GOP 2024 hopefuls have some catching up to do in fundraising

If any Republican hopes to unseat former President Donald Trump as the leader of the GOP and win the Republican nomination for president next year, they probably need to raise some serious cash — and they better do it quickly.

Trump's super PAC, MAGA Inc., had over $54 million cash on hand at the end of 2022. No other entity in the party came close.

The former president is the only candidate to announce his campaign so far, though former U.N. Ambassador Nikki Haley is expected to announce soon.

Her super PAC, Stand for America, reported $2 million cash on hand at the end of last year.

Another official expected to throw his hat into the ring is former Secretary of State Mike Pompeo. His super PAC, Champion American Values, reported $1.16 million cash on hand ahead of 2023.

The only potential candidate who has more than seven figures in their super PAC account is South Carolina Sen. Tim Scott. His group, Opportunity Matters Fund, reported $13 million cash on hand at the end of last year.

And, Scott's super PAC seems to be sponsored by at least one well-known GOP donor with deep pockets. Larry Ellison, the co-founder of Oracle who made multiple donations totaling over $30 million to Scott's super PAC during the 2022 election cycle.

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Ellison has been a long-time supporter of Trump. He even reportedly joined a call with Trump and other allies in November 2020 to discuss contesting President Joe Biden's victory.

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Now, he's not the only donor moving on from the former president.

Just this week, Americans for Prosperity, a group affiliated with the billionaire Koch brothers, signaled it would move on from Trump and would seek to "to turn the page” and “write a new chapter for our country” by wading into GOP presidential primary battles in 2024.

Similarly, the president of Club for Growth, a conservative group funded in part by billionaires Jeff Yass and Richard Uihlein, told Axios, "it’s time for a new standard bearer," signaling a desire to move on from Trump.

So, for the GOP presidential hopefuls lagging in fundraising now, it's possible there's a wealth of fundraising sources to turn to.