Former US President Donald Trump has shifted money from campaign donors into his personal businesses, Forbes magazine reports in new revelations that are expected to further stoke resentment of his Republican party sympathisers.
The Trump Organisation is heavily indebted, reportedly owing around $400 million. Campaign donor money was moved both before and after Trump’s election loss, reported Forbes.
He moved around $2.8 million into his private businesses throughout the duration of his presidency, the magazine reports. Trump funnelled an additional $81,000 into the Trump Organization after his election loss, it adds.
The payments were made public in the filings the campaign submitted to the FEC and were listed to cover costs including rent, airfare, lodging and other expenses.
One of the campaign’s joint-fundraising committees associated with the Republican Party also moved an estimated $4.3 million of donor money into his private business during his presidential term, Forbes reports.
The joint-fundraising committee also paid around $300,000 towards Trump’s hotel chain in the week following the former president’s election loss, the Independent reported.
Around $40,000 was handed over from the campaign to Trump Tower Commercial LLC, a company which the former president owns a stake in, in December, the paper said.
This isn’t the first time it has been reported that Trump transferred campaign money to his private businesses.
In July, The Washington Post’s David Fahrenthold reported that Trump’s campaign sent nearly $400,000 to the Trump Organization in just two days. Documents showed that the campaign channelled $380,000 to the president’s personal business in 43 transactions, Fahrenthold reported.
This comes when the former president is said to be looking for ways to cash in on his post-presidency to address potentially huge debt.
- A Tell report