Trump Is Officially $50 Million Poorer: GOP Nominee Turns Personal Loan to His Campaign Into a (Big) Gift
"This money is a contribution made in order to 'Make America Great Again,' " Donald Trump's campaign said in a statement
Trump’s presidential campaign announced in a press release on Thursday that the billionaire businessman will convert a $50 million personal loan to his campaign into a contribution, per a promise he made last month.
The statement read: “Donald J. Trump has honored the pledge he made on May 13, 2016, when he stated, ‘I have absolutely no intention of paying myself back for the nearly $50 million dollars I have loaned to the campaign. This money is a contribution made in order to ‘Make America Great Again.’ ”
“Mr. Trump has fully extinguished (terminated) this loan per his commitment. Therefore, he has personally invested in excess of $50 million dollars in the future of our country,” the statement continued.
The move appears to be an attempt on Trump’s part to reassure supporters that their donations will not go towards recouping his own hefty out-of-pocket costs.
According to The New York Times, however, Trump didn’t have much of a choice in the matter. Federal rules dictate that Trump’s campaign had only until August to repay the loan.
Critics on Twitter mocked the billionaire businessman with the hashtag #TrumpSoPoor earlier this week after it was reported that the presumptive GOP nominee’s campaign had just $1.3 million in the bank following a disastrous month of fundraising.
Trump dismissed suggestions that the cash crisis could cripple his campaign, saying in a statement Tuesday, “There could be unlimited ‘cash on hand,’ as I would put up my own money, as I have already done through the primaries, spending over $50 million dollars. Our campaign is leaner and more efficient, like our government should be.”
Trump, who claims to have self-funded his primary election, sent out what he described as the first fundraising email of his campaign on Tuesday.
“Mr. Trump and the campaign have assembled an exceptional fundraising operation, which in recent days has been overwhelmed with contributions for the Republican Party,” his campaign said in the Thursday statement. “Mr. Trump will continue to ensure the campaign has all of the resources necessary to defeat Crooked Hillary Clinton and the Democrats in November.”