Trump’s campaign team says they raised more than $53 million in the 24 hours since Thursday.

Washington:

In an electoral system where money is the ultimate kingmaker, Donald Trump is meeting with the nation’s billionaires — and he has his checkbook ready.

The 77-year-old Republican presidential candidate’s ability to raise money from average Americans hasn’t been challenged, and his historic criminal conviction in New York hasn’t slowed the process one bit.

Trump’s campaign team says they raised more than $53 million in the 24 hours after Thursday’s ruling, which charged them with falsifying business records in a conspiracy to illegally influence the 2016 election. He was found guilty of 34 serious crimes.

But for big donors, Trump’s powerful aura was somewhat dimmed in the wake of the chaos surrounding his 2020 election loss to Joe Biden.

On January 7, 2021, a day after Trump supporters vandalized the US Capitol, billionaire businessman and investor Nelson Peltz said he regretted supporting the real estate mogul-turned-world leader.

“What happened yesterday is shameful. As an American, I am ashamed,” the Trian Partners CEO told CNBC.

But a little more than a year later, this past March, Peltz welcomed Trump to his Florida home for breakfast, along with Tesla, SpaceX and X boss Elon Musk.

And in an interview with the Financial Times, Peltz said he would “probably” vote for Trump again in November, while admitting: “I’m not happy about it.”

Why? Peltz, 81, cited an explosion in the number of immigrants entering the United States illegally and the “really terrible” mental health of Biden, who is also 81.

Steve Schwarzman, the billionaire chairman and co-founder of Blackstone Group, one of the world’s leading investment firms, similarly condemned the events of January 6 as “a mob attempt to undermine our Constitution.” of

But on May 24, a Wall Street power player also publicly endorsed Trump, citing the crisis on the US-Mexico border as a major concern.

And Mary Adelson, the widow of casino billionaire Sheldon Adelson and a staunch supporter of Israel, plans to pour tens of millions of dollars into a major political action committee for Trump, according to Politico.

During his first term, Trump awarded Mary Adelson the Presidential Medal of Freedom.

– tax –

With U.S. stock markets hitting routine highs and the world’s largest economy growing despite persistent inflation, why would business moguls back a convicted felon seen as a source of national instability?

Economist Paul Krugman believes that these heavy hitters are making their political choices based on self-interest, not the health of the nation.

“A simple answer is that the wealthy will almost certainly pay lower taxes — and corporations will be less regulated — if Trump wins than if Biden remains in office,” Nobel laureate Krugman said in April. Written in the New York Times.

Biden has made no secret of the idea that if he is re-elected and his Democrats win clear majorities in both houses of Congress, he will impose new taxes on the super-rich.

In 2022, he sought to establish a minimum income tax for billionaires — 20 percent for those with household incomes above $100 million, or just 0.01 percent of the population. But his bill ran out.

Since succeeding Trump to the Oval Office in 2021, Biden has regularly called for more regulation in the world of finance — which may explain why some wealthy businessmen have not backed him. Who is

‘Drill, baby, drill’

The Biden administration’s efforts to tackle climate change have also made him less popular than Big Oil.

“Trump’s ‘drill, baby, drill’ philosophy is much better with the oil patch than Biden’s green energy approach,” Dan Eberhart, chief executive of oilfield services company Canary, recently told the Washington Post.

Biden’s campaign team has regularly attacked his Republican rival’s ties to the uber-wealthy, suggesting that is expected.

“Trump’s billionaire friends are running a white-collar thug campaign because they know the deal — they cut him a check and he cuts their taxes while The working and middle class pays the tab.”

Of course, Biden hasn’t been completely left out of the billionaire campaign donation lottery.

Vinod Khosla, co-founder of Sun Microsystems and a major venture capitalist, recently hosted a fundraising reception for Biden at his California home.

Finally, Wall Street and Big Oil are primarily in Trump’s camp, while Silicon Valley backs Biden.

On Nov. 5, voters — likely swayed by millions of dollars in advertising paid for by billionaires — will have a final say.

(Other than the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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