In an unprecedented move, billionaire Timothy Mellon has contributed $50 million to a super PAC supporting former President Donald Trump. This substantial donation has significantly boosted Trump’s campaign finances, allowing him to surpass President Joe Biden in fundraising for the month of May. According to federal filings, Mellon’s contribution was made to the pro-Trump super PAC, Make America Great Again Inc., on the same day Trump faced conviction on 34 felony charges in the New York hush-money case.
Mellon’s donation marks the largest individual contribution of the 2024 election season, making him the first donor to disclose over $100 million in campaign contributions this year. His $50 million contribution was a significant portion of the $68.8 million raised by MAGA Inc. in May. This financial influx provided a considerable boost for the super PAC, which already had $34.4 million available at the end of April.
Record-Breaking Fundraising Month for Trump Campaign
The generous donation from Timothy Mellon led to a record-breaking fundraising month for the Trump campaign and the Republican National Committee. Together, they raised $141 million in May, significantly outpacing the $85 million raised by the Biden campaign and the Democratic National Committee. This marks the second consecutive month in which Trump has outraised Biden, sharply cutting into the President’s previous fundraising advantage.
Mellon’s contribution played a pivotal role in this financial surge, enabling the Trump campaign to amass $116 million in the bank by the end of May. This is the first time in the 2024 race that Trump’s campaign has more cash on hand than Biden’s, which reported having $91 million. This financial edge could prove crucial as the campaign progresses, providing Trump with the resources needed for extensive advertising and outreach efforts.
Future Spending Plans and Mellon’s Influence
Looking ahead, the pro-Trump super PAC, MAGA Inc., has announced plans to spend $100 million through Labor Day. This expenditure will fund a comprehensive advertising campaign targeting key Rust Belt and Sun Belt states, which are expected to be battlegrounds in the upcoming election. This strategic spending is likely aimed at consolidating Trump’s support base and swaying undecided voters in these critical regions.
Timothy Mellon, whose family’s net worth is estimated at $14.1 billion, has a history of significant political donations. His contribution to Trump’s campaign underscores his influence and commitment to shaping the political landscape. The Mellon family’s fortune, rooted in real estate, banking, venture capital, and oil investments since 1841, continues to wield considerable power in American politics. Mellon’s previous support for Robert F. Kennedy’s Democratic Primary campaign also highlights his willingness to back candidates across the political spectrum who align with his vision for the country.
The Role of Super-PACs in the 2024 Presidential Race
Super-PACs, or “political action committees,” play a critical role in modern American elections by allowing unlimited fundraising to support candidates, independent of direct campaign coordination. Mellon’s contribution to “MAGA Inc” underscores the significant influence wealthy individuals can exert on political campaigns. Besides his support for Trump, Mellon has also donated generously to independent presidential candidate Robert F. Kennedy Jr., giving at least $20 million to the pro-Kennedy Super-PAC American Values.
The financial disparity between pro-Trump and pro-Biden Super-PACs is notable, with Trump’s allies benefiting from large-scale contributions that provide a competitive edge. In contrast, the pro-Kennedy Super-PAC reported a modest intake of approximately $280,000 last month, none of which came from Mellon, highlighting the financial challenges faced by independent candidates.
Counteractions from Biden Supporters
As Trump’s campaign gains financial momentum, President Joe Biden’s supporters are also mobilizing significant resources. Billionaire Mike Bloomberg has emerged as a key benefactor, donating nearly $20 million to Biden-supporting Super-PACs. This includes a substantial $19 million contribution to Future Forward (FF PAC), an independent group backing Biden, and an additional $900,000 to the Biden Victory Fund, a collaborative effort between the Biden campaign and Democratic Party committees.
Despite these substantial contributions, Biden’s campaign has yet to officially comment on the recent financial developments. The influx of funds from both sides highlights the escalating financial arms race in the lead-up to the 2024 presidential election, emphasizing the crucial role of major donors in shaping the political landscape. As the campaign progresses, the financial contributions and expenditures will likely intensify, setting the stage for a fiercely contested election season.
