Business
Billionaire Timothy Mellon’s Record Donation Boosts Trump Campaign Funding
Billionaire Timothy Mellon made headlines with a groundbreaking $50 million donation to the pro-Trump super PAC, Make America Great Again Inc. This donation, the largest of the 2024 election season so far, came at a critical juncture in the campaign.
Mellon’s generous contribution significantly impacted the fundraising landscape, with the conservative billionaire disclosing over $100 million in campaign contributions this year. The injection of funds propelled MAGA Inc.’s total raised to $68.8 billion in May, bolstering its financial position.
The substantial sum from Mellon served as a financial windfall for the Trump campaign and the Republican National Committee, enabling them to amass a total of $141 million in donations. This marked a major shift as they outpaced the $85 million raised by the Biden campaign and the Democratic National Committee.
May represented a turning point in fundraising dynamics, with Trump’s campaign surging ahead in financial resources. The $50 million injection from Mellon played a pivotal role in this fundraising surge, providing a significant cash infusion.
Notably, Timothy Mellon’s previous political contributions included a $5 million donation to Robert F. Kennedy‘s Democratic Primary campaign. The billionaire had endorsed Kennedy as a unifying figure capable of challenging corruption and securing victory in the general election.
With the Trump campaign boasting an impressive $116 million cash reserve, in contrast to Biden’s $91 million, the financial dynamics of the 2024 election have seen a notable shift. This marked the first occasion this year where Trump’s campaign held a cash advantage over Biden’s.
Looking ahead, MAGA Inc. announced plans to deploy $100 million in expenditures leading up to Labor Day. The strategic spending is set to include targeted advertising campaigns in pivotal Rust Belt and Sun Belt states, aiming to bolster support for Trump.
Forbes estimates the net worth of the Mellon family at $14.1 billion, tracing back to a longstanding wealth legacy that dates back to 1841. The Mellons have garnered wealth through diverse investments spanning real estate, banking, venture capital, and oil.
