Donald Trump is considering throwing up to $100 million of his own money into his re-election campaign, Bloomberg reported. The report comes just one day after The New York Times documented the campaign’s lavish spending, which has allegedly destroyed the cash advantage he held over Democratic presidential nominee Joe Biden for months.
According to Bloomberg, Trump has discussed the possibility of dipping into his own finances with multiple people. Although the publication claimed the president hasn’t yet committed to the idea, it noted that the move would be “unprecedented” for an incumbent American leader.
On Tuesday, Trump took to Twitter to claim his campaign invested a significant amount of money into battling the “false reporting” on his controversial coronavirus response.
When pressed on the possibility of the incumbent self-funding his campaign, spokesman Tim Murtaugh declined to confirm or deny reports supporting this course of action.
“President Trump’s fundraising is breaking records and we are paying close attention to the budget, allowing us to invest twice as much from now until Election Day than we did in 2016. President Trump has also built the world’s greatest digital fundraising operation, a dominant ground game, and a third advantage Joe Biden can never match — enthusiasm.”
According to The New York Times, Trump’s re-election effort has spent over $800 million of the $1.1 billion it raised from 2019 through July 2020. The publication points to dozens of current and former campaign officials who reportedly suggested the campaign engaged in some reckless spending under the leadership of former campaign manager Brad Parscale. Conversely, financial reports showed that Biden and the Democratic National Committee combined spent approximately $414 million through the same time period.
As of now, Trump and the Republican National Convention have not released their August fundraising numbers, although they previously claimed to have raised $76 million during the convention, which took place the same month.
Per the Bloomberg Billionaires Index, the real estate mogul’s net worth has dipped to $2.7 billion over the last year — a $300 million drop. The publication said it is “unclear” how fast the U.S. leader could gather together $100 million for his campaign. However, he reportedly has 20 assets worth over $50 million, including his various golf clubs and his famous Mar-a-Lago resort in Palm Beach, Florida.
As The Inquisitr reported, billionaire Ronald Lauder allegedly stopped putting money into Trump’s campaign in 2020. The close friend of the president last donated the U.S. leader’s re-election effort in the summer of 2019. Elsewhere, billionaire Trump donor Peter Thiel allegedly slammed the incumbent behind closed doors for his coronavirus response and has reportedly not been in contact with the campaign in recent months.