President-elect Donald Trump inauguration: Committee raises record $274m for events and president library
US President-elect Donald Trump has raised more than $US170 million ($A274 million) for his inauguration, a record amount as tech executives and big donors have eagerly written large cheques to help bankroll the ceremony.
The private donations collected so far were confirmed by a person with firsthand knowledge of the fundraising who was not authorised to speak publicly.
The person said Mr Trump’s inaugural committee is expected to raise more than $US200 million by the end of the effort.
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By continuing you agree to our Terms and Privacy Policy.The committee did not immediately respond to a message seeking comment on Wednesday, and it has not detailed how it plans to spend the donations.
Why do they raise money for a president’s inauguration?
The private donations are typically used to help pay for events surrounding the inauguration, which will be held on January 20, such as costs related to the oath of office ceremony itself, along with a parade and glitzy inaugural balls.
Money left over from the inaugural committee is expected to be used towards a future Mr Trump presidential library, according to the person.
The whopping amount raised thus far by Mr Trump’s presidential inaugural committee is more than double the amount President Joe Biden raised four years ago when he brought in nearly $US62 million for his inauguration, according to Federal Election Commission records.
Donations to Mr Trump’s first inauguration in 2016 also set a record when he brought in nearly $US107 million.
After the former president’s victory in November, along with Republicans winning control of both chambers of Congress, major donors, including tech companies, have been writing big cheques as they have sought to improve their relationship with the incoming president.
Amazon and Meta, the parent company of Facebook and Instagram, said in December they were each planning to donate $US1 million to Mr Trump’s inaugural fund.
OpenAI CEO Sam Altman also said he was planning to make a $US1 million personal donation.
The New York Times first reported on Wednesday the fundraising sum for the inauguration.
