Former President Donald Trump closed a $50 million gap in cash on hand in May after he was convicted of multiple felonies in a New York court.
Former President Donald Trump outraised President Joe Biden in May and now likely has more cash on hand than him, too.
Financial disclosures by committees attached to the Biden and Trump campaigns, filed June 20 with the Federal Election Commission, suggest that former President Trump overtook President Biden in both fundraising and money in the bank.
The full financial picture of both campaigns will be known after deep-pocketed joint fundraising committees and other allies publish their quarterly disclosures on July 15.
However, the available evidence suggests the Trump campaign achieved in May what seemed a far away goal only months ago.
Three funds connected to former President Trump published their financials on June 20. Collectively, they raised $144.2 million in May and ended the month with about $214.8 million in cash on hand.
Two funds supporting President Biden reported raising $77.1 million in May. Those two groups closed the month with about $183.9 million in cash on hand.
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Donald Trump
According to the Trump campaign, allies, and various Republican Party bodies, much of the money flowed in at the end of May as donors reacted to a jury’s decision to convict former President Trump of multiple felonies.
Many Republican groups called the conviction a “sham” and sent out fundraising appeals based on the verdict.
According to the FEC, three groups connected to President Trump reported financials: the principal campaign committee, Donald J. Trump For President 2024 Inc.; the super political action committee, Make America Great Again (MAGA) Inc.; and the qualified leadership PAC, Save America.
Collectively, those groups raised more than $144 million in May, spent $21.7 million during the same period, and closed the month with more than $214 million in cash on hand.
Most of the money was raised by Donald J. Trump For President, taking in $75.4 million during the month, bringing its cash on hand to $116.6 million. About $2.5 million of those dollars came from the joint fundraising committee of Trump 47 Committee Inc.
MAGA Inc. was also buoyed by an extraordinary donation. At the end of May, Mellon family heir Timothy Mellon sent $50 million.
Additionally, conservative megadonors Richard Uihlein and Elizabeth Uihlein both sent in $5 million to MAGA Inc. before the verdict, according to the FEC.
Joe Biden
On Tuesday evening, the principal campaign committee, Biden For President, issued a press release announcing that the campaign had raised more than $85 million in May and had access to a “$212 million war chest.”
“Our strong and consistent fundraising program grew by millions of people in May, a clear sign of strong and growing enthusiasm for the President and Vice President every single month,” Biden Campaign Manager Julie Chavez Rodriguez said in a news release.
It is unclear where the money is held or what committees the campaign referred to in its release.
According to the FEC, Biden For President and an allied hybrid PAC, Future Forward, or FF PAC, collected about $77.1 million and spent about $34.7 million in the same month. The two groups entered June with about $183.9 million in cash on hand.
President Biden also collected an eight-figure donation at the end of May. According to the FEC, FF PAC received a $19 million donation from former New York City mayor and billionaire media mogul Michael Bloomberg.
On May 3, President Biden presented Mr. Bloomberg, and 18 others, with the Medal of Freedom, nation’s highest civilian honor. In 2020, Mr. Bloomberg ran a self-funded campaign for the Democratic nomination for president.
Robert F. Kennedy Jr.
Independent candidate Robert F. Kennedy Jr.’s campaign collected no donations of $1 million or greater in May, according to FEC records.
Instead, the Kennedy campaign saw its fundraising shrink by almost $14 million from the previous month.
According to the FEC, the two committees backing Mr. Kennedy’s run, Team Kennedy and American Values 2024, brought in about $2.9 million in May, compared with $16.8 million in April.
Collectively, the principal campaign committee and the allied hybrid PAC held about $25.7 million in cash on hand. The two groups also reported a collective debt of about $2.8 million.
The principal campaign committee, Team Kennedy, led the way with about $2.6 million in receipts. However, the committee spent $6.3 million. American Values took in about $281,500 while spending about $1.9 million.
Original News Source Link – Epoch Times
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