Trump campaign raises $429 million before midterm elections, with crypto and AI giants as major donors

According to a report by the Financial Times, cited by Jin Shi, U.S. President Trump and his allies have raised a record $429 million in political donations over the past year, with tech billionaires and businesses seeking policy changes opening their wallets to accumulate funds ahead of the midterm elections. Analysis shows that the single political action committee (PAC) Maga Inc, controlled by Trump's allies, currently holds $304 million in funds—this amount exceeds the reserves of any political action committee in previous midterm election years and is tens of millions of dollars more than the funds available to the Democratic Party's related camps.

The largest disclosed single donation to Maga Inc came from the cryptocurrency exchange Crypto.com, with venture capital giants A16Z founders Marc Andreessen and Ben Horowitz each donating $3 million to "Maga Inc" last year. OpenAI co-founder and president Greg Brockman donated $12.5 million to the committee last December, with his wife Anna adding another $12.5 million.