NEW YORK (AP) — Former President Donald Trump’s political operation began the year with about $25 million in savings for his recently launched 2024 presidential campaign, substantially less than what was available to him just a year ago, according to new financial reports from campaign. show.
The reduced sum, which is distributed among four campaign committees, is far less than the $105 million Trump reported in early 2022. It speaks to potential challenges for Trump as he mounts his third run for president versus what likely be a field packed with Republican candidates who will also be competing for campaign money from party donors.
Across all of his political committees, including his main campaign account, Trump has raised $9.5 million since launching his bid on November 15, according to his campaign, a far cry from the mammoth sums his campaign boasted of raising in a matter of days. or even hours. — When he was still president.
Although Trump has faced questions about whether he will struggle to raise money, especially as some Republicans openly discuss whether it is time for the party to move on, his campaign has defended the numbers.
“The campaign has built an operation that is second to none both nationally and in early states since the announcement. The president will wage an aggressive and fully funded campaign to take back our country from Joe Biden and the Democrats who seek to destroy our country,” Trump spokesman Steven Cheung said in a statement.
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Part of why Trump has less money than before is because one of his committees, a leadership PAC called Save America, transferred $60 million to a separate super PAC that supports his candidacy.
Some campaign finance overseers have questioned the legality of that move, arguing that the transfer circumvents limits set on such committees, which were set up to raise money for other candidates, not to finance a candidate’s own political ambitions. Super PACs can raise unlimited amounts but cannot formally coordinate spending with the Trump campaign.
That committee, called MAGA Inc., began 2023 with more than $54 million to spend, according to reports filed Tuesday night with the Federal Election Commission. Super PACs can raise unlimited money and spend it freely, but cannot directly coordinate with campaigns.
Trump has also spent at least $8 million in legal fees, while facing numerous investigations, as well as a congressional investigation into his role in the January 6 insurrection.
Trump’s campaign has gotten off to a slow start, as the former president made his first campaign appearance over the weekend. At stops in New Hampshire and South Carolina, he said he was more committed than ever and vowed to hold his trademark big rallies soon. He recently opened a branch in Palm Beach, Florida, and has been hiring.
But his popularity among the ranks of Republican voters and his prolific fundraising based on small donations could allow him to win the nomination without the help of big donors.
You will soon be able to revive a key source of fundraising for your campaigns when your Facebook account is reinstated, allowing you to communicate directly with 34 million followers. The audience is more than seven times what it has on its Truth Social network.
Facebook parent Meta announced it will restore Trump’s account in the coming weeks after a two-year suspension imposed after the January 6 insurrection.
Associated Press writer Brian Slodysko in Washington contributed to this report.
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