Photo Illustration by Luis G. Rendon/The Daily Beast; Getty
Former President Donald Trump’s political committees raised about $24 million in the last three months, an eye-popping sum to be sure. But an analysis of his filings shows that the embattled ex-president also spent more than $37 million over the same period, coming out with a net loss of around $13 million.
In real terms, Trump’s fundraising last quarter was actually something closer to $3.6 million—that’s how much he actually raised for his two main committees, which he can use for things like political activity, events, legal fees, and enriching his businesses. But while those two committees took in about $3.6 million, they also spent roughly $15.5 million on operating costs.
Those losses didn’t stop Trump’s allies from boasting to the media that the ongoing federal investigation into his hoarding of government records was playing out as a political and financial win, claiming the legal boondoggle had only energized his MAGA base. In truth, they weren’t telling the whole story—the twice-impeached former president had been hemorrhaging cash all along, while apparently struggling to convert small-dollar donors.