US President-elect Donald Trump has raised more than $170 million for his upcoming inauguration, a record amount, as tech executives and big donors happily wrote large checks to help finance the ceremony, UNN reports citing AP.
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The private donations raised so far have been confirmed by a person with firsthand knowledge of the fundraising, but who is not authorized to speak publicly. This person said that Trump's inaugural committee is expected to raise more than $200 million by the end of the campaign.
Trump's inaugural committee did not immediately respond to a request for comment on Wednesday. The committee has not yet specified how it plans to spend the donation.
Private donations are typically used to pay for inauguration-related events, such as the costs associated with the swearing-in ceremony itself, as well as the parade and lavish inaugural balls. According to the source, the money left over from the inaugural committee is expected to be used for Trump's future presidential library.
The colossal amount raised so far by Trump's inaugural committee is more than double the amount raised by US President Joe Biden four years ago, when he raised nearly $62 million for his inauguration, according to Federal Election Commission records.
Donations to Trump's first inauguration in 2016 also set a record when he raised nearly $107 million.
"After the former president's victory in November, and after Republicans gained control of both houses of Congress, big donors, including tech companies, wrote big checks in an effort to improve their relationship with the new president," the publication notes.
Amazon and Meta, the parent company of Facebook and Instagram, said last month that they each plan to donate $1 million to Trump's inaugural fund. OpenAI CEO Sam Altman also said he plans to make a personal donation of $1 million.