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Trump’s guilty verdict is turning into a lottery for his campaign finance

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7 months ago

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Trump’s guilty verdict is turning into a lottery for his campaign finance

Trump’s campaign raised almost twice as much money than on any previous day. The money was raised through an online donor platform
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A day after former US President Donald Trump was handed over the historic guilty verdict in the infamous hush money case, his campaign said that it had shattered its own fundraising record. On Thursday, the business mogul turned politician created history for all the wrong reasons after a 12-member jury found him guilty of falsifying his business records.

According to the Financial Times, Trump’s campaign raised almost twice as much money than on any previous day. The money was raised through an online donor platform.

The campaign said on Friday morning that it had raised $34.8mn following the verdict. It is pertinent to note that with this verdict, Trump became the first ex-president ever to be convicted of a felony. He was found guilty on all 34 counts and was accused of hiding the hush money given to adult film star Stormy Daniels from his business records.

The campaign site briefly crashed 

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Trump’s campaign said that the amount was nearly double the sum garnered on its best-ever day on the WinRed donation platform. With the massive inflow of donations, the site briefly crashed as well.

“President Trump is fighting to save our nation and November fifth is the day Americans will deliver the real verdict,” said Trump campaign senior advisers Chris LaCivita and Susie Wiles in a statement.

Shortly after the verdict started making headlines, Trump’s campaign moved within minutes to start a donation drive and went on to refer to Trump as a “political prisoner”.

“I was just convicted in a RIGGED political Witch Hunt trial,” wrote Trump on the campaign page. “I DID NOTHING WRONG!”

Even before the verdict, Trump’s campaign has stepped up its fundraising efforts, including holding events with oil barons in Texas and a planned June trip to Silicon Valley.

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Jason Thielman, who runs the official Senate Republican campaign also noted the spike in the campaign funds. “Outrage over the sham verdict against Trump has spurred average Americans into action!” Thielman wrote on X, formally known as Twitter.

“The NRSC just had its largest online daily fundraising haul of the cycle. The people are energized and determined to take back the White House and Senate!” he added.

Not only this, Google searches for DonaldJTrump.com and WinRed spiked over 5,000 per cent, the “Trump campaign website” jumped over 1,000 per cent and the “Biden campaign website” saw an increase of over 350 per cent, Financial Times reported.

Billionaires like Stephen Schwarzman, Bill Ackman and Miriam Adelson have expressed their intentions to support the former president in the upcoming elections.

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With inputs from agencies.

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Finance

Stock market today: Nasdaq, S&P 500 edge higher ahead of Christmas break

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4 hours ago

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December 24, 2024

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Stock market today: Nasdaq, S&P 500 edge higher ahead of Christmas break

US stocks opened higher to kick off the final, shortened trading session before the Christmas holiday. The benchmark S&P 500 (^GSPC) edged up about 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) rose roughly 0.3%. The Dow Jones Industrial Average (^DJI) hugged the flatline.

Wall Street is looking to enter its Christmas break rejuvenated, after tech stocks including AI chip giant Nvidia (NVDA) led the march higher on Monday. Markets close at 1 p.m. ET today and are off tomorrow for Christmas Day.

Sizable gains on Friday and Monday have put the indexes back on the path toward their record highs, from which they took a Fed-fueled nosedive last week.

Wall Street is reassessing the path of interest rates next year as it grapples with the reality that the Fed mostly pulled off a so-called soft landing — but couldn’t fully shake the US economy’s inflation problem. According to the CME FedWatch tool, most bets are on two coming holds at the Fed’s January and March meetings, followed by a toss-up in May.

Meanwhile, many eyes continue to be trained on Nvidia, which saw a more than 3.5% gain on Monday. As Yahoo Finance’s Dan Howley writes, 2024 was Nvidia’s year, with the stock up some 180%. But 2025 could contain plenty of challenges.

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LIVE 2 updates

  • Stocks open higher to kick off shortened trading day

    In the final sprint to the Christmas holiday, markets added to gains.

    The tech-heavy Nasdaq Composite (^IXIC) led the way higher, rising roughly 0.3%. The benchmark S&P 500 (^GSPC) edged up about 0.2%, while the Dow Jones Industrial Average (^DJI) hugged the flatline.

    Markets close at 1 p.m. ET today and are off tomorrow for Christmas Day

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  • Jenny McCall

    Good morning. Here’s what’s happening today.

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Finance

China’s Finance Ministry Vows Greater, Faster Spending in 2025

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11 hours ago

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December 24, 2024

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China’s Finance Ministry Vows Greater, Faster Spending in 2025

China’s finance ministry reaffirmed it will increase public spending with a greater focus on boosting consumption to support the economy next year, ahead of growth headwinds from looming US tariffs.

China will “expand the magnitude of fiscal spending and accelerate the spending pace,” according to a statementBloomberg Terminal published Tuesday following a two-day national conference held by the Ministry of Finance on fiscal work in 2025.

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Finance

All 11 sectors expected to broaden out in 2025, strategist says

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20 hours ago

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December 23, 2024

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All 11 sectors expected to broaden out in 2025, strategist says

United Parcel Service (UPS) is just one of Powers Advisory Group Managing Partner Matt Powers’ top picks for 2025, calling the postal carrier and logistics operator as having “defensive characteristics and high valuations” as it looks to get carried by several tailwinds next year. UPS is set to release fourth quarter earnings results on January 30, 2025.

Powers sits down with Wealth host Brad Smith to talk about the other opportunities he is seeing across markets (^DJI, ^IXIC, ^GSPC) in the new year.

“Broadening it looks like so all 11 major sectors are actually expected to have year over year earnings increases in 2025. And I think we had or will have seven of the 11 this year, which suggests broadening out,” Powers tells Yahoo Finance.

“But the S&P [500] is trading at 21 times forward earnings, while dividend growth equities which is kind of our core focus are at 19 times. So we see again going back to that back-to-basics approach shifting towards value and just underappreciated areas of the market.”

To watch more expert insights and analysis on the latest market action, check out more Wealth here.

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This post was written by Luke Carberry Mogan.

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