Ultra-Wealthy Republican Donors Rally Behind Trump Following Conviction

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ICARO Media Group
Politics
03/06/2024 20h52

In a dramatic turn of events, ultra-wealthy Republican donors have rallied behind former US President Donald Trump following his historic trial and criminal conviction. Despite lagging behind Joe Biden and the Democrats in fundraising efforts, Trump's conviction injected new life into his electoral bid, with his campaign announcing a staggering $53 million raised in just 24 hours after the verdict.

One prominent donor expected to boost Trump's campaign is Israeli-American casino billionaire Miriam Adelson, who is reportedly preparing a multi-million dollar donation to a political action committee called Preserve America. While the exact amount is unknown, reports indicate it could surpass the $90 million contribution made by Miriam and her late husband, Sheldon, prior to the 2020 election.

Several other wealthy billionaires have pledged their support for Trump. Silicon Valley investor David Sacks took to social media to declare that "there is now only one issue in this election: whether the American people will stand for the USA becoming a Banana Republic." Sacks, along with fellow investor Chamath Palihapitiya, will host a fundraiser in San Francisco, where attendees may contribute up to $300,000.

Even hedge fund manager Bill Ackman, who previously stated that Trump should apologize to all Americans after the Capitol riot, is now expected to announce his support for the former president. Ackman has softened his stance and expressed words of encouragement online.

Blackstone Group CEO Steve Schwarzman, a prominent billionaire on Wall Street, has already declared his endorsement of Trump. Schwarzman, who distanced himself from the ex-president in the past, has voiced concerns over the country's economic, immigration, and foreign policies, as well as the rise of antisemitism.

Other notable billionaires backing Trump include hedge fund founders John Paulson and Robert Mercer, fracking pioneer Harold Hamm, and casino mogul Steve Wynn. Even billionaire investor Nelson Peltz, who regretted voting for Trump in 2020 after the Capitol riot, now hosted the former president at his Florida mansion in March.

Some notable figures, however, have chosen not to donate to either candidate this electoral cycle. Tesla CEO Elon Musk has confirmed he won't be contributing to campaigns, but plans to host a livestreamed town-hall style event with Trump. Tech financier Peter Thiel has reportedly declined requests to donate to Trump's campaign and is not planning any contributions this cycle.

While the Biden campaign has surpassed the Trump campaign in fundraising, with a cash-on-hand of $192 million compared to Trump's $93.1 million by the end of April, Trump's campaign outpaced their Democratic rivals in April, raising $76 million. However, campaign finance expert Professor Justin Buchler cautions that money alone will not determine the outcome, noting that "the primary role of money in a campaign is to increase name recognition."

As the election heats up, the backing of ultra-wealthy Republican donors may play a significant role in shaping the political landscape. With Trump's conviction fueling a renewed sense of support, the stage is set for a fierce battle for the presidency.

The views expressed in this article do not reflect the opinion of ICARO, or any of its affiliates.

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