May was a significant month for former President Donald Trump in terms of campaign funding. He received a major contribution of $50 million from Timothy Mellon, a wealthy Republican donor, bringing Mellon’s total contributions to over $75 million. Additionally, Texas billionaire Kelcy Warren donated $5 million to a group promoting Trump’s policies just before Trump’s conviction on falsifying business records related to the 2016 election.
On the Democratic side, billionaire Michael Bloomberg donated $19 million to a PAC supporting President Joe Biden, while other billionaires also made contributions to Democratic causes. Despite this, Trump’s campaign was able to outraise Biden’s campaign in May, narrowing the funding gap between the two candidates.
In terms of overall fundraising, Trump’s campaign entered June with $116.6 million in cash on hand, while Biden’s campaign had $91.6 million. This reflects a trend seen in previous months, where Biden had maintained a significant fundraising lead over Trump, though Trump’s campaign was catching up in terms of funds raised.
The influx of donations from wealthy individuals to both Trump and Biden’s campaigns highlights the significant role that money plays in American politics, with mega-donors like Mellon, Warren, and Bloomberg shaping the landscape of campaign financing. These contributions demonstrate the influence that wealthy individuals can have on political races, particularly in the high-stakes presidential election.
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