Trump receives little support from major Republican donors

Trump receives little support from major Republican donors

Former U.S. President Donald Trump speaks at a press conference announcing a class action lawsuit against large tech companies at the Trump National Golf Club in Bedminster, New Jersey on July 7, 2021.

Michael M. Santiago | Getty Images

Many of the Republican Party’s largest and most influential donors say they have no plans to help with former President Donald Trump’s political operation, at least for now.

Wealthy financiers such as Stephen Ross and Larry Ellison have instead chosen to spend the money on the GOP’s efforts to support Congress in next year’s midterm elections or a possible 2024 presidency, such as the Florida without Marco Rubio and South Tim Scott. expressed support for the candidates. Caroline.

Donors are also concerned about how the Trump organization is spending the piles of money raised through small donations.

“Big bucks, sophisticated people are losing interest in the show,” said a longtime Trump aide adviser in Silicon Valley. The man said many donors are fed up with the former president using his resources at rallies, in which he often makes false claims, including that the election was stolen from him.

Trump hasn’t ruled out running for president in 2024, and he hasn’t made any official announcements. Its Political Action Committees have raised a lot of money through email and text calls to supporters who often criticize President Joe Biden’s performance, including, more recently, his handling of the withdrawal from the Afghanistan.

The Trump PAC had more than $ 100 million after the first half of 2021. CNBC previously reported that its PAC spent nearly $ 8 million on legal fees and more. $ 200,000 At Trump properties earlier this year.

“Donors do not contribute to the good of their hearts. And right now they’re being asked to donate to an organization that has no other purpose than to pump money to someone who needs it. don’t use it or use it, ”said a Republican strategist who represents financiers on Wall Street. “They have better things to do. ”

Donor advisers who spoke to CNBC declined to be identified in this story to avoid retaliation from Trump and his supporters.

A Trump spokesperson did not respond to a request for comment.

The pro-Trump Super PAC Make America Great Again Action Super PAC, which raised more than $ 1.5 million in July and August, is not without wealthy donors, according to new documents from the Federal Election Commission. MyPillow CEO Mike Lindell, a powerful disseminator of false 2020 election allegations, is among its donors, as are businessman and former GOP Senator Kelly Loeffler, Texas banking director Andrew Beale and casino mogul Philip Ruffin.

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But the biggest forces in Republican fundraising are instead focused on House Minority Leader Kevin McCarthy and the efforts of GOP leaders to take back the House and fund GOP redistributive efforts, such as the National Republican. Redistricting Trust. Others are contributing to the re-election campaigns of potential 2024 presidential candidates, such as Scott, Rubio and Florida Gov.

Many who have backed Trump in the past recently held a fundraiser for DeSantis’ 2022 gubernatorial campaign in the upscale Hampton neighborhood of Long Island. NOT. Invitation The July event reveals that the co-organizers of the event included former Trump Secretary of Commerce Wilbur Ross, billionaire investors Stephen Ross, John Paulson and Ken Griffin.

Paulson was one of the few Wall Street donors to support Trump’s 2020 presidential bid during the latter stages of the campaign.

Stephen Ross, who also owns the Miami Dolphins, was criticized in 2019 when he organized a fundraiser for Trump in the Hamptons. Ross and other related cos executives are investors in luxury fitness brand Equinox. SoulCycle and Equinox distanced themselves from the Trump event after customers threatened to boycott.

A representative for Wilbur Ross and Paulson did not respond to requests for comment. A spokesperson for Stephen Ross declined to comment.

After the election, neither Oracle President Larry Ellison nor Oracle CEO Safra Katz donated large sums of money to Trump’s PAC. The two helped raise funds for Trump’s re-election campaign. Ellison’s California home was the site of Trump’s fundraising event last year. However, in June of this year, Ellison donated $ 5 million to a Super PAC supporting Scott’s re-election efforts in South Carolina.

A spokesperson for Katz and Ellison did not respond to a request for comment.

The Republican Jewish Coalition, whose PAC backed Trump in last year’s election, is co-hosting a fundraiser in New York City for Rubio’s 2022 election campaign in September, according to an invitation. The RJC’s board of directors includes several influential Republicans, including Home Depot co-founder Bernard Marcus, former Trump adviser Jason Greenblatt and former White House press secretary Ari Fleischer.

Trump may also not be able to count on financial help from Mary Adelson, megadonator and widow of the late casino mogul Sheldon Adelson, who died earlier this year. The couple were among the few business leaders who backed Trump in the last election. He gave millions to pro-Trump Super PACs in the final months of the campaign.

Since her husband’s death, Adelson has privately told her colleagues that she has no plans to use much of her money in politics at this time. That could change as the medium term outlook. Records show that Adelson contributed $ 5,000 in June to the Stand for America PAC, a committee set up by potential 2024 candidate and former Trump ambassador to the UN, Nikki Haley.

A spokesperson for Adelson’s Las Vegas Sands company declined to comment.

Another prominent Trump and GOP financier is in legal hot water. Investor Tom Barrack was arrested for illegally pressuring then-President Trump on behalf of the UAE. Barracks has pleaded not guilty to the charges against him. Even if he hadn’t had any issues with the Fed, Barracks said he would not be done supporting his longtime friend Trump for the 2024 race.

“Today it looks like it’s a divisive campaign that I’m not interested in,” Barracks told Bloomberg News before being arrested.

A Barracks spokesperson did not respond to a request for comment.

Robert Mercer and his daughter Rebekah were big supporters of Trump during the 2016 campaign, but there is no indication that they will support him in 2024. CNBC reported in 2018 that Mercer planned to cut his financial support for Trump.

Records show that Mercers hasn’t written big checks to any of Trump’s PACs since he became president.

For some time now, they have supported a new face of GOP politics: Hillbilly Alley author and venture capitalist JD Vance, who has taken several nationalist Trump-style political positions after criticizing the former president in the pass.

Robert and Rebekah Mercer made a joint donation of $ 150,000 in March to the Super PAC that supported Vance’s candidacy for the Ohio US Senate seat, which will be vacated by retired Republican Rob Portman.

Representatives for Mercer did not respond to requests for comment.

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