President Trump’s super PAC is sitting on about $200 million that it can spend against his rivals, giving a term-limited president a never-before-seen amount of power in his party’s finances and future.
In the first half of 2025, Mr. Trump’s group, MAGA Inc., collected about $177 million from the likes of Elon Musk, Mr. Trump’s erstwhile ally, the TikTok investor Jeffrey Yass and the Silicon Valley executives Ben Horowitz and Marc Andreessen, according to a filing on Thursday with the Federal Election Commission.
Mr. Trump has been able to capitalize on a thirst from corporate America to get into his good graces. He held a half-dozen fund-raisers for his super PAC this year with tickets costing seven figures a seat. At the dinners, often held at one of Mr. Trump’s properties, executives and lobbyists had the chance to tell the president about their businesses.
The super PAC’s exact cash on hand is $196.1 million, according to the filing.
There is no precedent for politicians so aggressively raising money for their own entities when they do not have a campaign to use it for. In the first half of 2013, a similar political group supporting a term-limited Barack Obama, Priorities USA, raised just $356,000. As of that June, it held $3.4 million, less than 2 percent of the cash on hand of Mr. Trump’s super PAC.
The money raised by MAGA Inc. during the first six months of the year is almost twice the amount collected by the Republican National Committee, which is subject to contribution limits. Mr. Yass donated $16 million to the super PAC and Mr. Horowitz and Mr. Andreessen combined to donate an additional $11 million. His group also collected several seven-figure contributions from crypto companies, an industry that Mr. Trump has embraced, and $5 million from a crypto entity co-founded by the OpenAI chief Sam Altman.
That Mr. Trump is raising so much money for his group has confounded some Republicans.
Some of Mr. Trump’s most loyal supporters have argued that he should try to run for a third term, despite it being unconstitutional. Mr. Trump’s aides have argued that he would be foolish not to accept money that is essentially for the taking, and that the assets can be used to target Mr. Trump’s rivals, beginning with Representative Thomas Massie, a Kentucky Republican whom MAGA Inc. is attacking. Mr. Massie broke with Mr. Trump on the president’s decision to bomb Iran and on his domestic bill.
With a $200 million war chest, MAGA Inc. figures to be a big part of Republican primaries, making Mr. Trump’s endorsements in those races all the more important. The money is sure to be spent on advertising to back Mr. Trump’s endorsed candidates….