WASHINGTON — The President-elect, Donald Trump, has successfully raised over $170 million in anticipation of his upcoming inauguration, setting a new record as numerous tech leaders and significant contributors are keen to finance the ceremony with substantial donations.
A source with direct knowledge of the fundraising efforts, who requested anonymity, confirmed these private donations. This individual also indicated that the inaugural committee is on track to collect more than $200 million by the time their fundraising activities conclude.
As of now, the inaugural committee has yet to provide information on its spending plans regarding these contributions.
The funds raised will primarily cover expenses tied to the inauguration, including the official swearing-in ceremony, a parade, and opulent inaugural balls. According to the same source, any remaining funds from the committee will likely be allocated toward the establishment of a future presidential library for Trump.
The impressive fundraising total so far greatly surpasses the amount raised by President Joe Biden during his inauguration four years ago, which was nearly $62 million, as noted by records from the Federal Election Commission.
Trump’s inauguration in 2016 also set a precedent, generating approximately $107 million in contributions. Following the former president’s electoral success in November and the Republican Party’s control over both legislative chambers, prominent sponsors, including those from the tech industry, have been eager to contribute. This is likely an effort to cultivate a more amiable relationship with the incoming administration.
Prominent companies such as Amazon and Meta, the parent organization of Facebook and Instagram, announced last month that they intend to contribute $1 million each to Trump’s inaugural fund. Additionally, Sam Altman, the CEO of OpenAI, stated he plans to make a personal donation of $1 million.
Reports regarding the current fundraising totals were first disclosed on Wednesday by a major news outlet.
