President Donald Trump may not be eligible to seek another term, but his political organizations spent the first half of 2025 refilling their coffers with the midterm elections looming.
OpenSecrets’ analysis of federal financial disclosure reports show Trump-affiliated political organizations are sitting on $237.3 million that can be spent on future elections. The vast majority of the money — $196.1 million — is held by MAGA, Inc., a new super PAC formed this year to support Trump and his agenda. Make America Great Again, Inc, the super PAC that supported Trump’s 2024 campaign, transferred its remaining funds, $10.6 million, to MAGA, Inc. and was shut down.
Never Surrender, previously Trump’s 2024 campaign committee, was converted into a political action committee immediately after the election. It spent $471.5 million in 2024 and now has $38.5 million on hand. It can donate that money directly to candidates and other PACs, including to super PACs.
Save America PAC has been Trump’s primary mechanism for funding his long-running legal battles. This ramped up particularly in the 2024 cycle as Trump’s legal costs skyrocketed. Reviews of Save America’s Federal Election Commission filings show that it spent at least $82 million on legal fees in 2023-24. In the first six months of 2025, it spent $4 million on legal costs.
Top donors
MAGA Inc. has raised nearly $44.5 million this year from its top six individual donors and $51.3 million from its top six corporate donors.
Jeff Yass, the billionaire founder of the trading firm Susquehanna International Group, led the way by donating $16 million. Yass donated the sixth-most dollars to federal political committees during the 2024 cycle. Tech billionaire Elon Musk, the single biggest donor during the 2024 election, has donated $5 million to MAGA Inc. this year. Musk has had an on-again/off-again relationship with Trump since leaving his role as special government employee earlier this year.
The top corporate donors this year have been Securing American Greatness, a dark money group that supported Trump in 2024, and the energy company Energy Transfer LP. They donated $13.8 million and $12.5 million, respectively. Of note, the chairman and co-founder of Energy Transfer LP, Kelcy Warren, gave $12.5 million himself, making the total amount of contributions linked to the company $25 million.
