Billionaire mega-donor Timothy Mellon made a $50 million contribution to the pro-Trump MAGA Inc SuperPac on the same day a jury found former President Donald J. Trump guilty in the Manhattan hush money trial. Mellon’s donation makes the single largest individual campaign contribution in the 2024 election cycle. Mellon—an heir to the Mellon banking dynasty—holds an estimated wealth of $14.5 billion, according to Forbes.
A bulk of MAGA Inc.’s $68.8 million in fundraising for May came from Mellon’s donation. Overall, former President Trump and the Republican National Committee (RNC) raised over $140 million last month. Following the Manhattan conviction, the Trump campaign—seperate from the SuperPAC—announced raising nearly $53 million within 24 hours. On June 6, investors David Sacks and Chamath Palihapitiya hosted a fundraiser in San Francisco, where contributions were reportedly up to $300,000 per attendee.
Other key donors supporting Trump include hedge fund founders John Paulson and Robert Mercer, Blackstone Group CEO Steve Schwarzman, fracking pioneer Harold Hamm, and casino mogul Steve Wynn. Fundraising projections indicate this may be the most expensive election in United States history. Mellon has contributed over $100 million to political organizations this cycle, having supported Trump and independent candidate Robert F. Kennedy Jr.
Billionaire backers also support Joe Biden. Michael Bloomberg, former NYC mayor, has donated $19 million to Biden’s SuperPAC and an additional $929,600 to Biden’s fundraising committee. Additionally, Democrat mega-donors James Simons and Fred Eychaner have given $6.5 million to the PAC aiding House Democrats, with Simons contributing $6.6 million and Eychaner $2 million.
Biden’s campaign boasted a higher fundraising total through April, with $192 million in cash on hand compared to Trump’s $93.1 million. Meanwhile, the Trump campaign garnered more in monthly contributions in April and May outpacing the 81-year-old Democrat incumbent.