President-elect Donald J. Trump's inaugural committee has raised more than $170 million for the ceremony, setting a new record according to Associated Press. Donations from tech executives and major donors were confirmed by a source who spoke on condition of anonymity. The source said the committee expects to raise more than $200 million by the end of the effort.
By comparison, President Biden's committee raised $62 million for his inauguration. Trump's retreat was aided by $1 million in donations from Amazon and Meta and OpenAI CEO Sam Altman has said he planned to make a personal donation of $1 million.
Related: Why Every Entrepreneur Needs an Inauguration Day Plan
What is all that money going for? According to the AP, the pool of donations is typically used to pay for celebratory events, a parade and a number of inaugural balls. Any donated money that is not spent will be used for Trump's presidential library, according to the insider.
The $170 million haul is so big, reports the New York Timesthat “some seven-figure donors have been placed on waiting lists or told they may not get VIP tickets at all because the events are at capacity.”
Read more at AP AND New York Times.