Former President Donald Trump raised about $12 million during a high-profile fundraiser hosted by venture capitalists in San Francisco on Thursday.

Trump's fundraising success was marked by significant financial backing and the attendance of prominent figures from the technology and cryptocurrency industries, as the Daily Wire reports.

The exclusive event was held at the Pacific Heights home of venture capitalist David Sacks.

It was co-hosted by Sacks and Chamath Palihapitiya, both notable for their All-In podcast. The gathering attracted a wide array of well-known venture capitalists and cryptocurrency investors.

Event Gains Support from High-Profile Hosts

The cost to attend the event ranged between $50,000 and $500,000, depending on the associated benefits. Sacks, who introduced Trump at the event, publicly announced his endorsement of the former president.

"This all started with J.D. Vance calling and asking if we could host an event for President Trump," Sacks said, according to sources. "Without J.D.’s advice and encouragement, this would never have happened."

Attendees also heard Vance (R-OH) introduce Trump, adding more political weight to the gathering. During his speech, Trump voiced his criticism of Democratic proposals aimed at increasing cryptocurrency regulation.

San Francisco's Political Context

Holding the fundraiser in San Francisco was particularly noteworthy given the city is represented by Nancy Pelosi, a known political adversary of Trump. This added a layer of political intrigue to the event.

Conservative lawyer and Republican National Committee member Harmeet Dhillon described Trump as "relaxed, happy, and cracking jokes about AI" during the evening.

Dhillon later posted on X: "12M raised tonight! Incredible support for [Trump]. Not an empty seat in the gorgeous home of [David Sacks] and Jacqueline. Thrilled to see the tech leaders stepping up!"

Trump's Fundraising Momentum

Trump's fundraising efforts have been impressive; he has collected over $200 million following his conviction for falsifying business records in New York, with the trial concluding just last week. Despite President Joe Biden leading in fundraising, Trump has been closing this gap recently.

The event underscored the substantial backing from influential individuals in the tech sector, as well as Trump's ongoing influence in the political arena.

Strong Endorsements from Hosts and Attendees

Sacks outlined his reasons for endorsing Trump in a post on X. "My reasons rest on four main issues that I think are vital to American prosperity, security, and stability -- issues where the Biden administration has veered badly off course and where I believe President Trump can lead us back."

Sacks continued to criticize President Biden’s administration, emphasizing concerns over alleged censorship and selective prosecution.

"President Biden keeps insisting that a return of President Trump to the White House threatens democracy. But his administration is the one that has colluded with tech platforms to censor the Internet, used the intelligence community to cover up his son Hunter’s laptop, and pursued elective prosecutions against his political opponents."

Impact of the Fundraiser on Trump's Campaign

The successful fundraiser in San Francisco not only showcased Trump's fundraising capabilities but also illustrated his appeal among influential tech leaders and investors. This support could prove pivotal in strengthening his campaign as he seeks to reclaim the presidency.

In conclusion, former President Donald Trump raised around $12 million during a significant fundraiser in San Francisco, hosted by venture capitalists David Sacks and Chamath Palihapitiya.

The high-profile event featured attendees from the tech and cryptocurrency industries and was marked by strong endorsements and substantial financial contributions, further solidifying Trump's position in the political landscape.