In a remarkable display of political fundraising, President-elect Donald Trump's inaugural committee has amassed over $170 million for his upcoming inauguration, marking a record amount as numerous tech executives and major donors eagerly contribute to the funding of the ceremony. The sum raised thus far was confirmed by an insider who opted to remain unnamed due to the sensitivity of the information, indicating that the committee is on track to collect over $200 million by the time fundraising concludes. Trump's committee has yet to provide specific details regarding the allocation of these funds for the inauguration festivities.

The bulk of these private donations is generally directed towards expenses for inauguration-related events, including the oath of office ceremony, a parade, and various inaugural balls. According to sources, any surplus funds from the inaugural committee will be earmarked for a future presidential library dedicated to Trump.

This significant amount collected already surpasses the total of nearly $62 million raised by President Joe Biden during his inauguration in 2021, according to records from the Federal Election Commission. Moreover, with Trump's initial inauguration in 2016 fetching nearly $107 million, this new record emphasizes the continued strong support he receives from high-profile donors.

Noteworthy contributions include pledges of $1 million each from industry giants such as Amazon and Meta, the parent company of Facebook and Instagram. Additionally, OpenAI CEO Sam Altman has also committed to personally donating $1 million. Following Trump's victory in the recent elections, alongside Republican control of Congress, a surge of donations from major benefactors, especially tech firms, has been observed as they aim to bolster their rapport with the incoming administration.

This impressive fundraising effort highlights the evolving landscape of political finance and underscores the eager backing from corporate America for Trump's second term. Source: CNN