Donald Trump: Money Issues for 2024? President Joe Biden and the Democratic National Committee (DNC) will reportedly host fundraisers in Philadelphia and New York next week as the president travels to those cities to highlight his legislative successes. Biden is likely looking to get support from wealthy Democratic donors even as he has yet to officially announce his re-election bid.
Biden isn’t alone in requiring a lot of money tucked away already for what is likely to be a highly contested campaign. Former President Donald Trump, who is currently the only Republican to officially have announced his candidacy, currently has around $95 million in his own war chest – including money held by Political Action Committees (PACs).
Donald Trump: Money Issues for 2024?
Yet, as the Guardian reported, about $78 million cannot be used directly for Trump’s campaign, and it seems that the small-dollar stream could be drying up just as high-profile mega-donors aren’t willing to back what increasingly looks like a losing horse – and a crazy one at that, given some of his recent comments on social media. In November, hedge fund manager Ken Griffin, the second-most prolific GOP donor according to TheHill, said he’d back Florida Governor Ron DeSantis over Trump.
“I’d like to think that the Republican Party is ready to move on from somebody who has been for this party a three-time loser,” Griffin said at Bloomberg’s New Economy Forum in Singapore, referring to the last three election cycles.
Another top Republican donor, Stephen Schwarzman, CEO of private equity giant Blackstone, has also made it clear he’d support a challenger to Trump.
Without big donors, Trump will face an uphill battle.
In December, Donald Trump still raised more than $4.1 million online, which may seem impressive, but it lags behind some of his past fundraising efforts. The small-dollar donors have been a major advantage for Trump, and he did continue to raise massive sums after leaving office in 2021 – with the money funding travel and rallies.
His super PAC was able to funnel money to his endorsed Senate candidates in Georgia, Arizona, Nevada, Pennsylvania, and Ohio – but only one of those came up as a winner. However, the super PAC didn’t support Herschel Walker during the Senate runoff in Georgia, likely because it saw the writing on the wall.
It is also likely that Trump’s PAC is beginning to save for his own campaign.
Money Money Money
Donald Trump has been successful at raising money, and during the 2020 election cycle, he brought in $882 million, followed by $500 million since leaving office. However, Trump has reportedly depleted much of the war chest on his legal defenses and other expenses.
It may be increasingly challenging for Trump to even continue to raise the money needed for a successful campaign, and that will likely get worse if – and more likely when – other Republicans enter the race. Simply put, without the money, Trump can’t win the nomination.
And even should he manage to do so, many of the top donors may sit out 2024, perhaps opting not to throw good money after bad.
More: Should Joe Biden Quit?
More: How to Save Joe Biden?
Author Experience and Expertise: A Senior Editor for 19FortyFive, Peter Suciu is a Michigan-based writer. He has contributed to more than four dozen magazines, newspapers, and websites with over 3,200 published pieces over a twenty-year career in journalism. He regularly writes about military hardware, firearms history, cybersecurity, politics, and international affairs. Peter is also a Contributing Writer for Forbes and Clearance Jobs. You can follow him on Twitter: @PeterSuciu.