Jon Lieber, head of Eurasia Group's coverage of political and policy developments in Washington, DC, shares his perspective on US politics.
This is what we are watching in US Politics this week: It is Trump's money.
At the same time this week, his meme stock is going bananas with an IPO of Truth Social. The markets don't know what to do it. With valuation fluctuating wildly throughout its first two trading days. But no matter what, it seems likely to increase Trump's net worth by several billion dollars. Unfortunately, a lot of that money will be locked up in equities in uncertain valuation for some time, which will make it hard for Trump to use the money to shore up his struggling campaign funds.Trump has roughly a third of the cash on hand as President Biden, who's going to pad that total with a cool $25 million from a fundraiser in New York this week. Trump is, of course, the king of earned media and may not need a huge war chest to run his campaign. But if there's one thing we know about American politics is that money does not hurt.
One of the reasons Trump may be struggling to raise funds is because of the massive legal bills that he has to cover, which, according to The New York Times, have amounted to over $100 million since he left office. Some of that has been covered with campaign cash. Some of it has been covered with money from his businesses, which is going to get a lot harder for him going forward based on this decision in New York.
So money could end up being a huge story of the 2024 election. And if it is, it's because Biden has it and Trump doesn’t.