Former President Donald Trump's campaign is gearing up for a massive fundraiser set at the luxurious oceanside Palm Beach, Florida, residence of billionaire investor John Paulson. The reception and dinner has already brought in a staggering $43 million in support of Trump's third bid for the White House. The event, held on Saturday, is called the “Inaugural Leadership Dinner” and aims to surpass Joe Biden's recent fundraising record of $26 million at a recent event in New York "highlighted" by appearances from former Presidents Bill Clinton and Barack Obama.

The gathering is expected to host about 100 guests, in what hedge fund manager and host Paulson says is a show of "overwhelming" donor support. 

In a statement, Paulson said,

The response to our fundraising efforts has been overwhelming, and we’ve raised over $43 million so far. There is massive support amongst a broad spectrum of donors.

The co-chairs of the fundraiser include Robert Bigelow, a Las Vegas-based businessman who supported Florida Gov. Ron DeSantis’ presidential campaign; New York grocery billionaire John Catsimatidis; Linda McMahon, the former World Wrestling Entertainment executive and head of the Small Business Administration during Trump’s presidency; casino mogul Steve Wynn; and former Georgia Sen. Kelly Loeffler, as stated in the invitation.

Despite initial challenges in attracting big donors during his campaign launch amid competition from other Republicans in the primary, Trump has experienced a resurgence in fundraising alongside the recently revamped Republican Party. The GOP recently announced raising over $65.6 million in March, ending the month with $93.1 million on hand. Meanwhile, Biden and the Democrats reported on Saturday that they had brought in over $90 million during the same period, with more than $10 million coming in the first 24 hours following the State of the Union address, resulting in a cash reserve exceeding $192 million. 

The donor contributions from the event will be directed to the Trump 47 Committee, according to the invitation. This committee represents a joint fundraising agreement involving the Republican National Committee, state Republican parties, and Save America—a political action committee responsible for covering a significant portion of Trump’s legal expenses. 

In a statement, Biden campaign manager Julie Chavez Rodriguez criticized Trump's fundraising efforts: 

Trump’s cash-strapped operation... is funneling the limited and billionaire-reliant funds it has to pay off his various legal fees.

The fundraising agreement says that donations are to be initially allocated to reach the legal maximum for both Trump's campaign and Save America PAC before any funds are distributed to the RNC or state parties. This clause, applying to checks of any amount written to the Trump 47 Committee, addresses concerns that were raised in March as Trump's daughter-in-law, Laura Trump, became the new chairwoman of the party. Some RNC members worried that the committee's funds might end up being used for Trump's sizable legal fees as he fights a carousel of court cases, including four of the criminal genre.

Brian Ballard, a prominent Florida lobbyist assisting Trump with fundraising efforts, says the recently unified party and campaign is yielding positive results. 

Ballard said,

...the finance side of the table is as unified as I have ever seen it since the reelection campaign of President George W. Bush.

The fundraiser will feature some of Trump’s former Republican presidential primary competitors, listed as “special guests," including South Carolina Senator Tim Scott, entrepreneur Vivek Ramaswamy, and North Dakota Gov. Doug Burgum.  

Some attendees have contributed the maximum allowed amount of $814,600, deemed "Chairman Level," which comes with a seat at Trump’s table. A donation of $250,000 per person signifies the guest as a “Host Committee” contributor. Both options include a photo opportunity and a personalized copy of Trump’s coffee table book showcasing photographs from his administration, titled ”Our Journey Together.”

While a record-breaking haul of around $50 million is anticipated, Trump campaign officials have said they do not expect to raise as much as the Democrats overall but will have the money they need.

Last month, Steven Cheung, communications director for the Trump campaign, said,

We are not only raising the necessary funds but we are deploying strategic assets that will help send President Trump back to the White House and carry Republicans over the finish line.

Biden took a preemptive swipe at Trump's festivities in a 54-second video posted on Saturday, saying,

Folks, you know Trump is down in Florida today raising money from a bunch of hedge fund billionaires who want him to cut Social Security and Medicare and their taxes.

Cheung responded to the attack in a statement saying, 

The Biden campaign is just mad they got outplayed at their own game. The fact is President Trump and the America First movement is buoyed by Americans from all backgrounds to stop Crooked Joe Biden’s disastrous policies.

The recent formation of the Trump 47 Committee after the RNC reboot last month signifies that the race to the White House is in high gear, while the stakes-shattering fundraiser demonstrates growing donor enthusiasm and unification within the Republican party.