Trump Builds $274 Million War Chest Ahead of Midterm Elections

US President Donald Trump during a Summer soiree on the South Lawn of the White House in Washington, DC, US, on Wednesday, June 4, 2025. Trump on Wednesday signed a proclamation that bans individuals from 12 countries from entering the US, reinstating one of the most controversial and defining measures from his first term in the wake of an attack in Boulder, Colorado, that targeted a march in support of Israeli hostages. Photo by Eric Lee /Bloomberg

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(Bloomberg) — Billionaires Elon Musk and Jeff Yass along with crypto industry donors helped President Donald Trump raise $236 million for his political operation in the first six months of 2025 — an unprecedented sum for a second-term president.

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The latest filings to the Federal Election Commission show that the fundraising haul, which includes donations to three leadership political action committees, joint fundraising committees and an allied super PAC, leaves Trump with $274 million cash on hand. 

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It’s a massive war chest he can deploy on behalf of Republican House and Senate candidates in the midterm elections, when the incumbent president’s party generally loses seats, and it highlights the continued grip Trump retains on the GOP.

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Trump’s super PAC, MAGA Inc., provided the biggest draw for campaign cash, taking in $177 million. The president has held four $1 million-per-plate dinners for MAGA Inc. donors as well as a $1.5 million-per-plate event for entrepreneurs and investors in cryptocurrency and artificial intelligence, two emerging technologies that have been a focus for his administration.

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While the FEC disclosures don’t indicate whether a donor attended an event or simply wrote a check, they do reveal support from executives in tech, finance and energy for Trump. Yass, the co-founder of trading firm Susquehanna International Group and a major shareholder in TikTok parent ByteDance Ltd, gave $16 million. Pipeline billionaire Kelcy Warren and his company, Energy Transfer LP combined to give $25 million. 

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Crypto industry donors poured money in as well. Foris DAX Inc., parent of exchange Crypto.com, gave $10 million, while Blockchain.com Inc. gave $5 million. Venture capitalists Marc Andreessen and Ben Horowitz each gave $3 million, while billionaire twins Tyler Winklevoss and Cameron Winklevoss combined to give just over $2 million. 

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MAGA Inc. got a $5 million donation from Musk, a close Trump ally who fell out with the president after leaving his role overseeing the Department of Government Efficiency in late May. Musk has criticized Trump and Republicans over their signature tax and spending bill. Musk’s donation hit on June 27, the same day he gave $5 million checks to two super PACs that back Republican candidates in the House and Senate. Musk in July vowed to create a third party.

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Earlier: Musk Gave His Super PAC $45.3 Million in First Half of 2025

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While the money doesn’t guarantee that Republicans will hold onto their narrow margins in the House and Senate, it gives them a major financial advantage over Democrats, who don’t have a single leader to rally around or to spearhead fundrasing.

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The Democratic National Committee has raised $69 million, while Future Forward, the party’s main super PAC, recevied donations of about $1 million. The DNC’s autopsy report on the 2024 election blamed Future Forward’s ad campaign for Vice President Kamala Harris’s loss. 

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Big-Dollar Donors

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While big donors continued to power Trump’s fundraising — about 70% of his haul came from contributors who gave $1 million or more — his small-dollar donor support, the backbone of his political operation, slowed. He raised $22 million from contributors donating less than $200, with most of that raised by Trump National JFC, which splits donations between the Never Surrender PAC, formerly his presidential campaign committee, and the Republican National Committee.