Sheldon Adelson, the Jewish billionaire casino and resorts mogul, will give President Trump’s reelection campaign a much needed boost of up to $50 million in new donations. This according to a CNBC report.
In the super- PAC (political action committee) era, money can be funneled to these private organizations which are not restricted by campaign finance laws which limit spending. And so the donation will be made to the new Trump super PAC Preserve America.
Much has been made recently of a rift between President Trump and one of his biggest 2016 campaign benefactors. There were reports recently of a strained telephone call between the two men. But Andy Abboud, an advisor to Sheldon Adelson, was recently quoted in Axios saying, “I just want to say that I just spoke to the Adelsons. They are 110% behind the president. And that’s going to become apparent shortly.”
The Trump campaign has reportedly squandered almost all of the $1.1 billion that it had raised for the 2020 campaign. According to a New York Times report the Trump 2020 campaign burned through more than $800 million.
Money was spent on things such as Super Bowl television commercials, which observers said was a waste of money done only because the President wanted to match a similar move made by billionaire Michael Bloomberg. Bloomberg would famously squander $100 million of his own money on a failed bid for the Democratic 2020 Presidential nomination.
It was also reported that as much as $350 million was spent by Trump 2020 just on fundraising efforts. Think about that: They would have needed to raise more than $400 million to make the expense and effort worthwhile. The money could have been kept in Treasury bills for six months and then spent on media buys during the last three months of the campaign.
And the President can certainly use the boost. Former New York City mayor Michael Bloomberg just pledged $100 million of his own money just to help Joe Biden carry the state of Florida.
