The Biden campaign raised $90m in March; Trump is attempting to catch up

Donald Trump is set to host a high-profile event in Palm Beach this weekend, to match President Joe Biden's impressive fundraising success.

The party on Saturday evening will be hosted by New York hedge fund billionaire John Paulson at his $110m Florida mansion.

To outdo the recent record, the former president, who is currently lagging behind Mr. Biden in terms of fundraising, has set his sights on raising over $43 million.

During a recent New York fundraiser, Mr. Biden managed to secure an impressive $26 million in donations. The event was graced by the presence of former Democratic presidents Barack Obama and Bill Clinton, who showed their support for Biden on stage. Attendees of the event were required to pay a hefty $100,000 for the opportunity to have their photo taken with the trio.

The upcoming event, known as the "Inaugural Leadership Dinner," is set to take place on Saturday night and is expected to draw a crowd of approximately 100 attendees, among them several prominent billionaires.

Notable figures such as South Carolina senator Tim Scott, entrepreneur Vivek Ramaswamy, and North Dakota governor Doug Burgum are anticipated to be in attendance as "special guests" at the event, alongside some of Mr. Trump's former rivals. Former first lady Melania Trump is expected to be in attendance as well.

The fundraiser is being co-chaired by a group of prominent individuals, including Las Vegas businessman Robert Bigelow, New York grocery billionaire John Catsimatidis, former World Wrestling Entertainment executive Linda McMahon, casino boss Steve Wynn, and former Georgia senator Kelly Loeffler.

For a generous contribution of $814,600, individuals have the opportunity to secure a seat at Mr. Trump's exclusive table. Alternatively, a donation of $250,000 grants the chance to have a photo taken with the former president and receive a personalised copy of his coffee table book, showcasing captivating images from his tenure in office.

The event's significant financial success could potentially change the prevailing perception of Mr. Trump's financial situation, which has been dominated by his numerous civil and criminal trials.

In a recent announcement, Mr Trump and the Republican Party revealed that they managed to raise an impressive $65.6 million in March, leaving them with a substantial $93.1 million in cash reserves.

In the latest financial report, the Biden campaign announced a staggering $90 million raised in the previous month, leaving them with an impressive $192 million in cash reserves.

Initially, Mr. Trump faced challenges in garnering support from major donors for his campaign, with several opting to back his primary rivals instead. Since his resounding primary victory, the Republican Party has rallied behind the former president.

The event's donations will be directed towards the Trump 47 Committee, a collaborative fundraising initiative involving the Republican National Committee, state Republican parties, and the Save America political action committee.

Donations are allocated in a way that prioritises the Trump campaign and Save America PAC, with the remaining funds going to the RNC or state parties.

In a recent development, the RNC decided to appoint Michael Whatley, the former North Carolina Republican party chair, as its new leader. Joining him in this role is Laura Trump, daughter-in-law of Mr. Trump, who will serve as co-chair.