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, according to financial disclosures released on Thursday. As both sides gear up for the November 5 election, Trump’s campaign had $116 million in the bank at the 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 since several associated fundraising committees will not report recent activity until July.
Earlier, Biden’s campaign and the Democratic Party announced unofficial cash holdings of $212 million but did not specify which committees held these funds. The figures officially disclosed to the Federal Election Commission indicate a significant financial turnaround for Trump, who had been trailing Biden previously. The candidates are closely matched in national opinion polls, with Trump leading in several battleground states.
The Republican Party, raising funds in conjunction with Trump, saw its cash reserves jump from $38 million to $54 million. The Democratic Party reported a smaller increase, with cash holdings rising from $62 million to $65 million.
Trump’s fundraising efforts have intensified, particularly around his May 30 conviction on charges of falsifying business records related to a hush payment to a porn star. Both campaigns are also boosting fundraising from billionaires who can contribute unlimited amounts to super PACs aligned with the campaigns.
Timothy Mellon, a conservative billionaire and heir to the Mellon banking fortune, contributed $50 million last month to MAGA Inc, a pro-Trump super PAC. MAGA Inc has increased spending on television ads to support Trump, helping pro-Trump allies outspend Biden’s allies over recent weeks.
MAGA Inc reported taking in over $68 million from donors last month. Significant contributions included $10 million from billionaires Liz and Dick Uihlein, founders of the Uline shipping and packaging company.
Mellon, who resides in Wyoming and is rarely photographed, is involved in transport-related businesses and is a licensed amateur pilot. Forbes estimates the Mellon family’s net worth at $14.1 billion.
The billionaire Winklevoss twins, founders of the cryptocurrency firm Gemini, announced they had donated $1 million in bitcoin to support Trump but did not specify the recipient organization.
On the Biden front, billionaire Mike Bloomberg donated $19 million to FF PAC, a super PAC backing Biden’s re-election, as disclosed in a separate Federal Election Commission filing.
Overall, both campaigns are gearing up their financial resources as they head into the final months before the election, with major donations and strategic financial planning playing critical roles in their preparations.
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 since several associated fundraising committees will not report recent activity until July.
Earlier, Biden’s campaign and the Democratic Party announced unofficial cash holdings of $212 million but did not specify which committees held these funds. The figures officially disclosed to the Federal Election Commission indicate a significant financial turnaround for Trump, who had been trailing Biden previously. The candidates are closely matched in national opinion polls, with Trump leading in several battleground states.
The Republican Party, raising funds in conjunction with Trump, saw its cash reserves jump from $38 million to $54 million. The Democratic Party reported a smaller increase, with cash holdings rising from $62 million to $65 million.
Trump’s fundraising efforts have intensified, particularly around his May 30 conviction on charges of falsifying business records related to a hush payment to a porn star. Both campaigns are also boosting fundraising from billionaires who can contribute unlimited amounts to super PACs aligned with the campaigns.
Timothy Mellon, a conservative billionaire and heir to the Mellon banking fortune, contributed $50 million last month to MAGA Inc, a pro-Trump super PAC. MAGA Inc has increased spending on television ads to support Trump, helping pro-Trump allies outspend Biden’s allies over recent weeks.
MAGA Inc reported taking in over $68 million from donors last month. Significant contributions included $10 million from billionaires Liz and Dick Uihlein, founders of the Uline shipping and packaging company.
Mellon, who resides in Wyoming and is rarely photographed, is involved in transport-related businesses and is a licensed amateur pilot. Forbes estimates the Mellon family’s net worth at $14.1 billion.
The billionaire Winklevoss twins, founders of the cryptocurrency firm Gemini, announced they had donated $1 million in bitcoin to support Trump but did not specify the recipient organization.
On the Biden front, billionaire Mike Bloomberg donated $19 million to FF PAC, a super PAC backing Biden’s re-election, as disclosed in a separate Federal Election Commission filing.
Overall, both campaigns are gearing up their financial resources as they head into the final months before the election, with major donations and strategic financial planning playing critical roles in their preparations.
