In May, former President Donald Trump faced a New York jury conviction on all 34 counts related to falsifying business records during the 2016 presidential election. Following this, wealthy Republican donors like Timothy Mellon, Elizabeth and Richard Uihlein, and Kelcy Warren made significant contributions to Trump’s main super PAC. Mellon became the leading donor of the 2024 election cycle with over $100 million in donations so far. On the Democratic side, Michael Bloomberg, James Simons, and Fred Eychaner made major contributions to support President Joe Biden’s campaign. Despite this, Trump’s campaign managed to outraise Biden’s in May, narrowing the funding gap between the two campaigns. Outside groups like super PACs, not directly affiliated with the campaigns, are able to raise unlimited amounts of money and spend as they see fit. The Trump campaign had $116.6 million in cash on hand at the beginning of June, while Biden’s campaign had $91.6 million. These developments indicate a competitive financial landscape heading into the 2024 election.
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