A major fundraiser for Republican presidential candidate Donald Trump in Florida on Saturday is expected to rake in $43 million or more as the former president seeks to replenish diminished coffers in his rematch against Democrat Joe Biden.
The event, slated to be his biggest fundraiser yet, is a much-needed opportunity for Trump, who has been routinely outraised by Biden and is in the midst of a financial squeeze due to ballooning lawyer fees and legal payouts.
The dinner, hosted at billionaire hedge fund manager John Paulson’s Palm Beach home, will allocate a portion of the money to be raised to a fundraising group that has spent tens of millions of dollars on Trump’s legal fees.
While Trump has struggled to get some major traditional Republican donors on board, he retains the support of some heavy hitters. Co-hosts on Saturday, for example, include hedge-fund investor Robert Mercer and his daughter and conservative activist Rebekah, investor Scott Bessent and casino mogul Phil Ruffin, according to the fundraiser invitation seen by Reuters.
Paulson has been floated by Trump as a potential Treasury Secretary, according to two sources. Bessent has also been floated for the role, one of those two sources said. Paulson did not immediately respond to a request for information on the event.
Trump’s campaign said last month that it will be unable to match Biden’s fundraising totals this year. His campaign, together with a joint fundraising committee, pulled in $20.3 million in February, compared with the more than $53 million raised by Biden’s re-election effort that month.
More money is not always an indication of success, however. Trump beat Democratic candidate Hillary Clinton in 2016 after she raised $769.9 million, far more than the $433.4 million he raised.
Trump, who clinched the Republican presidential nomination last month, can now raise money with the Republican National Committee (RNC) ahead of the November 5 election.
The Trump 47 Committee, a new fundraising tie-up with the RNC, directs funds to the Save America leadership group before anything goes to the RNC, the invitation shows.
The Trump 47 Committee is asking top donors to contribute up to $814,600 per person. The first $6,600 of any person’s contribution would go to Trump’s presidential campaign, according to the invitation.
A maximum of $5,000 per person would then be allocated to Save America. After Save America gets its share, the RNC would get a cut of up to $413,000. In the cases of the biggest contributions, a raft of Republican state parties would get funds too.
With inputs from Reuters
