Trump allies raise $200 mn since election victory to fund his inauguration

Since winning the 2024 US presidential elections, Republican President-elect Donald Trump and his allies have amassed well over $200 million for a group formed to fund his inauguration ceremony on January 20, his overall political operation, and eventually his presidential library. The figure was shared by four people involved in the fundraising process after Trump won the November polls, The New York Times reported.

This marked a drastic shift from the time when several top business leaders denounced him following the violence conducted by his supporters on January 6, 2021. Before assuming the Oval Office once again, Trump promised to slash the “deep state” and joined hands with several industry supporters. According to The New York Times, some pledged donors for the inaugural events are Pfizer, OpenAI, Amazon and Meta, and cryptocurrency firms.

As per the insiders, the committee has accumulated a whopping $150 for the inauguration ceremony, with more expected — will eclipse the record-setting $107 million raised for his 2017 inauguration. Some of the other committees benefitting from this fundraising include a super PAC called Make America Great Again Inc. and its associated nonprofit group, which is expected to be used by Trump’s team throughout his second bid.

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How Trump’s team is welcoming the funds

In the past, Trump has boasted about the influx of these funds. During the Christmas holiday season, the president-elect told people that he had raised more than $200 million since the election. His team often spoke about how people have been asking for ways to donate to him since his election win. David Tamasi, a lobbyist who has raised money for told the New York Times that some donors may be trying to atone for having previously maintained distance from the Republican leader.

“It is a time-honoured DC tradition that corporations are enthusiastically embracing this cycle in all manners, largely because they were on the sidelines during previous Trump cycles,” he said. “They no longer have to hedge their political bets.” It is pertinent to note that the inaugural committees can accept unlimited contributions from individuals and corporations but not from foreign nationals.

As per the report, the deadline to donate to Trump for the inaugural ceremony is January 10 and the potential donors have been informed about this through mail. In case the inaugural committee’s fund-raising exceeds the amount budgeted for the festivities, the excess money is expected to be transferred to the committee collecting money toward a presidential library for Trump after he leaves office.

On December 20, Donald J. Trump Presidential Library Fund Inc. was incorporated after ABC News agreed to pay $15 million to Trump’s future presidential foundation and museum to settle a defamation claim he had brought against the network. The purpose of the fund is to “preserve and steward the legacy of President Donald J. Trump and his presidency," his team has said.

With inputs from agencies.