In a recent development, billionaire Timothy “Tim” Mellon, a member of the illustrious American banking family, reportedly pledged a whopping $50 million to a group supporting former President Donald Trump. This move came a day after Trump’s conviction for falsifying business records.
What Happened: Mellon’s generous contribution to the Make America Great Again Inc. group was revealed on Thursday, Financial Times reported. Federal filings indicate that Mellon’s total donations to the group now amount to $75 million over the past year. Mellon has also donated $25 million to a super PAC supporting independent presidential candidate Robert F Kennedy Jr.
Mellon is the leading donor to both super PACs, positioning him as a key player in the attempt to defeat President Joe Biden in the upcoming November election. Trump, who has been trailing Biden in campaign fundraising, has been using the funds to not only challenge GOP rivals in the Republican primary elections but also to cover legal expenses related to his criminal and civil trials.
Super PACs, such as the ones Mellon has supported, are campaign organizations that can raise unlimited sums for candidates, bypassing the limits set on direct donations.
Mellon, grandson of former U.S. Treasury Secretary Andrew Mellon, has previously been inspired by Trump’s “build the wall” rhetoric, donating over $50 million to Texas Governor Greg Abbott’s border wall fund, according to the Texas Tribune.
MAGA Inc. and Mellon Foundation have yet to respond to the queries sent by Benzinga.
Why It Matters: This development comes at a time when Trump’s campaign has seen a surge in donations following his recent legal troubles. Trump’s campaign raised a staggering $52.8 million in the 24 hours following his guilty verdict.
Furthermore, Trump received $2 million in Bitcoin donations from Tyler and Cameron Winklevoss, co-founders of the cryptocurrency company Gemini. These donations could potentially boost Trump’s efforts in the 2024 presidential election.
Trump will have the final say in the upcoming CNN debate with President Joe Biden. This debate will be the first presidential debate between an incumbent and a former president.
Photo via Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
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