According to financial disclosures released on Thursday, for the first time Donald Trump’s presidential campaign reported having more cash in its main account than President Joe Biden’s re-election campaign. As both sides gear up for November 5 elections, the Trump’s campaign had $116 million in the bank by end of May surpassing Biden’s $91 million.
Trump’s campaign funds more than doubled from the previous month while Biden’s campaign saw a slight increase. However, the full financial picture remains incomplete with several related fundraising committees not reporting recent activity until July.
Earlier, unofficial figures provided by Biden’s campaign and Democratic Party sources, indicated that they had approximately $212 million at hand but did not disclose which committees held these amounts. These disclosed numbers officially indicate a significant financial turnaround for Trump who had been trailing behind Biden before. The candidates are evenly poise nationally with Trump leading in some states he won narrowly.
The Republican party, which raises funds jointly with Trump, increased its funds from $38 million to $54 million. On the other side, Democratic Party just raised slightly because it went up from $62m to 65m
Trump has stepped up his fund raising drive particularly around his conviction on business falsification charges associated with hush money paid to a porn star on 30th May. Both campaigns are also ramping up their fundraising efforts among billionaires who are allow to give unlimited sums of money directly into super PACs working alongside them.
Timothy Mellon donated MAGA Inc., a pro-Trump super PAC last month contributing fifty million dollars as conservative billionaire and Mellon banking scion; this resulted in MAGA Inc increasing spending on television ads that support Trump thereby making Pro-Trump allies outspend those aligned to Biden over last couple weeks.
MAGA Inc received donations totaling over $68 million during the past month. Significant contributions included Uline shipping and packing company founders Liz and Dick Uihlein giving away ten millions each being billionaires.
Mellon, who is hardly seen in photos living in Wyoming, is involved in transport businesses and he has a pilot’s license. Forbes places the Mellon’s family worth at $14.1 billion.
The billionaire Winklevoss twins who run crypto currency firm Gemini announced that they had donated bitcoin worth $1m to support Trump but did not state which organization received it.
Separately, a Federal Election Commission filing showed that Billionaire Mike Bloomberg gave $19 million to FF PAC, a super PAC backing Biden’s re-election.
As the final months of the election approach both campaigns are ramping up their financial resources with major donations strategic financial planning forming vital components of their preparation.
