Donald Trump’s big cash crunch

| 7:00 pm EST February 8, 2023
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Although Donald Trump was not on the ballot in the November 2022 midterm elections, he emerged as a big loser after brashly promoting highly problematic Republican candidates. Trump’s growing role as a liability rather than an asset to the GOP has led many top Republican donors to start thinking twice about where to throw their cash.

As The Hill framed it, “Former President Trump could face a surprising problem as he mounts his 2024 campaign: a cash crunch as wealthy megadonors gravitate toward Florida Gov. Ron DeSantis (R) and other potential contenders.” Already, in November, some billionaire donors wasted no time in leading the exodus. For example, hedge fund manager Ken Griffin announced he would no longer fund a pro-Trump super PAC but support DeSantis, hoping the GOP will move past a “three-time loser.”

In the past few days, two influential organizations have now taken firm action broadcasting their intent to move on from Trump. Americans for Prosperity (AFP), a top conservative interest group with an affiliated super PAC boasting a nationwide network of rich Republicans, issued a pivotal memo on Sunday announcing “we need to turn the page on the past” for “a new chapter for our country.”

Without mentioning Trump or any other name, AFP admitted that the “Republican Party is nominating bad candidates who are advocating for things that go against core American principles,” now aiming to support a candidate “who can win.” Charles Koch and his late brother David Koch, who founded AFP, have angered Trump in the past by denying him the warm embrace he wanted.

On Monday, the conservative anti-tax group Club for Growth issued invitations to its annual donor retreat in March to six potential Republican candidates: Ron DeSantis, Nikki Haley, Mike Pence, Mike Pompeo, Tim Scott, and Glenn Youngkin. Noticeably missing from the list was Trump, and this was no oversight, according to reporting from the New York Times. “The party should be open to another candidate,” President David McIntosh explained, adding that the “last three elections show he’s lost.”

These two new announcements are a major blow to Trump’s reelection efforts. They represent a one-two punch because not only will Trump lose their mammoth support, but it will instead be directed to one or more of his rivals. In The Art of the Deal, Trump wrote, “Money was never a big motivation for me, except as a way to keep score. The real excitement is playing the game.” I hope you’re excited, Trump.