Former President Donald Trump has secured a total of $50 million in pledges for Saturday’s fundraiser in Palm Beach, Fla., according to four sources familiar with the effort, which three Democratic incumbents launched last week to boost President Joe Biden’s re-election bid. can double the amount.
Hosted by hedge fund billionaire John Paulson, the event will benefit Trump’s campaign, his Save America PAC, the Republican National Committee and state GOP chapters under a co-funding agreement.
“Saturday’s event means that the GOP’s financial team is all back home,” said one source who plans to attend the fundraiser. “The record should get results.”
Trump also held a call with donors and contributors on Friday and said he expected Democrats to double what they raised at the last Democratic event, according to one of the other sources on the call.
It was not immediately clear if all of the money at stake would be collected by Saturday night.
After announcing his campaign to win back the White House shortly after the 2022 midterm elections, Trump he was fighting to keep his treasure — in part because he’s a competent fundraiser and in part because most of his campaign money has gone toward defending him against criminal charges in four separate cases.
But once-reluctant Republican donors fell back into line within weeks of the party closing in on the nomination. Fundraising extravaganza on Saturday will involve several high-dollar donors Those who keep their distance from Trump.
Last week, Biden and former presidents Barack Obama and Bill Clinton attended a uniquely lucrative Democratic fundraiser at Radio City Music Hall in New York. Like Trump, Biden raised money both for his campaign and for allied entities that would spend on his behalf. A democratic event He won 26 million dollars.
Dasha Burns and Brian Schwartz, CNBC contributed.