President-elect Donald Trump has set a new fundraising record for his upcoming inauguration, having raised over $170 million from private donations. It is anticipated that the total amount will exceed $200 million by the conclusion of the fundraising campaign. The funds have been contributed by tech executives and prominent donors who have eagerly supported the event.
The specific allocation of the donations by Trump's inaugural committee has not yet been disclosed. Typically, such private donations are utilized to cover expenses related to various inauguration events, including the oath of office ceremony, a parade, and extravagant inaugural balls. Any surplus funds from the committee are expected to be directed towards the establishment of a future Trump presidential library.
Comparatively, the amount raised for Trump's inauguration surpasses the figures from previous inaugurations. President Joe Biden raised nearly $62 million for his inauguration four years ago, while Trump collected approximately $107 million for his first inauguration in 2016.
Following Trump's recent election victory and the Republican party's success in securing control of both congressional chambers, major donors, including tech giants, have been actively contributing to the inauguration fund. Companies such as Amazon and Meta (the parent company of Facebook and Instagram) have pledged $1 million each, while OpenAI CEO Sam Altman has committed to a personal donation of $1 million.
The significant fundraising achievement for Trump's upcoming inauguration was first reported by The New York Times. The substantial financial support underscores the enthusiasm and backing from various sectors for the upcoming presidential inauguration.
Source: New York
