Trump Raises Record-Breaking Political Funds... Musk Reemerges as Major Donor

Trump and Allies Raise $375 Million
Musk Donates $10 Million to Republican Super PAC

With the U.S. midterm elections coming up in November this year, President Donald Trump and the Republican Party have secured a record-breaking amount of political funds. Although his approval ratings have dropped recently due to hardline immigration enforcement policies, raising the possibility of an early lame-duck period, Trump and his allies have demonstrated an overwhelming financial advantage over any other political group in the United States.

On February 1 (local time), political news outlet Politico reported on the state of political fundraising as of the end of last year, based on disclosures submitted to the Federal Election Commission (FEC) by fundraising organizations and politicians the previous day.

Donald Trump, President of the United States. Photo by AFP Yonhap News

President Trump and his allies have raised approximately $375 million (about 544.5 billion won) in political funds. This is the largest amount raised by any politician, Republican or Democrat, and is unprecedented in scale. It is nearly four times the $95 million held by the Republican National Committee (RNC).

According to The New York Times, the "MAGA (Make America Great Again)" Super Political Action Committee (Super PAC), operated by President Trump's close associates, holds $304 million in political funds. This is more than any other political organization in the United States.

The MAGA Super PAC raised about $112 million in just the second half of last year. This is the result of President Trump's aggressive fundraising activities, as well as a surge of donors seeking business favors or pardons from the U.S. administration.

Politico predicted that, although President Trump cannot run for a third term, he could use these funds in this year's midterm elections and continue to exert influence in future elections. The outlet also analyzed that President Trump has established himself as an independent political force, separate from the traditional party base.

The Democratic National Committee (DNC) had only $14 million in funds. In addition, it is in a poor financial situation, with $17 million in debt.

It is also noteworthy that Elon Musk, CEO of Tesla, who once parted ways with President Trump, has reemerged as a major Republican donor. According to Politico and other sources, campaign finance disclosures submitted on January 31 show that CEO Musk donated $10 million to a Republican Super PAC. In December of last year, he donated $5 million each to the Senate Leadership Fund and the House Leadership Fund, both aiming to secure Republican control of Congress.

In the 2024 presidential election, CEO Musk contributed $290 million through the "America PAC" he founded to support President Trump. However, after a public conflict with President Trump over a tax cut bill last year, Musk announced the formation of the "America Party," distancing himself from the Republican Party. Nevertheless, last month he was seen moving closer again, having dinner with the President and First Lady at the Mar-a-Lago resort.

The Financial Times (FT) explained that CEO Musk, who had said in May last year that he planned to spend much less on political donations, is once again exerting financial influence within the Republican Party.