Former President Donald J. Trump is ramping up efforts to address a significant cash shortfall against President Biden as he hosts private dinners at Mar-a-Lago with some of the Republican Party’s biggest financiers. These dinners, held as many as three nights a week, include prominent figures such as Larry Ellison and Pepe Fanjul, but there is no direct request for money from attendees.
The urgency for fundraising stems from the financial disparity between Trump and Biden’s campaigns. While Trump leads in public polls, Biden has a substantial cash advantage, with his campaign entering March with $155 million cash on hand compared to Trump’s $40 million at the end of January. To bridge this gap, Trump is engaging in a charm offensive with donors, aiming to secure political and financial support.
In addition to the campaign cash situation, Trump faces personal financial challenges, including posting bonds in civil cases and mounting legal bills. His Save America PAC is set to run dry by summer at the current spending rate. Despite these challenges, Trump remains optimistic about raising the necessary funds, drawing parallels to his successful 2016 campaign against Hillary Clinton.
To bolster fundraising efforts, Trump’s team is taking over the Republican National Committee, implementing mass layoffs, and relocating finance and digital fundraising staff to Florida. The campaign is also focusing on midsize donations and planning a splashy dinner in April to fill a new joint fundraising account with the national party and state parties.
While Trump remains confident in his ability to secure funding, some donors are hesitant due to concerns about covering legal fees. Trump’s main super PAC has refunded millions of dollars, and there is a limited pool of major contributors for the 2024 race. Despite these challenges, Trump is actively engaging with donors, including meetings with prominent figures like Elon Musk and Jeff Yass.
The financial situation marks a reversal from 2020 when Trump held a significant fundraising advantage. However, recent efforts by the RNC and strong online fundraising months indicate a potential shift in momentum. Democratic donors continue to pour money into Biden’s campaign, highlighting the competitive fundraising landscape leading up to the general election.
