Ultra-wealthy Republican donors are rallying behind former US President Donald Trump following his historic trial and criminal conviction. Mr. Trump, the Republican candidate for this November’s White House election, was found guilty of falsifying business records to conceal hush money paid to former adult-film star Stormy Daniels. Despite lagging behind Joe Biden and the Democrats in fundraising efforts, the conviction breathed new life into his electoral bid, with his campaign raising nearly $53 million (£41.6 million) within 24 hours of the verdict.
Israeli-American casino billionaire Miriam Adelson is expected to announce a multi-million dollar boost to Mr. Trump’s campaign this week. Reports indicate Mrs. Adelson will contribute to a political action committee called Preserve America, which can spend unlimited sums backing candidates for elected office. The contribution is expected to exceed the $90 million donation to Preserve America by Mrs. Adelson and her late husband, Sheldon, ahead of the 2020 election.
Other wealthy backers are likely to follow suit. Silicon Valley investor David Sacks expressed support on X, formerly Twitter, stating that there is now “only one issue in this election: whether the American people will stand for the USA becoming a Banana Republic.” Sacks and fellow investor Chamath Palihapitiya plan to host a fundraiser for Mr. Trump in San Francisco on June 6, with attendees reportedly being asked to contribute up to $300,000.
Hedge fund manager Bill Ackman is also expected to announce support for Mr. Trump on X in the coming days. While Ackman had previously criticized Trump following the US Capitol riot, he has since softened his tone. Blackstone Group CEO Steve Schwarzman, another prominent billionaire, has also announced his support for Trump, expressing concern over current economic, immigration, and foreign policies.
Other notable billionaires backing Trump include hedge fund founders John Paulson and Robert Mercer, fracking pioneer Harold Hamm, and casino mogul Steve Wynn. Billionaire investor Nelson Peltz, who regretted voting for Trump in 2020, hosted the former president at his Florida mansion in March.
While Elon Musk has stated he will not be donating to either candidate, he plans to host a livestreamed town-hall event with Trump. Similarly, billionaire tech financier Peter Thiel has reportedly declined requests to donate to Trump’s campaign.
Shaun Maguire, a partner at venture capital firm Sequoia, announced a $300,000 donation to Trump immediately following last week’s verdict, arguing that the trial was unfair. Maguire cited the Biden administration’s handling of the US withdrawal from Afghanistan and “weakness” in the Middle East as reasons for his support, adding that the legal cases against Trump have been a “radicalizing experience.”
A review of data from CBS, the BBC’s US partner, shows that Trump’s fundraising tends to spike during key moments in his legal battles. Before last week’s conviction, his best fundraising days were April 4 of last year, the day of his arraignment in New York City, and August 25, when a mugshot of him taken in Georgia was released.
