It is a fact that U.S. President Donald Trump's re-election campaign is cash-strapped. Trump's campaign has seen a downfall and reports claim that he had cancelled advertisements in several states, while his Democrat opponent Joe Biden is spending the money well on publicity. After a dark month (August) for Trump, a ray of hope has come in the form of casino magnate Sheldon Adelson who is ready to support Trump with $50 million.
Adelson plans to give the money to the new pro-Trump super Political Action Committee (PAC) Preserve America, say reports. But where does this money stand against Joe Biden's advertising campaign? Can Trump outsmart his rival with the help of Adelson? Here are the details.
According to Politico news website, the megadonors of Republican Party will start pooling $25 million into the newly formed super PAC. After the slumber of August Republicans plan to continue with TV commercials attacking Biden. This week Trump's campaign advertisements will start playing in Arizona, Florida, Georgia, North Carolina, Iowa, Michigan, Pennsylvania and Wisconsin.
Can Preserve America PAC Save Trump's Face?
But when compared to the spending of Biden, Trump is still far away from catching up with his rival. According to reports, Preserve America has collected $55 million in September so far. But it surely falls short of the money being raised by the pro-Biden supporters. Former New York City Mayor and billionaire Mike Bloomberg is all set to pool in $100 million in Florida alone with an aim to defeat Trump. Bloomberg ended his presidential campaign in March and had promised to help democrats defeat Trump. Biden's campaign committees had outraised Trump by $154 million in August.
Apart from Adelson, Home Depot co-founder Bernie Marcus is all set to help Trump by polling in a huge amount of cash. Here is a list of donors who want to keep Trump in the White House by giving out generous donations.
Top Trump Donors Shying Away From Huge Donations?
According to Forbes, from 2017 to February 2020 Trump has been collecting donations for his re-election campaign. The report states that 56 percent of Trump's donors live in Florida, New York and Texas. Most of the donors are said to have made fortunes through real estate, energy and sports sectors. The major donors of Trump campaign include Blackstone CEO Stephen Schwarzman, hedge funder John Paulson and retired Franklin Templeton chief Charles B. Johnson, New York City billionaire, Richard LeFrak, shopping mall magnate Edward DeBartolo.
Trump is also being supported by America First Action super PAC, which will pool in $40 million on advertising. The top benefactors of First Action PAC are transportation company executive Timothy Mellon who has given $10 million and Los Angeles real estate developer Geoffrey Palmer, who has pooled in $6 million.
According to Business Insider, First Action PAC was successful in getting just six of the top 38 donors to Trump campaign. Trump had expressed his anger against the First Action PAC for not collecting the expected amount of money to spend on advertisements. This led to the formation of another PAC Preserve America that has attracted big donors like Adelson.
It can be noted that in 2016 too big Republican donors pooled in money in the final weeks of elections in 2016. Adelson and his wife Miriam had given $20 million for the campaign and Marcus also contributed over $2 million.
With less than two months until the election [November 3, 2020], both Republicans and Democrats are spending huge sums on advertisement. It is considered as a powerful means of campaign, especially when the election is nearing. Republicans are counting on the big donors to tackle Biden's airwaves with advertising.