The Republican Party

Trump leans on big donors

Big names prevail in the total collection: from Musk to the Winklevoss twins' cryptocurrencies, from banks to Silicon Valley

from New York Marco Valsania

4' min read

4' min read

Elon Musk presents himself, with his controversial exploits. But there are also the Winklevoss twins, Cameron and Tyler, rowing champions (they took part in the Beijing Olympics), who conceived Facebook's predecessor at Harvard, then engaged in legal feuds with Mark Zuckerberg and are now considered cryptocurrency gurus (among Trump's latest passions). There is Tim Mellon, converted to apostle of the Maga from a shy heir to one of the historic banking fortunes and now at the top of the list of Trump's foragers. Then there is Miriam Adelson, widow of Sheldon, former king of the Las Vegas Sands casinos and ever the ultra-conservative champion. And in the middle crop up celebrities from high finance and Silicon Valley, from John Paulson (being talked about for a possible Treasury appointment) to Steve Schwarzman, from Paul Singer to Marc Andreessen.

These are the many faces of Donald Trump's super-supporters, who have financed his race in a challenge with record costs: in all, Forbes magazine has identified 52 billionaires who have financially supported the tycoon, with at least half of them donating over a million each.

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Overall, a river of nearly four billion dollars flooded the election, with over a billion coming from a handful of 144 billionaires. In Trump's case, the handful is particularly small: over a third of his funds, nearly 700 million, came from mega-donors, almost twice as many as the big donors who backed Harris. A poker of four figures 'invested' 432 million on the right-wing leader's success. The Washington Post went so far as to list 50 big donors, individuals and entities, who mobilised 2.5 billion for the entire range of candidates running in the two camps. Beyond the somewhat discordant data, a clear imbalance emerges here in favour of the Republicans, who pocketed a total of 1.6 billion from the elite supporters.

But let us come to the protagonists of the funding. The 82-year-old Mellon, amidst the discontent of much of his own family dynasty, has put at least 150 million on the plate for Trump, half of the money raked in by the Make America Great Again Inc. group. Including funds for other Republican causes, the total rises to 200 million.

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Musk has been little short of that: he has poured 118 million - but the figure is steadily rising - into his America Pac, specially created in favour of Trump. Another 12 million he has poured into supporting Republicans in the race for parliamentary seats. Certainly, with the money, the Tesla and SpaceX patron is the leader of Corporate America who has exposed himself most publicly, even jumping on stage at rallies with his candidate. In doing so, he has also ignored accusations and allegations that he has broken the law by buying votes and voter registrations by cheque, including a repeated million-dollar lottery for lucky people drawn by lot in uncertain states. Not only that, he has glossed over the shadows of conflicts of interest in the event of his ventilated appointment as spending cut czar in the event of a Republican victory. Too bad he has multi-billion dollar federal contracts and that among the agencies he would starve are those that control his businesses, from cars to space.

The list of donors contains other illustrious names. Miriam Adelson has offered over 136 million, 100 only to the pro-Trump organisation Preserve America and the rest to congressional campaigns, giving away a personal fortune estimated at 34 billion. She had had rifts with Trump in the past, but reconciled with him and they attended an anti-Semitism event together. She and her husband Sheldon had already been Trump's biggest donors ever in 2020. Liz and Dick Uihlein, who lead an empire in shipping and packaging, have in turn contributed over 100 million, 76 to the Trumpian group Restoration, 19 to the Club for Growth and ten to Make America Great Again. They headed for Trump after the exit of their favourite in the Republican primary, Ron DeSantis.

Millions also came from the Winklevoss twins, founders of the crypto brand Gemini. They donated one million each to Trump individually, exceeding the maximum allowed and forcing the candidate to return some of the money. Hedge fund player Paul Singer gave five million to Trump and 60 to Republican assets. John Paulson, on the other hand, first orchestrated huge fundraisers for Trump and threatened capital flight from US markets if he lost.

Some influential Republican donors, however, remained cautious, at least when it comes to their wallets. Ken Griffin, of the giant Citadel, has contributed 103 million to the Republicans, but not to the Trump campaign: he has said he will vote despite himself. On the other hand, faced with Trump's chances of victory, some business leaders previously hostile to Trump have moderated their criticism: among them, Amazon founder Jeff Bezos.

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