President-elect Donald Trump has achieved a remarkable feat in fundraising for his upcoming inauguration, amassing over $170 million so far. This unprecedented sum has been primarily sourced from private donations, featuring significant contributions from tech executives and major donors who are eager to support the ceremony financially.
A source with direct knowledge of the fundraising efforts, who requested anonymity to speak freely, indicated that Trump's inaugural committee is poised to surpass the $200 million fundraising mark by the conclusion of their campaign. Despite attempts to reach out for further comment, the inaugural committee has yet to provide details regarding the specific allocation of the raised funds.
The funds collected will predominantly cover the expenses associated with the inauguration events, which include the oath of office ceremony, a parade, and several extravagant inaugural balls. Importantly, any remaining funds from the inaugural committee are anticipated to support the establishment of a future Trump presidential library, according to the internal source.
The total raised by Trump's inaugural committee far exceeds the amount garnered by President Joe Biden during his inauguration four years ago, which totaled approximately $62 million, as per records from the Federal Election Commission. Furthermore, Trump's initial inaugural fundraising in 2016 set records at around $107 million.
In the wake of Trump's electoral victory in November, coupled with the Republican party gaining control over both chambers of Congress, significant donors have been eager to enhance their rapport with the incoming administration. Prominent among these contributors are major technology firms; for instance, both Amazon and Meta, the parent company of Facebook and Instagram, each announced plans to donate $1 million to Trump's inaugural fund. Additionally, OpenAI CEO Sam Altman also committed to a personal contribution of $1 million.
The New York Times was the first to disclose the current fundraising figure for the scheduled inauguration happening later this month, underscoring a record-breaking start to Trump's second presidential inauguration efforts.
In summary, Donald Trump's inaugural fundraising has set a new benchmark in American political history, reflecting heightened engagement from the business sector, particularly technology companies. This level of financial backing indicates a strong desire among major donors to foster ties with the incoming administration and align themselves with the new presidency.
