $90 million she and her late husband, Sheldon Adelson, contributed in 2020. PACs can spend unlimited sums to support candidates.
Other billionaires are also stepping up. Silicon Valley investor David Sacks declared on X (formerly Twitter) that the election’s sole issue is “whether the American people will stand for the USA becoming a Banana Republic.” On June 6, Sacks and fellow investor Chamath Palihapitiya will host a Trump fundraiser in San Francisco, with attendees reportedly contributing up to $300,000 each.
Hedge fund manager Bill Ackman will announce his support for Trump soon. Although he criticized Trump after the US Capitol riot, Ackman has softened his stance, expressing support online.
Steve Schwarzman, Blackstone Group CEO, and a prominent Wall Street figure, has also declared his support for Trump. Initially distancing himself from Trump, Schwarzman recently expressed concern over the country’s economic, immigration, and foreign policies, emphasizing the rise of antisemitism.
Other notable billionaires backing Trump include:
- Hedge fund founders John Paulson and Robert Mercer.
- Fracking pioneer Harold Hamm.
- Casino mogul Steve Wynn.
Nelson Peltz, who regretted voting for Trump in 2020, hosted him at his Florida mansion in March.
Elon Musk has stated he won’t donate to either candidate this cycle but plans to host a live-streamed town hall event with Trump. Tech financier Peter Thiel has reportedly declined requests to donate to Trump’s campaign.
Sequoia partner Shaun Maguire announced a $300,000 donation to Trump shortly after the verdict, citing his dissatisfaction with the Biden administration’s policies and the unfairness of Trump’s trial. Maguire argued that the legal battles against Trump are “radicalizing experiences.”
Despite these boosts, Biden’s campaign has consistently outpaced Trump’s fundraising. By April’s end, Biden’s campaign had $192 million cash, compared to Trump’s $93.1 million. In April, however, Trump’s campaign raised $76 million, overtaking Biden’s $51 million for the first time this election cycle.
Campaign finance expert Professor Justin Buchler from Case Western Reserve University notes that while fundraising is crucial, it won’t be decisive. “Money’s primary role in a campaign is to increase name recognition. Everyone already knows who Donald Trump and Joe Biden are.”
Data from CBS, the BBC’s US partner, shows Trump’s fundraising peaks during key legal moments. His highest fundraising days were April 4 last year, the day of his New York City arraignment, and August 25, when his mugshot in Georgia was released.
The BBC has contacted the Trump and Biden campaigns for comments on their fundraising efforts.
