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Friday, July 12, 2024

Trump entered the 2022 presidential election with $122 million in the bank

Following new federal filings, Donald J. Trump’s political operation raised more than $51 million in the second half of 2021, as the former president maintained his dominance over Republicans’ fundraising in his first year out of the White House. Trump’s political operation raised more than $51 million in the second half of 2021, according to new federal filings.

While soliciting his internet followers at the same rate and intensity as he did during the election campaign, Mr. Trump’s entire war chest was at $122 million as of the end of 2022 — more than twice the cash on hand of the Republican National Committee as a whole.

The enormous number provides Mr. Trump with a significant advantage should he decide to run for President again, as he has consistently said is his plan. In the eyes of Republican voters, Mr. Trump remains by far the most popular person in the party. However, his advantage over potential competitors in 2024, particularly Florida Gov. Ron DeSantis, has shrunk in recent months as he confronts new threats to his position as the party’s unquestioned leader.

However, despite the fact that his $122 million is held in federal accounts that cannot be legally used to fund his presidential campaign, loose rules allow him to fully fund his political operation for the time being. This includes paying for rallies, television advertisements, and even directing money to his own businesses.

According to federal documents, Mr. Trump spent about $1.5 million from his primary campaign account, the Save America PAC, with the corporation that organises his rallies, according to the accounts. An additional $1.3 million was spent on Facebook advertisements. Despite the fact that Facebook banned Mr. Trump in early 2021, the social media platform continues to enable his campaign organisation to pay for advertisements.

According to public documents, the Save America PAC spent an additional $517,000 on personnel expenditures, as well as more than $100,000 on the Trump Hotel Collection, which included housing, meals, and facility rental fees.

While Mr. Trump’s fund-raising rate has slowed in comparison to the first six months of 2021, when he raised $56 million online, it has increased in recent months. Mr. Trump raised less money in the last six months of the year, despite the fact that he did not actively solicit money for the most of January and February of 2021. After the violence at the Capitol, he decided to take a break from sending out payment requests.

More than 1.6 million contributions were handled by Mr. Trump’s staff in the final six months of 2021, with an average contribution of $31 per transaction.

Prior to the 2022 midterm elections, Mr. Trump has already backed around 100 candidates throughout the country, including those running for positions ranging from state lawmakers to secretaries of state to United States senators, among other positions. Additionally, he distributed part of his cash by writing cheques to politicians he has favoured. Those checks have often been accompanied by letters, which candidates have been known to gleefully display on social media.

He has contributed a total of $1.35 million in donations to politicians he has backed as well as to “like-minded causes,” according to his campaign staff. With a $1 million gift to the Conservative Partnership Institute, where Mr. Trump’s former chief of staff, Mark Meadows, works as a senior partner, it was the most significant.

Taylor Budowich, a spokesman for Mr. Trump, said that the amount of money raised will have an impact not just on the midterm elections, but also on the election in 2024, when Mr. Trump has indicated that he may run for president again.

According to Mr. Budowich, “President Trump is extraordinarily well positioned to look beyond November, as the need for his leadership has never been greater than it is now.”

In addition to his own political groups, Mr. Trump has gathered donations for an associated super PAC, Make America Great Again, Again! Inc., which is a political action committee. During the month of December, he hosted a modest dinner at his private Florida club, Mar-a-Lago, for super PAC contributors. The cost of a seat was set at $125,000 per individual or $250,000 for two people.

Contributors to the Trump super PAC that contributed $250,000 included Jose Fanjul, a businessman in the sugar industry; Saul Fox, a private equity investor; and Dianne Hendricks, who earned a wealthy via the sale of home building materials.

The super PAC has $9.5 million in cash on hand by the end of 2021. It reported spending $1,438.40 at Mar-a-Lago in December, as well as $10,105.09 at Mr. Trump’s Palm Beach golf club, according to its financial disclosure.

Chris Matthews
Chris Matthews
I am a Political News Journalist of The National Era
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