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Trump Has Reeled in More Than $200 Million Since Election Day
Since his victory in November, President-elect Donald J. Trump’s allies have raised well over $200 million for a constellation of groups that will fund his inauguration, his political operation and eventually his presidential library, according to four people involved in the fund-raising.
It is a staggering sum that underscores efforts by donors and corporate interests to curry favor with Mr. Trump ahead of a second presidential term after a number of business leaders denounced him following the violence by his supporters at the Capitol on Jan. 6, 2021.
Mr. Trump has promised to gut the “deep state” and made various promises to industry supporters. Among the pledged donors for the inaugural events are Pfizer, OpenAI, Amazon and Meta, along with cryptocurrency firms.
The total haul for the committee financing his inaugural festivities — at least $150 million raised, with more expected — will eclipse the record-setting $107 million raised for his 2017 inauguration, according to three people briefed on the matter who requested anonymity because they were not authorized to share internal financial information.
Other committees benefiting from the fund-raising blitz include a super PAC called Make America Great Again Inc. and its associated nonprofit group, which is expected to be used by Mr. Trump’s team to back his agenda and candidates who support it, while opposing dissenters.
Mr. Trump has boasted about the haul, telling people during the Christmas holiday season that he had raised more than $200 million since the election. Mr. Trump’s team has repeatedly noted how many people have wanted to find ways to donate to him since his election win.
The Trump transition and inaugural committee did not return emails seeking comment about the fund-raising haul.
David Tamasi, a lobbyist who has raised money for Mr. Trump, dismissed a suggestion that corporate interests were giving to avoid Mr. Trump’s wrath, though he acknowledged that some donors may be trying to atone for having previously maintained distance from the president-elect.
“It is a time-honored D.C. tradition that corporations are enthusiastically embracing this cycle in all manners, largely because they were on the sidelines during previous Trump cycles,” he said. “They no longer have to hedge their political bets.”
Inaugural committees can accept unlimited contributions from individuals and corporations, but not foreign nationals. Major corporations that try to avoid partisan politics have long donated to inaugural funds to signal a willingness to work with new administrations and support for the democratic transfer of power, regardless of the incoming president’s party.
But there is cross-pollination among top fund-raisers for Mr. Trump’s inauguration and his political efforts, including several partners at lobbying firms that represent major corporate interests. Raising money for the inauguration can help lobbyists secure access for clients, and cachet for themselves with the incoming administration.
Among the four finance chairs for Mr. Trump’s inaugural committee are the lobbyist Jeff Miller and Reince Priebus, a former chief of staff in the Trump White House who is not a lobbyist but is chairman of the board of advisers of the lobbying firm Michael Best Strategies. Their firms represent companies with much at stake in the forthcoming administration, some of which plan to donate to the inauguration.
Mr. Miller’s firm, Miller Strategies, represents Pfizer and the Pharmaceutical Research and Manufacturers of America, each of which has pledged donations. Their executives met after the election at Mar-a-Lago with Mr. Trump and his choice for health and human services secretary, Robert F. Kennedy Jr., amid concerns about how the drug industry might be affected by Mr. Kennedy, a vaccine skeptic.
Since the election, Mr. Miller’s firm has registered to lobby for the ride-share tech company Uber, which has donated $1 million, as has, separately, its chief executive Dara Khosrowshahi. The firm also represents the tech company OpenAI, whose chief executive, Sam Altman, plans to give $1 million. Michael Best Strategies has represented the cryptocurrency firm Ripple for nearly four years. It has pledged $5 million in its own cryptocurrency, XRP — among the largest known donations to the inaugural committee.
After the election, Ripple retained the lobbyist Brian Ballard, a top Trump fund-raiser.
Another Ballard client, Robinhood, a leading cryptocurrency trading platform, has donated $2 million.
“We look forward to working with President Trump and the incoming administration to drive positive change in the markets, be an active voice for customers and pursue our mission to democratize finance for all,” Mary Elizabeth Taylor, Robinhood’s vice president of global government and external affairs, said in a statement.
Other companies associated with cryptocurrency are expected to be major contributors as well, reflecting optimism that Mr. Trump will deliver on his campaign trail promises to dial back federal scrutiny that figures in the industry say have stifled its growth.
Amazon, a Ballard client that found itself crosswise with the first Trump administration, said it planned to donate $1 million in cash.
Donations of at least $1 million grant access to the top package of perks related to several days of festivities in the run-up to the inauguration on Jan. 20, including what are touted as “intimate” dinners with Mr. Trump and Vice President-elect JD Vance, though often with many attendees, as well as black-tie balls after the swearing-in.
Other entities, ranging from companies like Meta to previous Trump critics like the billionaire Ken Griffin, have made $1 million donations to the inaugural.
Contributions to inaugural committees, which are required to be publicly disclosed to the Federal Election Commission months after the inauguration, are one of the last major opportunities to financially support a second-term president.
Mr. Tamasi and Oswaldo Palomo, who are partners in the lobbying firm Chartwell Strategy Group, raised more than $3 million for the inaugural. Their firm represents companies that could be affected by Mr. Trump’s proposed tariffs, including the South Korean automaker Hyundai and a U.S. subsidiary of the South Korean conglomerate SK Group.
The deadline for donating to the inaugural to be eligible for the perks of the weekend is Jan. 10, according to documents distributed to potential donors.
If the inaugural committee’s fund-raising exceeds the amount budgeted for the festivities, the expectation among fund-raisers is that the excess would be transferred to the committee collecting money toward a presidential library for Mr. Trump after he leaves office, according to two people involved in the effort.
The Donald J. Trump Presidential Library Fund Inc. was incorporated in Florida on Dec. 20, six days after it was revealed that ABC News had agreed to donate $15 million to Mr. Trump’s future presidential foundation and museum to settle a defamation claim he had brought against the network.
The fund was incorporated by a lawyer in Florida, Jacob Roth, who has previously created Trump groups, including the inaugural committee, according to state corporate records. The purpose of the entity, according to the Florida articles of incorporation, is “to preserve and steward the legacy of President Donald J. Trump and his presidency.”
The firing of US Navy Secretary John Phelan is the latest in a shakeup of the American military during the war on Iran, now in its eighth week.
The Pentagon said Phelan would leave office immediately.
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“On behalf of the Secretary of War and Deputy Secretary of War, we are grateful to Secretary Phelan for his service to the Department and the United States Navy,” said chief Pentagon spokesperson Sean Parnell. “We wish him well in his future endeavours”.
His firing comes at a critical moment, with US naval forces enforcing a blockade on Iranian ports and ships, and maintaining a heavy presence around the Strait of Hormuz, through which 20 percent of the world’s oil and gas passes during peacetime.
Although the Pentagon gave no official reason for the dismissal, reports indicate the decision was linked to internal disputes, including tensions with Defense Secretary Pete Hegseth.
Phelan’s removal is part of a broader pattern of dismissals and restructuring within the US military under President Donald Trump’s administration – including during the current war.
So, who is John Phelan, and what impact could his firing have on US military strategy?
Who is John Phelan?
As the US Navy’s top civilian official, Phelan had various responsibilities, including overseeing recruiting, mobilising and organising, as well as construction and repair of ships and military equipment.
He was appointed in 2024 as a political ally of Trump, despite having no prior military or defence leadership experience.
Before entering government, Phelan was a businessman and investment executive, as well as a major Republican donor and fundraiser — a background that is fairly common among Trump appointees and advisers. The US president’s two top diplomatic negotiators, for instance, are Steve Witkoff — a real estate businessman with no prior diplomatic experience – and Trump’s son-in-law, Jared Kushner.
According to the Reuters news agency, Phelan’s tenure quickly became controversial. He faced criticism for moving too slowly on shipbuilding reforms and for strained relationships with key Pentagon figures, including Hegseth and his deputy, Steve Feinberg.
In addition, Phelan was reportedly under an ethics investigation, which may have weakened his standing in the administration.
Navy Undersecretary Hung Cao, who was also reported to have a difficult relationship with Phelan, has become acting secretary. Fifty-four-year-old Cao is a 25-year Navy veteran who previously ran as a Republican candidate for the US Senate and House of Representatives in 2022 and 2024 respectively, but was unsuccessful on both occasions.
Democrats have criticised Phelan’s removal, calling it “troubling”.
“I am concerned it is yet another example of the instability and dysfunction that have come to define the Department of Defense under President Trump and Secretary Hegseth,” said Senator Jack Reed, the top Democrat on the Senate Armed Services Committee.
Who else has the Trump administration fired since the war with Iran began?
Phelan’s removal is the latest in a series of senior military leaders being fired or are leaving during the US-Israeli war on Iran, in addition to others since Trump was re-elected.
Among the most notable dismissals was Army Chief of Staff General Randy A. George, in the first week of April. George was appointed in 2023 under former US President Joe Biden.
According to reports, Hegseth also fired the head of the Army’s Transformation and Training Command, a unit concerned with modernising the army, and the Army’s chief of chaplains. The Pentagon has not confirmed their dismissal.
Why is Phelan’s dismissal significant?
The 62-year-old’s removal comes during a fragile ceasefire with Iran, as the US continues to move more naval assets into the region.
The Navy is central to enforcing Trump’s blockade of Iranian ports to restrict Iran’s oil exports and apply economic pressure on Tehran, as the US president looks eager to wrap up the war, which is deeply unpopular to many Americans.
However, there are no indications that Trump is willing to end the blockade or other naval operations in the Strait of Hormuz, as negotiations between Washington and Tehran have come to a standstill.
Tensions have escalated in recent days after the US military seized an Iranian container ship. The US claimed it was attempting to sail from the Arabian Sea through the Strait of Hormuz to the Iranian port of Bandar Abbas.
Tehran responded by describing the attack and hijack as an act of “piracy”.
Iran has since captured two cargo ships and fired at another.
Just two weeks ago, President Trump threatened to wipe out Iran’s civilization if it did not open the Strait of Hormuz. Days later, he said any Iranian “who fires at us, or at peaceful vessels, will be BLOWN TO HELL!”
Yet on Wednesday, after Iran seized two ships near the Strait of Hormuz, the White House was quick to argue the action was not a deal breaker for potential peace negotiations.
“These were not U.S. ships,” Karoline Leavitt, the White House press secretary, said on Fox News. “These were not Israeli ships.” Therefore, she explained, the Iranians had not violated a cease-fire with the United States that Mr. Trump has extended indefinitely.
She cautioned the news media against “blowing this out of proportion.”
The surprisingly tolerant tone from the White House suggests Mr. Trump is not eager to reignite a war that he started alongside Israel on Feb. 28 — a war that has proved unpopular with Americans and has gone on longer than he initially estimated.
The president on Tuesday extended a cease-fire between the United States and Iran that had been set to expire within hours, saying he wanted to give Tehran a chance to come up with a new proposal to end the war.
The American military has displayed its overwhelming might during the war, successfully striking thousands of targets. But it remains unclear whether Mr. Trump will accomplish the political objectives of the war.
The Iranian regime, even after its top leaders were killed, is still intact. Iran has not agreed to Mr. Trump’s demands to turn over its nuclear capabilities to the United States or significantly curtail them. And the Strait of Hormuz, a key passageway for world commerce that was open before the war, remains closed.
Nevertheless, the White House has repeatedly highlighted the military successes on the battlefield as evidence it is winning the war.
“We have completely confused and obliterated their regime,” Ms. Leavitt said on Fox Wednesday. “They are in a very weak position thanks to the actions taken by President Trump and our great United States armed forces, and so we will continue this important mission on our own.”
The oscillation between threats and a more conciliatory tone has long been one of Mr. Trump’s signature negotiating strategies.
Potential peace talks between the two countries are on hold. Vice President JD Vance had been poised to fly to Islamabad for negotiations. But the trip was postponed until Iran can “come up with a unified proposal,” Mr. Trump said.
The United States recently transmitted a written proposal to the Iranians intended to establish base-line points of agreement that could frame more detailed negotiations. The document covers a broad range of issues, but the core sticking points are the same ones that have bedeviled Western negotiators for more than a decade: the scope of Iran’s uranium enrichment program and the fate of its stockpile of enriched uranium.
Mr. Trump has not spoken publicly about the cease-fire, other than on social media. On Wednesday, he also posted about topics including “my Apprentice Juggernaut” — a reference to his former television show; the Virginia elections, which he called “rigged”; and a new book about Supreme Court Justice Samuel A. Alito Jr.
Secretary of the Navy John Phelan speaks, as President Trump listens, at Trump’s Mar-a-Lago club on Dec. 22 in Palm Beach, Fla.
Alex Brandon/AP
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Alex Brandon/AP
WASHINGTON — Navy Secretary John Phelan is leaving his job, the Pentagon abruptly announced Wednesday, the first head of a military service to depart during President Trump’s second term but just the latest top defense leader to step down or be ousted.
No reason was given for the unexpected departure of the Navy’s top civilian official, coming as the sea service has imposed a blockade of Iranian ports and is targeting ships linked to Tehran around the world during a tenuous ceasefire in the war. Another Trump loyalist is taking over as acting head of the Navy: Undersecretary Hung Cao, a 25-year Navy combat veteran who ran unsuccessful campaigns for the U.S. Senate and House in Virginia.
Phelan’s departure is the latest in a series of shakeups of top leadership at the Pentagon, coming just weeks after Defense Secretary Pete Hegseth fired the Army’s top uniformed officer, Gen. Randy George. Hegseth also has fired several other top generals, admirals and defense leaders since taking office last year.
The firings began in February 2025, when Hegseth removed military leaders, including Adm. Lisa Franchetti, the Navy’s top uniformed officer, and Gen. Jim Slife, the No. 2 leader at the Air Force. Trump also fired Gen. Charles “CQ” Brown Jr. as chairman of the Joint Chiefs of Staff.
Showing how sudden the latest move was, Phelan had addressed a large crowd of sailors and industry professionals on Tuesday at the Navy’s annual conference in Washington and spoke with reporters about his agenda. He also hosted the leaders of the House Armed Services Committee to discuss the Navy’s budget request and efforts to build more ships, according to a social media post from his office.
Pentagon spokesman Sean Parnell said in a post on X that Phelan was “departing the administration, effective immediately.”
Phelan had been a major Trump donor
Phelan had not served in the military or had a civilian leadership role in the service before Trump nominated him for secretary in late 2024. He was seen as an outsider being brought in to shake up the Navy.
Hung Cao speaks during the Republican National Convention on July 16, 2024, in Milwaukee.
Matt Rourke/AP
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Matt Rourke/AP
Phelan was a major donor to Trump’s campaign and had founded the private investment firm Rugger Management LLC. According to his biography, Phelan’s primary exposure to the military came from an advisory position he held on the Spirit of America, a nonprofit that supported the defense of Ukraine and the defense of Taiwan.
The Associated Press could not immediately reach Phelan’s office for comment. The White House did not answer questions and instead responded by sending a link to Parnell’s statement.
Phelan is leaving during a busy time for the Navy. It has three aircraft carriers deployed in or heading to the Middle East, while the Trump administration says all the armed forces are poised to resume combat operations against Iran should the ceasefire expire.
The Navy also has maintained a heavy presence in the Caribbean, where it has been part of a campaign of strikes against alleged drug boats. It also played a major role in the capture of Venezuelan leader Nicolás Maduro in January.
New acting Navy secretary ran unsuccessful bids for Congress
Taking over as acting secretary is Cao, who ran a failed U.S. Senate bid in Virginia to try to unseat Democratic Sen. Tim Kaine in 2024. He had Trump’s endorsement in the crowded Republican primary and gave a speech at the 2024 Republican National Convention.
Cao’s biography includes fleeing Vietnam with his family as a child in the 1970s. In a campaign video for his Senate bid, he compared Vietnam’s communist regime during the Cold War to the administration of Democratic President Joe Biden.
During his one debate with Kaine, Cao criticized COVID-19 vaccine mandates for service members as well as the military’s diversity, equity and inclusion efforts.
“When you’re using a drag queen to recruit for the Navy, that’s not the people we want,” Cao said from the debate stage. “What we need is alpha males and alpha females who are going to rip out their own guts, eat them and ask for seconds. Those are the young men and women that are going to win wars.”
Trump and Hegseth have railed against DEI in the military, banning the efforts and firing people accused of supporting such programs.
When he ran for Congress in Virginia in 2022, Cao expressed opposition to aid for Ukraine during a debate against his Democratic opponent.
“My heart goes out to the Ukrainian people. … But right now we’re borrowing $55 billion from China to pay for the war in Ukraine. Not only that, we’re depleting our national strategic reserves,” Cao said.
Cao graduated from the prestigious Thomas Jefferson High School for Science and Technology in Alexandria, Virginia, before attending the U.S. Naval Academy.
He was commissioned as a special operations officer and went on to serve with SEAL teams and special forces in Iraq, Afghanistan and Somalia before retiring at the rank of captain, according to his Senate campaign biography.
Cao also earned a master’s degree in physics and had fellowships at the Massachusetts Institute of Technology and Harvard University.
Since becoming Navy undersecretary, Cao has championed returning to duty service members that refused a Biden-era mandate to take the COVID-19 vaccine.
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