Donald Trump's campaign is expecting to raise more than USD 40 million on Saturday when major donors gather for his biggest fundraiser yet.
The event at the Palm Beach, Florida, home of billionaire investor John Paulson is expected to bring in USD 43 million for the former president's third run at the White House, according to Paulson.
The high-dollar event is expected to include about 100 guests, including more than a few billionaires, and top a new single-event fundraising record set by President Joe Biden, who raised USD 26 million recently at a gathering with former Presidents Bill Clinton and Barack Obama.
“The response to our fundraising efforts has been overwhelming, and we've raised over USD 43 million so far,” Paulson, a hedge fund manager, said in a statement. "There is massive support amongst a broad spectrum of donors.”
The event, billed as the “Inaugural Leadership Dinner," sends a signal of a resurgence of Trump and the Republican Party's fundraising, which has struggled to catch up to Biden and the Democrats.
Trump and the GOP announced earlier in the week that they raised more than USD 65.6 million in March and closed out the month with USD 93.1 million.
Biden and the Democrats have not yet released their March numbers but their political operation said they brought in USD 53 million in February and closed that month with USD 155 million cash on hand.
Trump initially struggled to attract big donors in particular when he launched his campaign and some lined up to support the other Republicans who challenged him in the presidential primary. But as Trump racked up easy wins, levelled the field and became the party's presumptive nominee, the GOP has solidified behind him.
Contributions to the event will go toward the Trump 47 Committee, according to the invitation, a joint fundraising agreement with the Republican National Committee, state Republican parties and Save America, a political action committee that pays the bulk of Trump's legal bills.
In an unusual arrangement, the fundraising agreement directs donations to first pay the maximum allowed under law to his campaign and Save America before the RNC or state parties get a cut.
Donors who give the suggested USD 814,600 per person or USD 250,000 per person will only have USD 5,000 of their donation go to Save America, sending hundreds of thousands of dollars to the cash-strapped RNC.
