President-elect Donald J. Trump’s inaugural committee has raised over $170 million for the ceremony, setting a new record according to the Associated Press. Donations by tech executives and big donors were confirmed by a source who spoke on the condition of anonymity. The source said the committee expects to raise more than $200 million by the end of the effort.
By comparison, President Biden’s committee raised $62 million for his inauguration. Trump’s haul was aided by $1 million donations from Amazon and Meta and OpenAI CEO Sam Altman has said he planned to make a personal donation of $1 million.
Related: Why Every Entrepreneur Needs a Plan for Inauguration Day
What does all of that money go to? Per the AP, the pool of donations is typically used to pay for celebratory events, a parade, and a number of inaugural balls. Any donated money that is not spent will be used for Trump’s presidential library, according to the inside source.
The $170 million haul is so huge, reports the New York Times, that “some seven-figure donors have been placed on wait lists or have been told they probably will not receive V.I.P. tickets at all because the events are at capacity.”
Read more at the AP and New York Times.
