Supporting Nikki Haley, the Stand For America Fund, Inc., raked in $50.1 million in the last half of 2023. Wall Street and corporate executives are bent on stopping Donald Trump’s White House return. Therefore, Haley’s super PAC outpaced Trump’s Make America Great Again Inc. by $5 million.
While this is a positive development for Haley, she still faces a challenging path, losing in Iowa and New Hampshire. Given Trump’s victories in these states, the sustainability of this financial strength is uncertain in a two-person race against Trump. However, despite setbacks, Haley remains resolute in pursuing the nomination.
In a statement, Taylor Budowich, the CEO of MAGA Inc., didn’t address Haley’s ongoing efforts. Instead, he said, “The general election has started. President Trump has a clear path to win, but Democrats are spending more money. And they are doing it earlier than ever before.”
Notable figures like Wall Street’s Ken Langone and Democratic donor Reid Hoffman backed Haley. Both figures raised concerns over a potential Trump-Biden rematch in November. Furthermore, billionaires, including Stan Druckenmiller, Henry Kravis, Ken Langone, and Cliff Asness, hosted a New York fundraiser for Haley on Friday, January 23, 2024.
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Timothy Mellon, a transportation executive and heir to the Mellon family banking fortune, is a significant donor to MAGA Inc. While previously supporting Trump’s re-election, he diverted last spring, supporting Robert F. Kenedy Jr. with $5 million. Notably, Robert F. Kennedy Jr. was contesting for Democratic president but is now pursuing an independent bid.
Responding on Wednesday, January 24, 2024, Trump made a vow. He said to “permanently bar” donors supporting Haley without specifying the consequences through a social media post. However, since Trump’s vow, donor interest in contributing to the Haley-allied SFA Fund has increased.
Since the conclusion of the New Hampshire voting on January 23, 2024, Haley’s campaign reported a $2.6 million increase. Another $1.5 million flowed just 48 hours after Florida Governor Ron DeSantis said to exit the race.
The continuous increase in donor funds becomes crucial for Haley’s campaign survival. However, the upcoming major primary on February 24, 2024, in South Carolina, her home state, poses an issue. Why? Trump maintains a massive lead of approximately 30 percentage points in the polls.
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In addition to the $24 million raised by Haley’s campaign in the final quarter of last year, the super PAC pulls in a considerable sum. Federal Election Commission reports were due on January 31, 2024, for federal campaigns and super PACs. These reports shed more light on their finances and donors.
The SFA Fund commits to a significant impact with a $1 million ad buy in South Carolina. According to reports, the initial spots are set to air on Tuesday, February 6, 2024. Moreover, Haley’s campaign outlines intentions to allocate $4 million for advertising in the state.
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