After Trump's conviction, billionaires are showing support for him.

     

   Ultra-wealthy Republican donors are throwing their support behind former US President Donald Trump following his historic trial and subsequent criminal conviction. Trump, who is vying for the Republican nomination in this year's White House election, was found guilty of falsifying business records to cover up hush money paid to former adult-film star Stormy Daniels.

Despite trailing behind Joe Biden and the Democrats in fundraising efforts, Trump's conviction injected fresh momentum into his electoral campaign. His team announced a staggering $53 million surge in donations within just 24 hours following the verdict.

Israeli-American casino tycoon Miriam Adelson is anticipated to pledge a multimillion-dollar contribution to Trump's campaign through a political action committee named Preserve America. This move comes in the wake of reports that her donation could surpass the $90 million contribution she and her late husband, Sheldon Adelson, made ahead of the 2020 election.

Other affluent figures are poised to follow suit. In the aftermath of the verdict, numerous billionaires publicly expressed support for Trump. Silicon Valley investor David Sacks, for instance, emphasized the pivotal nature of the upcoming election, while hedge fund manager Bill Ackman hinted at forthcoming support for Trump.

Even individuals who had previously distanced themselves from Trump, such as Blackstone Group CEO Steve Schwarzman, have now pledged their backing. Schwarzman, highlighting concerns over national policies and rising antisemitism, affirmed his support for Trump's reelection bid.

While Trump's fundraising has seen fluctuations, with notable spikes during key legal battles, experts caution against overemphasizing the role of money in determining electoral outcomes. Despite fundraising disparities between Trump and Biden, name recognition remains a crucial factor in campaigns.

The BBC has reached out to both the Trump and Biden campaigns for comment on the fundraising efforts.