Trump Garners $274 Million in Funding From Billionaires Prior to Midterm Elections, Billionaire Backing
In the first six months of 2025, President Donald Trump's political operation raised a staggering $274 million, with the majority of the funds going to his super PAC, MAGA Inc., which took in approximately $177 million.
Key individual donors included Elon Musk, who contributed $5 million to MAGA Inc., despite a reported falling out with Trump around the same time. Another notable contributor was Elizabeth Fago from Florida, who donated $1 million on April 3, 2025. Fago's son, Paul Walczak, a nursing home executive, received a presidential pardon from Trump shortly after, raising questions about political donations and pardoning activity.
The fundraising haul was heavily influenced by industries such as technology, crypto, oil, and energy. Notable contributors from these sectors included venture capitalists Marc Andreessen and Ben Horowitz, who each gave $3 million, and billionaire twins Tyler Winklevoss and Cameron Winklevoss, who combined to give just over $2 million. Crypto industry donors Foris DAX Inc. (parent of exchange Crypto.com) and Blockchain.com Inc. gave $10 million and $5 million respectively.
Pipeline billionaire Kelcy Warren and his company, Energy Transfer LP, combined to give $25 million. Billionaires Elon Musk and Jeff Yass, along with other crypto industry donors, helped Trump raise $236 million for his political operation in the first six months of 2025. Yass, co-founder of trading firm Susquehanna International Group and a major shareholder in TikTok parent ByteDance Ltd, gave $16 million.
The three committees combined spent $26.5 million, with $6 million going to legal fees. The Never Surrender PAC, along with Trump's other leadership PACs (Save America and Make America Great Again PAC), ended June with $41 million cash on hand.
Trump's fundraising operation was not without controversy. He is still trying to overturn his 2024 conviction on 34 felony counts for falsifying business records to cover up hush-money payments to adult-film actress Stormy Daniels. Trump also faces an $83.3 million award to writer E. Jean Carroll for defamation.
As Trump works to influence the 2026 midterms, he will be relying on his substantial cash reserves, accumulated from donations by a range of contributors, including GOP megadonors, key Trump allies (some government officials), big business figures, tech and crypto industry leaders, and a few notable individual contributors such as Elon Musk and Elizabeth Fago.
[1] The New York Times [2] Politico [3] CNN [4] The Washington Post [5] Fox News
- In the technology industry, venture capitalists Marc Andreessen and Ben Horowitz, along with billionaire twins Tyler Winklevoss and Cameron Winklevoss, contributed a substantial amount to President Donald Trump's super PAC, MAGA Inc.
- Aspiring shoppers can find deals-and-discounts via various platforms, but political donors, such as Elon Musk and Elizabeth Fago, are now playing a significant role in shaping policy-and-legislation and war-and-conflicts through their contributions to political operations like MAGA Inc.
- Artificial-intelligence and fintech are reshaping the banking-and-insurance sector, but in the political landscape, the finance sector also holds significant influence, as seen in donations by billionaires like Jeff Yass and Elon Musk to Trump's 2025 political operation.
- The general-news media outlets, such as The New York Times, Politico, CNN, The Washington Post, and Fox News, are closely following political developments and the impact of product-reviews and political donations on policy-and-legislation in the midst of controversies surrounding President Trump's 2024 conviction and legal battles related to defamation suits.
- In the midst of his campaign for the 2026 midterms, President Trump is relying on a vast cash reserves accumulated from donations by diverse contributors, including GOP megadonors, key Trump allies (some government officials), and influential figures from the tech and crypto industries.
- The three committees, Never Surrender PAC, Trump's other leadership PACs, Save America, and Make America Great Again PAC, together ended June with $41 million cash on hand for funding political deals-and-discounts and supporting legislation.
- As politicians and political operations navigate the complex landscape of fundraising, they will have to navigate the ever-changing landscape of technology and politics, with ethical implications hanging in the balance, as raised by questions about political donations and pardoning activity.
