Trump's big-money backers remain unphased by his guilty verdict.

Trump's big-money backers remain unphased by his guilty verdict.
Trump's big-money backers remain unphased by his guilty verdict.
  • Republican megadonors are unlikely to abandon former President Donald Trump following his guilty verdict in his New York criminal trial.
  • Some people who were seeking an alternative to Trump and concerned about his legal issues felt a shift in sentiment with the donor sentiment.
  • New York businessman and Republican donor Andy Sabin stated that he hasn't heard anyone care about the outcome of Trump's trial.
Pres. Trump after guilty verdict: 'This is long from over'

Republican megadonors will remain loyal to former President Donald Trump even after he was found guilty in his New York criminal hush money trial.

According to New York businessman and Republican donor Andy Sabin, major GOP contributors he knows do not care about the verdict in Trump's trial.

Despite Trump being found guilty in New York on all 34 felony counts, many of the party's wealthiest donors plan to remain loyal to him.

Some Republican megadonors initially sought an alternative to Trump during the presidential primary, but their sentiment has shifted as they now believe that Trump's legal issues will weaken his chances of defeating President Biden.

"A year ago, the trials may have mattered, but now, there is no care about them," a longtime Republican fundraiser said to CNBC.

In this narrative, this individual, along with others, was given anonymity to disclose private talks with Trump and contributors.

The trial of Trump on 34 felony counts of falsifying business records to conceal hush money payments to a porn star began on April 15, the same month that his campaign committee raised $9.4 million.

In April, the RNC and Trump jointly raised $76 million, while Biden's team, comprising the DNC, collected $51 million.

Recently, Trump raised tens of millions of dollars at private events hosted by Republican megadonors.

On May 22 in Dallas, a businessman from Texas and a former Trump administration official, Ray Washburne, co-hosted an event for Trump.

The event raised $10 million for the Trump 47 Committee, the Save America PAC, the Republican National Committee, and numerous state parties, as per Washburne's statement to CNBC.

Trump's trial in New York was deemed "frivolous" and "absurd" by him, with the added comment that he will have no trouble raising funds.

Omeed Malik, president of 1789 Capital and a Trump bundler, stated on CNBC that he believes the guilty verdict will have the opposite effect of the indictments, which in fact increased Trump's support.

On May 14 in New York, Malik participated in a fundraiser for Trump that surpassed $10 million.

David Tamasi, a Republican fundraiser and a managing director at lobbying firm Chartwell Strategy Group, stated that a guilty verdict is not a concern.

If someone had informed you after January 6th that the country would be in its current state, it would have been challenging to comprehend, according to Tamasi. He highlighted his concerns with Biden's management of the U.S.-Mexico border, as well as the ongoing conflicts in Ukraine and Gaza.

Tamasi donated funds to both Trump's 2020 campaign and Christie's unsuccessful primary challenge against Trump in 2019.

Tamasi has stated that he intends to return to assist Trump, possibly through fundraising efforts.

A Republican corporate consultant recounted to CNBC that he had recently conversed with over a dozen lobbyists who privately criticized Trump following the January 6th events and leading up to his New York trial.

Despite the guilty verdict, all of them are returning to assist in raising funds for Trump.

The case of Blackstone CEO Steve Schwarzman reveals how GOP megadonors view Trump's legal problems.

In 2021, after the January 6th attack on the Capitol by hundreds of Trump supporters, Schwarzman condemned the riot as "appalling" and expressed his "shock and horror" at the mob's attempt to undermine the Constitution.

In 2022, Schwarzman, a billionaire and longtime GOP donor, announced that it was "time for the Republican party to embrace a new generation of leaders," implying that the party's former leader, Trump, was no longer suitable. Schwarzman also revealed that he planned to support one of these "new" leaders in the 2024 presidential primary.

In two years, Schwarzman has reversed his stance and announced his support for Trump's presidential bid. "I am planning to vote for change and support Donald Trump for President," he stated in a May 24 Axios publication.

On the same day, Trump's legal team in his New York criminal trial were grilling Cohen, Trump's former lawyer and fixer, who revealed that Trump directed him to pay $130,000 to hush up a porn star prior to the 2016 election.

A spokeswoman for Schwarzman did not return a request for comment.

by Brian Schwartz

Politics