Billionaires, companies power Trump's record inaugural haul

President Trump's inaugural committee said Tuesday that it raised almost $107 million for festivities surrounding his January 20 swearing-in, about double the haul for any other incoming president.

Organizers announced the total on Tuesday, two days before the 58th Presidential Inaugural Committee must disclose its donors to the Federal Election Commission.

Four years ago, Obama raised $43.7 million for his scaled-down second inauguration, which cost $40.3 million.

Jewish-American billionaire and casino mogul Sheldon Adelson made history earlier this year by writing a $5 million check to help underwrite US President Donald Trump's inauguration festivities.

After staying on the sidelines for much of the 2016 Republican primary, Adelson has embraced the new president and enjoyed a private White House dinner with him in February.

The report also shows the influence of large corporations, who can not give directly to candidates during the campaign: Bank of America, Pfizer, Boeing, Dow Chemical and AT&T each gave $1 million to support Trump during the lead-up to the inauguration.

Billionaire Texan Kelcy Warren, whose company is building the Dakota Access Pipeline, gave the inaugural committee $250,000.

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In a statement on Tuesday, the committee said it was still identifying charities toward which it would direct leftover money, though it did not detail how much was left.

Wynn, who has a long and complex relationship with Trump, is now the top fundraiser for the Republican National Committee.

Kraft also visited the President-elect in November at Trump Tower in NY. Wynn donated $729,217 through his Wynn Resorts. Christopher Cline, a billionaire coal magnate who owns Foresight Energy Partners, gave $1 million.

AT&T T.N gave almost $2.1 million in cash and services.

Businesses that donated at the $1 million level included Bank of America, Boeing, Dow Chemical, Pfizer and Qualcomm. Kerrigan said the inaugural events may have served as an opportunity for donors to try to curry favor with the incoming president. Harry Pefanis, vice chairman of PAA Natural Gas Storage LP, gave $100,000. Corporations, barred by federal law from donating to campaigns, can underwrite the costs of inaugural festivities. As a 501 (c)(4) organization, for example, the committee could use some of the money to give bonuses to staff, but IRS rules say the committee couldn't operate primarily to benefit a small group of individuals.

Inaugural committees face few of the regulations that limit campaigns in what they can raise and how they can go about raising it. President Barack Obama outright prohibited lobbyists and corporations from donating to his 2009 inauguration and limited individual gifts to $50,000, although in 2013 he limited individual gifts to $250,000 and allowed corporate gifts of up to $1 million.

Though the contribution exceeds those of AT&T's rivals, it still falls short of the $3 million it gave for President Obama's 2013 inauguration.

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