A group of billionaires is providing financial support to former President Trump’s 2024 presidential campaign in an effort to close the funding difference with President Joe Biden.
According to Fox Business Network, Blackstone’s CEO and co-founder, billionaire Stephen Schwarzman, declared on Friday that he will back former President Trump in the 2024 election. Formerly, Schwarzman demanded that the Republican Party look to a “new generation of leaders.”
Schwarzman, who is estimated to be worth $39 billion, stated that the “dramatic rise of antisemitism has led me to focus on the consequences of upcoming elections with greater urgency” and that he shares the concerns of many Americans that “our economic, immigration, and foreign policies are taking the country in the wrong direction.”
His declaration coincides with a gathering of billionaires endorsing the Trump campaign, which is gaining ground on the Biden campaign in terms of financial contributions. Up until April, when Trump’s campaign overtook Biden’s in monthly fundraising for the first time this cycle, the Biden campaign had been exceeding Trump’s. The Trump campaign’s finances have also been strained by growing legal fees.
The New York Times revealed in April that Biden’s campaign had net cash of approximately $84.5 million, compared to $48 million for Trump’s. The money for the Trump campaign climbed by around $3 million from March, while the Biden campaign’s revenues were essentially flat from the previous month.
Schwarzman’s and other billionaire donors’ contributions might greatly help the Trump campaign close the fundraising difference with Biden. John Paulson, the wealthy founder of a hedge fund, had a fundraising event in his Palm Beach, Florida, home at the beginning of April. To be seated at Trump’s table as a “chairman” contributor, guests had to pay $814,600 per person, or $250,000 to be a member of the “host committee.”
Rich people with billions Co-chairs of the Paulson benefit were Robert Mercer and his daughter, Rebekah Mercer. Both were big Trump backers in 2016, but Fox Business pointed out that they had mostly stayed out of his 2020 reelection campaign.
The event’s chair was also identified as oil magnate Harold Hamm, the founder and chairman of Continental Resources, who contributed to the development of fracking techniques for the production of shale oil. The event’s co-chairs were described as casino billionaire Steve Wynn and Todd Ricketts, a member of the TD Ameritrade board of directors and co-owner of the Chicago Cubs. Ricketts was the finance chair of the RNC in the past.