Big money donors are backing Trump as he falls behind Biden in fundraising.

A group of wealthy donors directed significant sums to former President Donald Trump during the first quarter, helping him narrow the fundraising gap with President Joe Biden. In the first three months of the year, the joint fund Trump 47 with the Republican National Committee, which can accept checks of up to $824,600 from a single donor, raised $23.5 million, according to data from the Federal Election Commission released on Monday. The money is divided among his campaign, his PAC Save America, which covered his legal expenses, the RNC, and state committees.

The founder of Intercontinental Exchange, Jeffrey Sprecher, hotel business magnate and former donor to DeSantis Robert Bigelow, founder of TD Ameritrade J. Joe Ricketts, and former Georgia Senator Kelly Loeffler, Sprecher's spouse, all provided maximum support to the Trump 47 fund.

The Trump-aligned super PAC Right for America also reported raising $13 million in the first quarter, not including the $12 million raised at the dinner in Mar-a-Lago last week.

Key aspect

Trump is advancing in fundraising over Biden after facing financial difficulties before he won the Republican Party nomination, when his finance machine had to spend significant sums on lawyers defending him in various criminal and civil cases. Trump's campaign and the Republican National Committee said earlier this month that it raised more than $65.6 million in March, more than tripling its February fundraising, and ended the month with more than $93 million in cash on hand. Trump Save America, its joint fund with the campaign, also reported raising $65.8 million in the first quarter.

The co-financing figures do not include the $50.5 million that Trump's campaign reported raising at the fundraiser organized by Paulson at his home in Palm Beach on April 6.