WASHINGTON – Former President Donald Trump is expected to raise more than $43 million at a 2024 presidential campaign fundraiser in Florida on Saturday night as the four-time indicted former president faces mounting legal costs. This is a much-needed surge in funding.
The event, held at the Palm Beach home of billionaire hedge fund manager John Paulson, is expected to be Trump's biggest fundraiser ever. The move comes as the presumptive Republican presidential nominee seeks to close President Joe Biden's double-digit fundraising lead in the 2024 general election.
Democrats reportedly have $192 million in cash on hand, compared to $93.1 million for Republicans.
Some of the money raised from Mr. Trump's Palm Beach event will go to fundraising organizations that have spent tens of millions of dollars on Mr. Trump's legal costs.
Since winning the delegates needed to win the Republican nomination last month, Trump has received financial support from the Republican National Committee.
The Trump 47 Committee, a new fundraising partnership with the RNC, will direct funds to the Save America Leadership Group before any money goes to the RNC, the invitation states.
The Trump 47 Committee is asking large donors to contribute up to $814,600 each. According to the invitation, everyone's first $6,600 will be donated to President Trump's campaign.
Up to $5,000 per person will then be allocated to Save America. If Save America's share is obtained, the RNC could receive up to $413,000. In the case of the largest donations, a number of Republican state parties would also receive funding.
Reuters reports that Saturday's co-hosts include hedge fund investor Robert Mercer and his daughter, conservative activist Rebecca, investor Scott Bessent and casino magnate Phil Ruffin. It is said that it will be done.
But despite the surge in fundraising, the Trump campaign said last month that it would not be able to match Biden's fundraising this year.
Contributor: Alexandra Ulmer, Reuters; Francesca Chambers, USA TODAY
This article originally appeared on USA TODAY: Trump expected to raise $43 million at Palm Beach fundraiser
