Trump Campaign Reports Net Loss Of $2.6 Million In January, Outraised By Nikki Haley For First Time As Money Problems Spiral

Former President Donald Trump continues to spiral deeper into a financial crisis as his legal battles eat away at his donors’ funds. According to the latest filing with the Federal Election Commission, Trump’s Save America leadership political action committee (PAC) reported a meager $8,508 in donations for the entire month of January, while spending $3.9 million.

The bulk of these expenses, nearly $3 million, went towards legal fees.

Simultaneously, Trump’s campaign reported a net loss that exceeded $2.6 million for January. Despite raising approximately $8.8 million, a separate filing revealed that the campaign spent around $11.5 million.

After the release of Trump’s financial filings, his primary challenger, former Gov. Nikki Haley (R-South Carolina), showed her campaign’s strength when she reported $11.5 million in receipts for the previous month. This marked the first fundraising period where Haley’s campaign outpaced Trump’s.

Despite minimal donations in January, the Save America PAC (established by Trump shortly after the 2020 election to supposedly fund legal challenges), witnessed a net increase of over $1 million and concluded the month with nearly $6.3 million on hand. This boost was not a result of new contributions but rather a $5 million transfer from another pro-Trump super PAC. This super PAC still hasn’t refunded the entirety of the $60 million Trump demanded last year as his legal bills threatened to drag Save America (his legal slush fund) down into bankruptcy. The super PAC has been returning the funds in $5 million installments since last spring and the refund is expected to be paid in full by June.

Another indication of Trump’s financial strain emerges from Save America’s bailout of his old campaign committee, “Make America Great Again PAC.” In mid-January, Save America transferred $500,000 to this committee, which began the year with just $570,000 in its bank. This injection from the struggling Save America suggests that MAGA PAC itself may be on the brink of insolvency. The majority of Trump’s funds are raised through a joint fundraising committee, which divides the proceeds automatically – 90% to the campaign and the remaining 10% to Save America.

However, last month, filings indicated that the joint fundraising committee did not allocate any funds to Save America. Nonetheless, it transferred approximately $8.5 million to the Trump campaign, which suggests that Save America might still receive up to $850,000 from January’s fundraising efforts. Still, this amount pales in comparison to the rapid depletion caused by exorbitant legal costs.

As recent legal judgments result in substantial penalties, Trump’s financial crunch intensifies at an inopportune time. He was first ordered to pay $83.3 million in a case that involved writer E. Jean Carroll, with whom he was found liable for sexual abuse and defamation. Weeks later, he faced a staggering $355 million fine for years of business fraud in New York. These two rulings alone could cost Trump up to $600 million.

While Trump is a billionaire in his own right, his decision to shift his legal burdens onto his donors threatens to undermine the Republican Party’s national fundraising efforts heading into an election in the fall.