Republican megadonor Sheldon Adelson is planning to spend up to $50 million in an effort to help President Donald Trump overcome Democrat nominee Joe Biden in the November election, people familiar with the matter told CNBC on Wednesday.
Most of the money from Adelson is expected to be donated to the new pro-Trump super PAC, Preserve America. The casino executive’s team has reportedly contacted Republican officials close to Trump recently about the best and most effective places to use the cash.
Last month Axios reported that Adelson’s top advisor, Andy Abboud, told a group of GOP donors that the casino executive and his wife, Miriam, were planning to jump in to boost Trump’s campaign, saying “They are 110% behind the president. And that’s going to become apparent shortly.”
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