How Much Money Has Trump Shifted From His Campaign To His Businesses?

Forbes

The campaign and political committees of billionaire presidential candidate Donald Trump have paid his businesses millions for air travel, lodging, catering and more.  Read the full story on Forbes: https://www.forbes.com/sites/zacheverson/2024/10/23/donald-trump-campaign-funds-business-trump-organization/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00Today, on Forbes, Trump hasn't spent a dime of his own money on his 2024 campaign.

00:07It's been more than 30 years since the Trump shuttle folded, but Donald Trump has found

00:12a way to make easy money from aviation.

00:15The former president's campaign and political committees backing his candidacy have forked

00:19over $7.1 million to Trump's businesses through the end of September, according to records

00:25with the Federal Election Commission.

00:28Most of those payments, $5.9 million, were for the use of Trump's 1991 Boeing 757.

00:35A solid chunk of that haul likely originated with the taxpayers.

00:39The Secret Service, which has to travel with the former president and current presidential

00:43candidate, has paid Trump's campaign $1.6 million for air travel through September 30.

00:50The campaign, in turn, pays the Trump Organization for use of its plane.

00:55That figure will likely spike.

00:56The agency owes Donald J. Trump for President 2024, Inc., another $2.9 million, according

01:03to an FEC filing the campaign made earlier in October.

01:07Trump's campaign also pays his company for its own use of the plane.

01:12Mar-a-Lago, Trump's private club and residence in Palm Beach, Florida, has been his second

01:16biggest moneymaker, raking in $907,000.

01:21More than 40% of that total was paid by the Trump Save America Joint Fundraising Committee

01:25on a single day in February for renting the club and catering.

01:30Trump's golf club in Bedminster, New Jersey, where he resides during the summer, received

01:34$106,000.

01:37All told, 16 businesses belonging to the former president have received money from his political

01:42committees for services that also include lodging, food, ground transportation, and

01:47parking.

01:49Most of the payments—144 out of the 183 transactions, totaling $5.5 million—came

01:57from Trump's campaign.

01:59His leadership PAC, Save America, was good for another $377,000, while three joint fundraising

02:05committees that benefit his campaign, his PAC, and some other groups were responsible

02:10for the balance.

02:12That $7.1 million total, of course, does not include the $60 million Trump has funneled

02:18from his leadership PAC to cover his lawyers' fees, though it certainly is helping to keep

02:23his liabilities down.

02:25In a statement, Caroline Leavitt, the campaign's press secretary, didn't address Trump's

02:30political payments to his businesses, opting instead for some half-truths and sloganeering.

02:36In the statement, she said, quote,

02:38President Trump removed himself from his multibillion-dollar real estate empire to run for office and

02:43and forwent his government salary, becoming the first president to actually lose net worth

02:48while serving in the White House.

02:50Unlike most politicians, President Trump didn't get into politics for profit.

02:54He's fighting because he loves the people of this country and wants to make America

02:57great again.

02:59Trump, of course, did not actually remove himself from his businesses while in office.

03:04Rather, he just put his assets in a revocable trust of which he was the sole beneficiary.

03:10While he did forego his paycheck, the $400,000 annual salary was a pittance compared to the

03:16amount of government money he shifted to his businesses.

03:19And while his net worth did decline while he was in office, it was more the result of

03:23his investment decisions than any sacrifice on behalf of the nation.

03:27Besides, he's been able to leverage his political capital into a much bigger boost

03:32post-White House, thanks to his majority stake in Truth Social.

03:36Owners of Trump Media and Technology Group, the parent company of the Truth Social platform,

03:41have recently bounced back from an all-time low of just over $12 in September to now be

03:46worth just over $47 per share near the end of October.

03:50This has been the highest closing share price of DJT stock since May 31st.

03:56For full coverage, check out Zach Everson's piece on Forbes.com.

04:01This is Kieran Meadows from Forbes.

04:04Thanks for tuning in.

04:06♪♪♪

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