Despite Donald Trump’s legal setbacks and recent controversial statements on international relations, as he prepares for his third presidential bid, he finds it challenging to regain support from some billionaire campaign donors.
Struggle with Donor Support
Chris McGreal of The Guardian reports that while some donors, who distanced themselves after the 2020 election and the subsequent Jan. 6 insurrection, are reconsidering their stance due to his likely nomination, others remain unconvinced.
Mega-Donors Swing Toward Trump
Trump is making progress in attracting right-wing billionaire financiers for his presidential campaign, as many conservative mega-donors are coming to terms with the likelihood of his nomination as the GOP candidate.
Old Allies Return
“Trump is winning back some donors who supported him four years ago but then gave their money to the former US president’s primary rivals this year, fearing he will again lose to Joe Biden in November or the chaos that will ensue if he wins,” Chris McGreal wrote.
Tech Giants Hesitant
Notably, some of his former ultra-wealthy supporters, including tech billionaire Peter Thiel, have declined to support him this time around.
Eyeing Big Money
In his campaign strategy, Trump is emphasizing the certainty of his win over Nikki Haley, the last competitor in the Republican primaries, aiming to transition the focus to the general election.
This shift is part of his effort to attract funding from Wall Street and Silicon Valley.
DeSantis’s Loss, Trump’s Gain
A notable success for Trump was winning over the largest donor to Florida Governor Ron DeSantis’s unsuccessful presidential campaign.
$20 Million Trump Bet
During a visit to Las Vegas last month, Trump met with billionaire developer Robert Bigelow, who, after participating in a Trump motorcade to a political rally, committed $20 million to Trump’s campaign.
Additional $1 Million for Trump
This amount is equal to what he previously donated to DeSantis, along with an additional $1 million to help with Trump’s various legal expenses.
Wealthy Supporters
On his recent trip to Las Vegas, Donald Trump secured pledges from several affluent donors that further bolstered his campaign.
Additionally, billionaire investor John Paulson organized a dinner earlier this month for the former president, attended by major contributors to the Republican party, as reported by Politico.
Diminished Donor Base
Two years earlier, there was a noticeable shift among some mega-donors away from Trump. This change in sentiment followed the underwhelming performance of the Republicans in the midterm congressional elections and the poor showing of candidates endorsed by Trump.
Trump Labeled as ‘Loser’
Notably, hedge fund magnate Kenneth Griffin openly shifted his support to Ron DeSantis, labeling Trump as a “three-time loser.”
Notable Absence
In a significant move last October, representatives of Trump were deliberately not invited to a meeting of the American Opportunity Alliance, a conservative donor network co-founded by Griffin and another Wall Street billionaire, Paul Singer.
This meeting was noteworthy because aides from rival Republican primary campaigns were in attendance.
Anti-Trump Effort
It’s worth noting that in 2016, Singer was the primary donor to a super political action committee (Super Pac) dedicated to preventing Trump from securing the Republican nomination.
Donor Strategy Change?
The political landscape shows signs of change, as indicated by the recent invitation of Donald Trump’s aides to a meeting of the American Opportunity Alliance (AOA) in Florida.
This event, reported by The New York Times, signals a shift among some donors who are now focusing on the November elections.
Trump vs. Haley Support
Despite a majority of these donors, including Kenneth Griffin, still favoring Nikki Haley after losing confidence in Ron DeSantis’s campaign, the inclusion of Trump’s representatives at the AOA meeting is being interpreted as a sign.
It suggests that these donors might feel compelled to support Trump if their primary goal is to unseat President Biden from the presidency.
NATO Remarks
“Donor concerns about the chaos Trump brings will not have been allayed by recent comments that appeared to abandon some members of NATO to the Russians and the writer E Jean Carroll’s $88m award for defamation by the former president,” McGreal stated.
Trump’s Blacklist Threat
He further noted, “Neither will donors have been encouraged by Trump’s threat on his social media platform, Truth Social, to blacklist those who give money to [Nikki] Haley’s campaign.”
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