Trump wants legal fees paid through campaign donations
Where donations can be used during an election campaign is a matter of interpretation. Trump is trying to exploit this. His company Truth Social also went public.
Donald Trump is involved in many lawsuits and needs money.
Photo: Keystone/AP
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The clock is ticking for Donald Trump. The real estate tycoon and former US president has until Monday to collect a security deposit of more than $450 million after being found guilty of business fraud. Trump's lawyers have already stated that their client is unable to do so. Trump, the supposedly very wealthy businessman, is short of money.
Now the former president wants to raise money in an unconventional way. Thanks to a new fundraising deal with the Republican National Committee (RNC), donations will be redirected to Trump's campaign and political action committee to help pay for his legal battles. This document shows that Associated Press News Agency Present. Many media outlets confirmed this information.
Charity gala with highly talented donors
The document relates to an invitation to high-income donors to attend a charity event to be held on April 6 in Palm Beach, Florida. The small print states that the maximum allowable amount of each donation will initially be used for Trump's campaign — that's specifically $6,600. Mirror mentioned. The next $5,000 will then be sent to the Save America Fund, which has already been used to pay for Trump's elections in the past. Everything else goes into the party coffers.
This means that Trump's supporters can also fund his lawyers, provided they spend their money adequately. However, it is unclear whether enough funds will be raised through the transfer. It is also unclear whether Trump can spend donations directly on fines or bail.
Trump: Money flows mainly to election campaigns
US law actually prohibits the use of campaign funds for personal expenses. However, Trump has already used donations to cover legal fees in the past: The former president said his defense was ultimately tied to the campaign.
A Trump spokesman described the media reports as a storm in a teacup: “Save America also covers the post-presidential office and other miscellaneous expenses not related to combatting the illegal witch hunt of Joe Biden,” he told the AP. The Trump campaign, the Republican National Committee and state Republican parties will ultimately receive the overwhelming majority of cash donations.
Truth Social has gone public
According to the evaluation “The New York Times» He may have a new source of money to pay his legal fees. The merger of media company TMTG with Trump partner Digital World Acquisition Corp (DWAC) was approved by shareholders on Friday. Trump is himself a major shareholder in TMTG – according to estimates, the IPO could bring him more than three billion dollars.
Trump founded Trump Media & Technology Group (TMTG) to create his own online network, Truth Social. In order to go public, TMTG will merge with DWAC. The partner company acts as a kind of vehicle: it is a so-called special purpose acquisition company (Spac), an empty company, so to speak, that is already traded on the stock exchange.
By merging with such a company, Trump's TMTG could go public on Wall Street, bypassing several requirements. The use of these stock exchange tools is very common in the United States.
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