Donald Trump hopes to raise $43 million at Florida fundraiser

Republican presidential candidate Donald Trump is expected to raise a whopping $43 million or more at a major fundraiser in Florida on Saturday, as the former president attempts to compete with Democrat Joe Biden. The reduced funds will be replenished in the rematch.

The event is expected to be Trump’s largest fundraiser to date, a much-needed opportunity for Trump, who has regularly been outraised by Biden and has struggled with attorney fees and legal expenses. Continuing to swell, Trump is under financial strain.

The dinner, held at the Palm Beach home of billionaire hedge fund manager John Paulson, will allocate some of the money raised to a fundraising group that has spent tens of millions of dollars Trump’s attorney fees.

While Trump has struggled to win over some major traditional Republican donors, he has retained the support of some heavyweights. For example, Saturday’s co-hosts include hedge fund investor Robert Mercer and his daughter, conservative activist Rebecca, investor Scott Bessant, according to a fundraising invitation seen by Reuters and casino tycoon Phil Ruffin.

Paulson has been nominated by Trump as a potential Treasury secretary, according to two sources. Bessant has also been nominated for the position, one of the two sources said.

Paulson did not immediately respond to a request for information about the event.

Trump’s campaign said last month it would not be able to match Biden’s fundraising totals this year. His campaign and joint fundraising committees raised a total of $20.3 million in February, while Biden’s reelection efforts raised more than $53 million that month.

However, more money is not always a sign of success. In 2016, Trump defeated Democratic candidate Hillary Clinton, who raised $769.9 million, far exceeding Trump’s $433.4 million.

Trump, who won the Republican presidential nomination last month, can now raise money from the Republican National Committee ahead of the Nov. 5 election.

The Trump 47 Committee is a newly formed fundraising arm with the RNC, which allocates funds to the Save America leadership group before providing any funds to the RNC, according to the invitation.

Trump’s 47-member committee is asking top donors to donate up to $814,600 each. The first $6,600 anyone donates will go to Trump’s presidential campaign, according to the invitation.

Each person can donate up to $5,000 to Save America. After Save America gets its share, the RNC will receive a cut of up to $413,000. With the largest donations, many Republican state parties will also receive funds.