Trump refunds billionaires after campaign donations exceed limit

Former US president and Republican presidential candidate Donald Trump has returned excess donations from the billionaire Winklevoss twins after their contributions to his presidential campaign exceeded the federal legal limit. (Photo/Reuters)

Former US president and Republican presidential candidate Donald Trump has returned excess donations from the billionaire Winklevoss twins — founders of the cryptocurrency company Gemini — after their contributions to his presidential campaign exceeded the federal legal limit as per a report in Bloomberg.

Tyler and Cameron Winklevoss, whose firm in February entered settlement agreements with US and New York state financial regulators after accusations of wrongdoing, each announced donations of $1 million in posts on social media site X on Thursday.

Their donations exceeded the maximum $844,600 that the Trump committee can legally accept per person, according to a report in Bloomberg on Friday. The portion above that limit was refunded to the donors, the report said, citing a campaign official.

A spokesperson for the Trump campaign did not immediately respond to Reuters news agency' request for a comment.

Outpacing Biden's campaign in fund collections

The donations came after Trump presented himself as a champion for crypto, including at a San Francisco fundraiser this month with tech executives during which he slammed Democrats' at tempts to regulate the crypto sector.

In May, Trump's campaign raised over $141 million, surpassing US president Joe Biden's campaign and the Democrats, who reported a combined total of $85 million.

Following his conviction on 34 felony counts in New York State on May 30, Trump’s campaign launched a vigorous fundraising drive, energising his supporters and amassing millions in small-dollar donations.

Recently, billionaire Timothy Mellon, the heir to the Mellon family fortune and the largest donor to pro-Trump PACs, contributed an additional $50 million to support Trump.

___

Source: TRT