Former President Donald Trump is in a cash-strapped campaign after launching his 2024 presidential campaign in mid-November, according to year-end figures obtained exclusively by NBC News.
Trump, who has been the GOP’s most prolific fundraiser in recent years, took in about $9.5 million over the last six weeks of last year through his campaign and a joint fundraising committee, according to a person familiar with his collection.
The numbers were shared with NBC News ahead of Trump’s filing of the first campaign finance total from his third bid for the presidency on Tuesday.
Republican activists said Trump’s decision to launch in light of a difficult GOP midterm election, donor fatigue and his near-term absence from social media giant Facebook all contributed to the liquidity crunch.
In a sign that Trump understands he’ll need to raise more money faster for what promises to be a competitive GOP primary campaign, his campaign recently expanded its digital fundraising team by hiring company Campaign Inbox to appeal to the pool of small donors. Campaign officials have long said he will use the early part of this year to build up his machines and begin expanding his presence in the early primary states.
There are other reasons to believe Trump can boost his money machine.
He has yet to launch a traditional mail-order fundraising device, a time-tested way to collect small donations in large numbers. His early fundraising has been curtailed by his ban from Facebook, a major fundraising platform for him in 2016 and 2020, which led to his incitement to the mob that sacked the Capitol on Jan. 6, 2021. But the company said, The ban will be lifted.
Trump also hurt himself by announcing his campaign immediately after the midterm elections, a fundraising slump for candidates across the party and ideological spectrum.
In addition to announcing at a bad time for fundraising in general, Trump began asking for money amid a round of finger-pointing about the disappointing GOP midterm elections, in which some fingers were pointed, said Eric Wilson, a Republican digital fundraising advisor not affiliated with the campaign. Accusation of the former president present everywhere.
“If you want a big fundraiser when you announce your campaign, you don’t do it right after the election where all the donors are discouraged from being bombarded with fundraising requests and you don’t have a great track record to show for it,” Wilson said.
That was the reality for Trump, whose entities raised more before launching his campaign than they did after his big announcement — $11.8 million from October 1 through November 15, and then just $9.5 million from November 15 through the end of the year.
The vast majority of post-launch donations to Trump, which have largely flowed through the joint fundraising committee, have come from low-dollar donors, according to a person familiar with the numbers. The 291,617 donors who donated $200 or less account for 99.48% of his contributions. On average, their donations totaled $32.32.
It is also possible that Trump could hire additional vendors for his digital fundraising program, which relies on emails and text messages to solicit donations.
“Everyone wants this account,” said a Republican who works in digital fundraising and asked not to be identified to speak candidly about the former president, “because he is the king of small donors.”
Beyond the Digital Foundation, Trump is expected to build a more traditional fundraising structure to bring in $2,900 in primary campaign donations — the maximum allowed by law. Campaigns often take advantage of big hitters to pool those donations together at high-profile fundraising events.
But low-dollar donors have carried Trump in the past, sending small amounts of money to continue his campaigns. Perhaps most important is his imminent return to Facebook, Wilson said.
Wilson said, citing data from Survey Associated with a non-profit group he runs. “So if you are not able to reach these donors, you are at a huge disadvantage in the fundraising process.”
The cash-strapped Trump has not held one of his signature campaign rallies since announcing his bid. His travel schedule kicked off Saturday with rousing speeches in the New Hampshire and South Carolina primaries.
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