Major GOP political donors who previously supported Donald Trump are shying away from the former president because they are "losing interest in this sh*tshow" and "have better things to do," according to a new report from CNBC.
"Wealthy financiers such as Stephen Ross and Larry Ellison have instead opted to spend money on the GOP's efforts to take back Congress during next year's midterm elections, or have shown support for potential 2024 presidential candidates like Sens. Marco Rubio of Florida and Tim Scott of South Carolina," according to the report, which also mentions support for Florida Republican Gov. Ron DeSantis.
CNBC spoke with two donor consultants who declined to be identified out of fear of retribution from Trump and his supporters. They suggested major donors are concerned about how Trump is spending the money he's raised through smaller contributions, and are tired of watching him blow funds on rallies where he makes false claims about election fraud. The report also notes that Trump's PACs have spent $8 million on legal fees and $200,000 on his own properties this year.
"Big money, sophisticated people are just losing interest in this sh*t show," said an advisor to longtime Trump allies in Silicon Valley.
A Republican strategist who represents Wall Street clients added: "Donors don't contribute out of the goodness of their heart. And right now they're being asked to donate to an organization that has no other purpose than pumping cash into someone who doesn't need it and isn't using it. They have better things to do."
Although Trump still has major funders like MyPillow CEO Mike Lindell and former GOP Sen. Kelly Loeffler, several individuals and entities who supported his re-election campaign have not made significant recent contributions to his PACs.
They include billionaires Ross and John Paulson, who recently attended a fundraiser for DeSantis' gubernatorial campaign, and Oracle Chairman Larry Ellison, who gave $5 million to a PAC supporting Scott. The Republican Jewish Coalition's PAC is hosting an upcoming fundraiser for Rubio.
Meanwhile, one major Trump donor who's currently in legal trouble, investor Tom Barrack, has indicated he would not support Trump anyway.
"Today it looks like it's a campaign of divisiveness, which I'm not interested in," Barrack said before he was arrested on charges of illegally lobbying Trump on behalf of the United Arab Emirates.