Trump Campaign Faces Fundraising Challenges as Legal Bills Mount

Recent disclosures to the Federal Election Commission reveal that Republican presidential candidate Donald Trump faced a slowdown in fundraising during the last quarter of 2023. 

Notably, he was surpassed in fundraising by his likely general election opponent, Democrat Joe Biden. 

The disclosures also shed light on the considerable burden of legal expenses for Trump, with a significant portion of funds directed toward covering legal bills.

Fundraising Figures and Legal Expenses

Trump’s campaign reported raising $19 million in the last quarter of 2023, down from the third quarter’s under $25 million. 

In comparison, Biden’s campaign reported a robust $33 million during the same period. 

Despite facing competition from Nikki Haley, Trump managed to slightly outpace her fundraising efforts, as she reported raising $17 million in the fourth quarter.

Trump’s legal expenses, however, emerged as a substantial challenge. 

The largest super PAC supporting the former president, MAGA Inc, directed nearly two-thirds of its second-half fundraising, amounting to $30 million, to a separate Trump group named Save America. 

This group has been shouldering Trump’s legal bills. This transfer is more than double what MAGA Inc sent in the first half of the year.

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Legal Spending and Financial Impact

Save America’s legal spending notably escalated in the latter half of 2023, reporting expenditures of over $25 million on legal matters. 

This represents a significant increase compared to the approximately $22 million spent on legal issues in the first half of the year. 

The financial strain on Trump’s election effort becomes apparent as a substantial portion of MAGA Inc’s funds is redirected to cover legal fees, leaving less money for supporting Trump’s electoral endeavors.

Despite financial challenges, Trump has a history of winning elections even when outspent by rivals. 

In the recent Iowa and New Hampshire Republican nomination contests, MAGA Inc was outspent by a well-funded super PAC supporting Haley. 

However, Trump emerged victorious in both contests.

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Major Donors and Financial Positions

Major contributors to the pro-Haley super PAC, known as SFA Fund, included hedge fund billionaires Ken Griffin and Paul Singer, each contributing $5 million in the second half of 2023. 

Meanwhile, top donors to the pro-Trump super PAC included oil and gas billionaire Tim Dunn, who donated $5 million.

As of the end of the year, Trump’s campaign had approximately $33 million in the bank, while Biden’s campaign held nearly $46 million. 

In comparison, Haley’s campaign closed the year with just under $15 million.

The financial dynamics underscore the evolving landscape of campaign financing, legal challenges, and the ability of candidates to navigate these complexities as the 2024 election approaches.

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