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"PALM BEACH, Fla.—At a lavish fundraiser hosted at a billionaire’s estate, former President Donald Trump showcased his strong support from Republican megadonors, raising an impressive $50.5 million on Saturday. However, his largest donor, Miriam Adelson, has yet to contribute.
Miriam Adelson and her late husband, Sheldon Adelson, were the top donors to Trump's 2020 campaign, contributing a total of $90 million. Despite this, Miriam Adelson has not yet donated to Trump's 2024 bid. She is among a few high-profile donors who have not yet pledged support, including Blackstone Chief Executive Officer Stephen Schwarzman and Elliott Management’s Paul Singer.
As Trump gears up for what is expected to be the most expensive general election in history against a well-funded President Biden, he needs all the support he can get, especially as some donations are diverted to cover legal expenses.
The funds raised by Trump on Saturday are nearly double what Biden recently raised in a single event, demonstrating strong support for the former president.
"This is likely to be one of the most successful fundraising events in political history," said GOP fundraiser Brian Ballard.
Trump, accompanied by his wife Melania, addressed nearly 120 attendees, delivering a 45-minute speech. He discussed his plans to boost domestic energy production, secure the southern border, and extend tax cuts implemented during his presidency. He also expressed his desire to debate President Biden, stating, "Success will be our only revenge."
Trump has been actively courting major donors, including Adelson, who is one of the world's wealthiest women. Adelson, the controlling shareholder of the casino giant Las Vegas Sands, has had several conversations with Trump and dined with him twice in the past two months.
Despite Adelson's current hesitance, several sources close to her or Trump's fundraising network believe she will eventually contribute. Trump's relationship with the Adelsons has had its complications, with Sheldon Adelson once warning Trump about the impact of the trade war with China on the U.S. economy and his re-election prospects.
It remains unclear how Miriam Adelson views Trump's criticism of Israeli Prime Minister Benjamin Netanyahu and his handling of Israel's conflict with Hamas. Adelson, a staunch supporter of Israel, is said to be sensitive to anything that compromises Israel's security position.
Trump's presidency was marked by strong support for Israel, including recognizing Jerusalem as Israel's capital and moving the U.S. Embassy there from Tel Aviv. In 2018, Trump awarded Miriam Adelson the Presidential Medal of Freedom.
Despite the ongoing courtship of donors like Adelson, many GOP billionaires are rallying behind Trump. The fundraiser on Saturday, hosted by billionaire hedge-fund manager John Paulson, raised $50.5 million, highlighting enthusiasm for Trump's policies.
Campaign-finance data shows that small-dollar donations, which were previously a significant source of funding, have slowed down. This has prompted more outreach to big donors, including personal calls from Trump, intimate dinners, and golf outings.
Trump's campaign emphasizes the importance of fundraising, pointing to polling data that shows him leading Biden in several key states. However, some allies are concerned about sustaining this advantage, especially with mounting legal expenses.
As the presumptive nominee for the Republican Party, Trump can now accept larger contributions, which may help narrow the fundraising gap with Biden. Republican megadonors generally support Trump's economic policies, including deregulation and limited government, and are wary of Biden's proposals to increase taxes on the wealthy.
While some donors have expressed regret over their support for Trump following the Capitol riot on January 6, 2021, others have cited concerns over Biden's immigration policies and his mental acuity as reasons for supporting Trump.
Biden's recent fundraising success, including a $26 million haul during an event in Manhattan, has further heightened the competition for campaign funds. Despite this, Trump's campaign remains optimistic, citing strong support from donors and favorable polling data.
Some donors who initially supported other candidates in the Republican primary have since thrown their support behind Trump. However, there are still some holdouts, including Schwarzman and Singer, who have yet to commit their support.
Overall, Trump's fundraising efforts are gaining momentum, but the road ahead remains challenging as he seeks to secure the necessary funds for a successful campaign."