A group opposed to Trump, supported by billionaires Reid Hoffman, Seth Klarman, and John Pritzker, is initiating a $50 million advertising initiative featuring disenchanted Trump voters.
Simultaneously, conservative billionaires are rallying behind the former president, as he solidifies his hold on the GOP nomination.
Republican Voters Against Trump, funded by the Republican Accountability PAC, seeks to raise an additional $30 million, supplementing the $20 million it has already amassed, for an ad campaign showcasing former Trump voters explaining their decision not to support him again.
Sarah Longwell, the group's founder, revealed these plans to the New York Times.
Hoffman, a Democratic donor and co-founder of LinkedIn, has been a major supporter of the Republican Accountability PAC, contributing $2 million twice last year, accounting for half of the group's total fundraising. Klarman, a vocal Trump critic and head of the Baupost hedge fund in Boston, donated $1 million in May.
Pritzker, from the family that launched Hyatt hotels, donated $1 million in total, with two separate contributions of $500,000 each in June and November of the previous year.
Established during the 2020 election, Republican Voters Against Trump is intensifying its efforts against the former president, who has emerged as the presumptive Republican nominee.
Meanwhile, conservative billionaires are rallying behind Trump, including Liz and Dick Uihlein, founders of a shipping and packing company, and aerospace billionaire Robert Bigelow, all of whom supported Florida Gov.
Ron DeSantis' unsuccessful presidential bid.
Trump could clinch the GOP nomination with the primaries and caucuses in Georgia, Hawaii, Mississippi, and Washington, which offer a combined total of 161 delegates.
He needs only 137 more delegates to reach the 1,215 required for nomination.
As Trump consolidates his position with no significant challengers left in the race, wealthy Republicans are rallying to his side.
Besides Uihlein and Bigelow, Frank and Lorenzo Fertitta, who backed Trump's 2020 campaign, have pledged financial support for his 2024 candidacy.
Texas oil billionaire Tim Dunn contributed $5 million last year to the Make America Great Again Inc. super PAC backing Trump.
In an attempt to attract new affluent donors, Trump met with Elon Musk and a group of wealthy GOP contributors in Palm Beach earlier this month.
However, Musk, who has shifted towards conservative politics in recent years, announced he would not donate to any 2024 presidential candidates.
Key Statistic:
Trump's campaign had $30 million on hand at the end of January, compared to Biden's $56 million.
Trump cannot use his campaign funds for his legal expenses and settlements, but he has tapped into his PAC funds to cover these costs.