Former President Donald Trump made significant strides in fundraising during May, narrowing the cash-on-hand gap with President Biden, as revealed in filings with the Federal Election Commission. This financial surge came despite Trump’s recent legal challenges.
The latest disclosures indicate that Trump’s campaign outpaced Biden’s in both fundraising and available funds. However, a complete financial overview will emerge after allied fundraising entities report their quarterly results on July 15.
The Trump campaign demonstrated remarkable momentum in May, a feat once deemed distant. Three Trump-affiliated funds disclosed their finances on June 20, collectively amassing $144.2 million in contributions and closing the month with $214.8 million in cash reserves.
More Read
In comparison, two Biden-supporting funds reported raising $77.1 million, ending May with approximately $183.9 million in cash on hand. This shift is notable, considering that just a month prior, Biden’s allies enjoyed a nearly $50 million lead in cash reserves.
The fundraising surge for Trump came as supporters rallied in response to his legal predicament. Following a conviction on multiple felonies, Trump’s allies labeled the verdict a “sham” and issued fundraising appeals based on this narrative.
Trump’s fundraising entities, including his principal campaign committee, super PAC, and leadership PAC, collectively raised over $144 million in May. The bulk of these funds, $75.4 million, were raised by Donald J. Trump For President 2024 Inc., boosting its cash reserves to $116.6 million. Additionally, a notable $50 million donation came from Timothy Mellon, an heir of the Mellon family.
On the Biden side, the campaign touted raising over $85 million in May, claiming access to a “$212 million war chest.” However, specific details regarding fund allocation and committees mentioned in the announcement remain unclear.
Meanwhile, independent candidate Robert F. Kennedy Jr. faced fundraising challenges in May, with his campaign’s contributions shrinking by nearly $14 million compared to April. His principal campaign committee and affiliated PAC ended the month with about $25.7 million in cash on hand and a collective debt of roughly $2.8 million.
In summary, Trump’s fundraising surge in May showcases his campaign’s resilience and the intense engagement of his supporters, setting the stage for a highly competitive political landscape as the election season progresses.
