Ultra-wealthy Republican donors are rallying behind former President Donald Trump following his recent conviction for falsifying business records related to hush money payments.
Despite trailing in fundraising compared to Joe Biden and the Democrats, Trump’s campaign saw a significant boost, raising nearly $53 million in just 24 hours after the verdict.
Casino billionaire Miriam Adelson is expected to donate millions to Trump’s campaign through the political action committee Preserve America, potentially surpassing her previous $90 million contribution from 2020.
Other wealthy backers, like Silicon Valley investor David Sacks and hedge fund manager Bill Ackman, are also showing support.
Blackstone Group CEO Steve Schwarzman and billionaires John Paulson, Robert Mercer, Harold Hamm, and Steve Wynn have joined the ranks of Trump supporters.
However, not all wealthy donors are on board. Elon Musk and tech financier Peter Thiel have declined to donate this election cycle.
Despite the fundraising surge, campaign finance expert Justin Buchler from Case Western Reserve University noted that money won’t be the deciding factor, as both Trump and Biden are already well-known figures.
This summary is based on reporting by the BBC.
https://www.bbc.com/news/articles/ckvvlv3lewxo