Trump's $50 million gala set to double Biden's last fundraiser

Former President Donald Trump has secured commitments totaling $50 million for a Saturday fundraiser in Palm Beach, Florida, according to four sources familiar with an effort that could bring in double what three Democratic presidents raised last week for President Joe Biden's re-election push.

Hosted by hedge-fund billionaire John Paulson, the event will benefit Trump's campaign, his Save America PAC, the Republican National Committee and state chapters of the GOP under a joint-fundraising agreement.

“Saturday’s event signifies the GOP’s finance team is all back home," said one of the sources, who plans to attend the fundraiser. "Should produce a record haul.”

Trump also held a call with donors and fundraisers on Friday, in which he said he expected to double the amount Democrats raised at the recent Democratic event, according to one of the other sources, who was on the call.

It was not immediately clear whether all of the committed money would be collected by Saturday night.

Since announcing his campaign to win back the White House shortly after the 2022 midterm elections, Trump has struggled to keep his treasury stocked — in part because of lackluster fundraising and in part because much of his election money has been diverted to defending him against criminal charges in four separate cases.

But once-reluctant Republican donors have returned to the fold in the weeks since he locked down the party's nomination. Saturday's fundraising extravaganza will include several high-dollar donors who had kept their distance from Trump.

Last week, Biden and former Presidents Barack Obama and Bill Clinton appeared at what Democrats have billed as a uniquely profitable fundraiser at Radio City Music Hall in New York. Like Trump, Biden was raising both for his campaign and for allied entities that will spend on his behalf. The Democratic event pulled in $26 million.