Donald Trump is gaining traction in the presidential race with the backing of extremely wealthy donors. The latest to announce support is the famed founder of Ark Invest, Cathie Wood. Wood stated that she would vote for Trump over President Biden, citing his better performance for the U.S. economy. This endorsement comes on the heels of contributions from other big investor names like Stephen Schwarzman, CEO of Blackstone (NYSE:BX); John Paulson, famed billionaire hedge fund manager; Harold Hamm, Director of Omega Acquisitions; and Robert Mercer, co-CEO of Renaissance Technologies and credited with managing a fund with the best record in investment history.
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Trump’s Economic Track Record and Investor Backing
Ms. Wood’s endorsement of Trump is based on her belief that he would do the best job for the U.S. economy. She said the first three years of Trump’s presidency were the best in U.S. economic history, attributing the evaluation to Laffer Associates founder and chairman Art Laffer. This sentiment is echoed by others who make a living in the financial and investment markets and who have contributed to Trump’s campaign through fundraisers and donations to super PACs.
How Investor Big Wigs Are Helping Trump
A fundraiser in Florida hosted by John Paulson netted the Trump campaign over $50 million. The event was attended by Trump and featured a list of wealthy donors, including Harold Hamm, real estate developer Steve Wynn, Todd Ricketts, the son of TDAmeritrade founder, and others, who contributed to the event’s success. This large sum of money was raised in large part from donors considered billionaire investors.
Billionaires Boost Trump’s Presidential Bid
Several billionaires have come out in support of Trump’s presidential bid, contributing to his campaign through fundraisers and donations. According to federal filings, Mellon made his contribution to super PAC Make America Great Again (MAGA) Inc. the day after Trump was convicted on 34 felony counts in a controversial New York state trial.
MAGA Inc. disclosed that it brought in over $68 million in fundraising in May, with much of the money coming from a handful of billionaires. The support from these wealthy donors has amassed a strong financial backing for Trump’s bid for the presidency, a bid these donors clearly see as beneficial to what is important to them.
Wealthy Business People
Among other big-buck donors donning red ball caps are Mellon banking heir Timothy Mellon. Mellon gave a massive $50 million contribution to a leading super PAC supporting the former president’s White House bid. This contribution, along with another $10 million from the conservative mega-donors Richard and Liz Uihlein, heirs of the Schlitz brewing fortune and founders of Uline, has built a war chest for Trump’s campaign. For many, these are considered “investments,” made to help sway voters’ decisions on who is next to sit at 1600 Pennsylvania Avenue.
Key Takeaway
With the backing of ultra-successful donors from the investment world, presidential candidate Donald Trump is gaining a financial advantage in the presidential race. The support from these individuals has provided Trump’s campaign with significant financial resources, which will be deployed to support increased campaign efforts and bolster his bid for the presidency. While there are factors other than money that win elections, a financial edge is shown to be crucial to a campaign’s success.
