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Trump fundraising haul hits US$274 million ahead of midterms, giving Republicans huge edge

Trump’s unprecedented fundraising haul for a second-term president vastly exceeds the US$69 million raised by the Democratic National Committee

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US President Donald Trump’s fundraising efforts for the mid-term elections have been fuelled by tech moguls and crypto firms. Photo: TNS
Bloomberg
Billionaires Elon Musk and Jeff Yass, along with crypto industry donors, helped US President Donald Trump raise US$236 million for his political operation in the first six months of 2025 – an unprecedented sum for a second term president.

The latest filings to the Federal Election Commission (FEC) show that the fundraising haul, which includes donations to three leadership political action committees, joint fundraising committees and an allied super PAC, leaves Trump with US$274 million cash on hand.

It’s a massive war chest he can deploy on behalf of Republican House and Senate candidates in the midterm elections, when the incumbent president’s party generally loses seats, and it highlights the continued grip Trump retains on the Republican Party.

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Trump’s super PAC, Maga Inc., provided the biggest draw for campaign cash, taking in US$177 million. The president has held four US$1 million-per-plate dinners for Maga Inc. donors as well as a US$1.5 million-per-plate event for entrepreneurs and investors in cryptocurrency and artificial intelligence, two emerging technologies that have been a focus for his administration.
While the FEC disclosures don’t indicate whether a donor attended an event or simply wrote a cheque, they do reveal support from executives in tech, finance and energy for Trump. Yass, the co-founder of trading firm Susquehanna International Group and a major shareholder in TikTok parent ByteDance, gave US$16 million. Pipeline billionaire Kelcy Warren and his company, Energy Transfer LP, combined to give US$25 million.
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Crypto industry donors poured money in as well. Foris DAX, parent of exchange Crypto.com, gave US$10 million, while Blockchain.com gave US$5 million. Venture capitalists Marc Andreessen and Ben Horowitz each gave US$3 million, while billionaire twins Tyler Winklevoss and Cameron Winklevoss combined to give just over US$2 million.

Maga Inc. got a US$5 million donation from Musk, a close Trump ally who fell out with the president after leaving his role overseeing the Department of Government Efficiency in late May. Musk has criticised Trump and Republicans over their signature tax and spending bill. Musk’s donation hit on June 27, the same day he gave US$5 million cheques to two Super PACs that back Republican candidates in the House and Senate. In July, Musk vowed to create a third party.

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