Trump Is Expected To Raise $43 Million In Fundraising Event But Is Missing Support From One Key Donor Who Fueled 2020 Campaign – Blackstone (NYSE:BX)

Donald Trump is reportedly using a high-profile fundraising event at the opulent residence of a billionaire to highlight his unification of the Republican megadonor community.

However, the most significant donor has not yet contributed financially, reported The Wall Street Journal.

Miriam Adelson and her late husband Sheldon Adelson, who were the primary contributors to Trump’s 2020 campaign with a total of $90 million in donations, have yet to contribute to Trump’s 2024 reelection campaign.

Also Read: Joe Biden Slams Trum’s ‘Trickle Down’ Policies: ‘On My Watch, We’re Creating Jobs’

Trump’s Megadonor Dilemma: Adelson is part of a group of prominent figures who have not yet committed. This group also includes Blackstone Inc. BX Chief Executive Officer Stephen Schwarzman and Elliott Management’s Paul Singer.

As Trump confronts a better-funded President Biden in what is anticipated to be the most costly general election ever, he will require all available assistance, particularly as he diverts some donations to cover legal expenses.

Trump is increasingly seeking favor from the megadonor elite, which includes Miriam Adelson, one of the wealthiest women globally. 

Also See: Melania To Reemerge In Political Spotlight With Mar-A-Lago Fundraiser Amid Trump’s Legal Turmoil

Miriam Adelson and the former president maintain regular communication and have dined together twice in the last two months, once in Las Vegas and again at Trump’s Mar-a-Lago estate in Palm Beach.

Adelson’s Influence: According to multiple sources familiar with her or Trump’s fundraising network, it is anticipated that Miriam Adelson will eventually make a contribution. However, a spokesman for the billionaire declined to provide any comment on the matter, The Wall Street Journal added.

At times, Trump has added complexity to his relationship with the Adelsons. In 2019, Sheldon Adelson reached out to the president to express concerns about the ramifications of the trade dispute with China on the U.S. economy and Trump’s chances for reelection.

It remains uncertain how Miriam Adelson perceives Trump’s critical remarks regarding Israeli Prime Minister Benjamin Netanyahu and his handling of the country’s conflict with Hamas. 

Trump’s statement that the conflict needs to be resolved swiftly or risk Israel’s global reputation was made during an interview with journalists from a newspaper owned by Miriam Adelson. Miriam Adelson, who was born in Israel, is a staunch advocate for her homeland.

As president, Trump staunchly supported Israel and its supporters, including the Adelsons.

In 2017, Trump’s decision to recognize Jerusalem as Israel’s capital and initiate the relocation of the U.S. Embassy from Tel Aviv marked a significant move, a stance the Adelsons had long advocated for but which previous administrations had postponed due to security concerns. The following year, Trump honored Miriam Adelson, a physician and philanthropist, with the Presidential Medal of Freedom.

Financial Uncertainty: Despite ongoing efforts to win over holdouts like Miriam Adelson, it’s evident that GOP billionaires are rallying behind Trump once again. 

Hosted by billionaire hedge-fund manager John Paulson, Saturday’s fundraiser is expected to generate at least $43 million, further highlighting the renewed support for Trump within Republican circles.

As per a recent The Wall Street Journal poll, Trump currently holds the lead over Biden in six out of the seven states anticipated to be highly contested. 

However, substantial legal expenses associated with Trump’s legal battles in Georgia, New York, Washington, D.C., and Florida have consumed tens of millions of dollars, The Wall Street Journal added. 

Read Next: Marvell Technology Poised To Expand Leadership In AI Chip Market, Analyst Sees Market Potential Worth Billions

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Shutterstock

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