Donald Trump is holding a major fundraiser in Florida on Saturday, hoping to set a new benchmark in an intense high-stakes big-donation race with Joe Biden.
While spending huge amounts of money on the campaign may not be something to brag about in some countries, in the United States it is a source of pride for candidates.
And this year, campaign fundraising is as important as ever, with the Nov. 5 presidential election expected to be the most expensive election cycle in the country’s history.
The Republican former president and the Democratic incumbent have been locked in a battle to outdo each other in recent months, bragging about new cash amassed in press statements.
Biden, 81, upped the ante — literally — in late March when a big reception in New York netted him a record $25 million, according to his team.
Despite legalization, California is fighting illegal marijuana farms
Trump, 77, will try to raise nearly double that amount at the fundraiser in Florida on Saturday night — between $43 million and $50 million, according to US media reports.
The event is organized by billionaire John Paulson, one of the few financiers who were able to profit from the financial crisis of 2008-2009 by betting on the collapse of the real estate market.
The fundraiser will be held in Palm Beach, not far from Donald Trump’s luxury Mar-a-Lago resort.
$814,600 to sit near Trump
The guest list will include entrepreneur Robert Bigelow, who made his fortune in the hotel industry before starting an aerospace research company, and John Catsimatidis, owner of a major grocery chain. Both are major Republican donors.
Some of Trump’s former Republican rivals will also be in attendance, including Sen. Tim Scott, tech entrepreneur Vivek Ramaswamy and North Dakota Gov. Doug Burgum. After suspending their presidential campaigns, politicians have thrown their full support behind Trump, hoping for a position in his administration if he returns to the White House.
Boeing CEO Paid $33M in 2023, Gives Up Bonus Over MAX 9 Incident
According to the Washington Post, a seat at Trump’s table costs $814,600.
Such astronomical sums are used to finance candidates’ travel, pay their aides, polls and, most expensive of all — television ads.
Biden, who portrays himself as a product and champion of the middle class, was quick to criticize Trump’s fundraiser.
“While Trump is raising money from a bunch of billionaire hedge funds, our grassroots campaign raised $187 million this quarter because of people like you,” he told X, formerly of Twitter, on Saturday.
Right now, Biden’s campaign has more in its coffers than Trump’s, as the former president faces mounting legal fees stemming from multiple court cases and criminal and civil investigations.
The Biden campaign was happy to point this out, referring to Trump as “Broke Don” in a recent statement about the billionaire, who is known for using bad nicknames.
Source: AFP