Former President Trump’s 2024 presidential campaign is receiving a financial boost from a group of billionaires as he aims to narrow the fundraising gap with President Joe Biden.
Fox Business Network reports that billionaire Stephen Schwarzman, CEO and co-founder of Blackstone, announced on Friday that he will support former President Trump in the 2024 race. Schwarzman previously called for the Republican Party to turn to a “new generation of leaders.”
Worth an estimated $39 billion, Schwarzman said he shares many Americans’ concerns “that our economic, immigration and foreign policies are taking the country in the wrong direction” and added that the “dramatic rise of antisemitism has led me to focus on the consequences of upcoming elections with greater urgency.”
His announcement comes as other billionaires rally to support the Trump campaign, which is closing in on the Biden campaign in terms of fundraising. The Biden campaign had been outpacing Trump in monthly fundraising until April, when Trump’s campaign took the lead for the first time this cycle. Additionally, mounting legal bills have put a strain on the Trump campaign’s finances.
In April, the New York Times reported that Biden’s campaign had about $84.5 million in net cash, while Trump’s had $48 million. The Biden campaign’s funds remained relatively unchanged from the previous month, while the Trump campaign’s funds increased by about $3 million from March.
Support from Schwarzman and other billionaire backers could significantly aid the Trump campaign in narrowing the fundraising gap with Biden. In early April, billionaire hedge fund founder John Paulson hosted a fundraiser at his Palm Beach, Florida, home. Guests were asked to contribute $814,600 per person to be a “chairman” contributor, which included sitting at Trump’s table, or $250,000 to be part of the “host committee.”
Billionaires Robert Mercer and his daughter, Rebekah Mercer, served as co-chairs for the Paulson fundraiser. Both were significant supporters of Trump in 2016 but had largely refrained from participating in his 2020 re-election campaign, Fox Business noted.
Oil magnate Harold Hamm, the founder and chairman of Continental Resources, who helped pioneer fracking techniques in the extraction of shale oil, was also listed as the chair of the event. Casino mogul Steve Wynn and Todd Ricketts, Chicago Cubs co-owner and a member of the TD Ameritrade board of directors, were listed as co-chairs of the event. Ricketts previously served as the RNC’s finance chair.
The April event netted Trump’s campaign more than $50 million, or roughly twice what Biden raised a few weeks before during an event attended by former Presidents Barack Obama and Bill Clinton, and featured some Hollywood stars.
“In a campaign swing through Texas last week, Trump attended a fundraiser in Houston hosted by Hamm and other billionaires, including Jeff Hildebrand, founder of Hilcorp Energy, which is the largest closely held oil firm in the U.S.; George Bishop, founder of GeoSouthern Energy; and Kelcy Warren, head of pipeline firm Energy Transfer Partners,” Fox Business reported. “The Houston luncheon fundraiser was followed by a roundtable with a group of about 45 executives. A second fundraiser was held in Dallas on Wednesday evening.”
Meanwhile, Trump has mended fences with his closest GOP rival for the nomination this year, Florida Gov. Ron DeSantis. After a bitter fight in the Republican primary the pair were together on a call with Republican donors that was described as “warm and gracious,” The Washington Examiner reported.
“Ron, I love that you’re back,” the former president said to the Florida governor on the call as they spoke about golf, which is one of the former president’s favorite hobbies, as well as issues facing the nation.
“The report is one of the first major signs that the pair are headed for a reconciliation, at least in appearance. It may not be coincidental that it was in front of donors, as Trump trails Biden’s campaign war chest significantly,” the report said.
“Trump outraised Biden by $76 million to $51 million in April, the first time in recent months that Biden couldn’t rake in more money than his Republican opponent. A recovered Trump-DeSantis relationship could also help the former president’s image among Florida voters who reelected DeSantis as governor in 2022 by nearly 20 points,” it said.
