As hopes for an alternative to Donald Trump for the GOP's 2024 nomination for president fade, billionaire donors who once slammed him for his role in the Jan. 6 Capitol riot are reevaluating their support — and The Washington Post reports many are returning to the Trump fold.
An example is billionaire and GOP megadonor Nelson Peltz, who called the Capitol riot a "disgrace" and expressed regret that he voted for Trump. But, according to The Post, Peltz recently had dinner with Trump in Palm Beach. In a subsequent interview with another news outlet, Peltz said that he would "probably" vote for Trump in 2024.
The Post reported that the shift is likely due to many billionaires' fears of President Joe Biden's tax policies, as well as his foreign and domestic policy decisions.
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“If it starts to look like Trump may win, despite his legal troubles, it is inevitable that Republican business people who have not been fans will open their wallets in self-defense,” Partnership for New York City CEO Kathryn Wylde told The Post.
Senior fellow at the Tax Policy Center, Steve Rosenthal, told the newspaper that the billionaire class "is really threatened by Biden."
"These guys are about creating a dynasty of wealth for themselves, and hoarding it for their posterity, at the expense of everyone else in society," Rosenthal said.
One person close to major donors said many of them are returning to Trump reluctantly and think he's going to have trouble winning the general election.
“This isn’t a passionate embrace. It’s just reality,” the person told The Post. “No one is particularly excited about it.”
Trump's people are working hard to court the megadonors, with even Trump himself engaging in "call time" by phoning the billionaires.
As The Post points out, Trump's mounting legal bills add extra urgency to his fundraising efforts. He's hoping to raise about $33 million in one upcoming fundraiser.
“We are not only raising the necessary funds, but we are deploying strategic assets that will help send President Trump back to the White House and carry Republicans over the finish line,” said Trump campaign spokesman Steven Cheung.
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