New York, 23 June 2024 – Former President Donald Trump is making significant strides in his fundraising efforts for the upcoming U.S. presidential election, despite recent legal setbacks. Following his conviction on 34 charges, Trump's campaign fund experienced a notable dip. However, a substantial boost came from a $50 million donation by a billionaire supporter, narrowing the fundraising gap with President Joe Biden. This information comes from a recent report by the New York Times.

In May, Trump's campaign managed to collect $81 million in donations, surpassing President Biden's $85 million raised by the combined efforts of his campaign and the Democratic National Committee during the same period. Trump's financial support saw a significant increase post-conviction, reflecting a surge in backing from his base.

The single largest donation to Trump's campaign came from billionaire Timothy Mellon, who contributed $50 million the day after Trump's conviction. This generous donation highlights the unwavering support from some of Trump's wealthy backers. Comparatively, former New York City Mayor Michael Bloomberg donated about $20 million to Biden's campaign.

As of now, Trump and the Republican National Committee have a combined total of $141 million. In contrast, Biden's campaign team reports that their joint funds with the Democratic National Committee reached $212 million in June. Partial data released by the Federal Election Commission last Thursday indicates that Trump and his party have collected at least $170 million.

Initially, Trump was $100 million behind Biden's campaign funds at the beginning of April. However, in just two months, he has managed to halve this deficit. The full financial details for both campaigns will be disclosed in federal filings next month. Despite Biden's heavy spending on advertising this spring, the fundraising efforts of both parties appear to be evening out.

As the race intensifies, both campaigns are gearing up for a competitive battle ahead. Trump's ability to rapidly close the fundraising gap and Biden's strategic spending will play crucial roles in shaping the dynamics of the upcoming election. The full financial disclosures next month will provide a clearer picture of the fundraising landscape as both candidates push forward in their campaigns.