Some of Trump’s Biggest Political Backers Also Threw Trump Media a Lifeline

Marty Davis, the wealthy Minnesota head of a kitchen countertop manufacturing company, is a steadfast supporter of former President Donald J. Trump. He contributed hundreds of thousands of dollars to help elect Mr. Trump in 2020, and encouraged him to fight to overturn the 2020 election results.

Shortly after Mr. Trump’s social media company said in October 2021 that it planned to go public by merging with a cash-rich shell company, Mr. Davis was one of the first to lend the fledgling business millions so that it could stay afloat until its merger closed and finance the launch of its Truth Social platform.

Mr. Davis gave Trump Media & Technology Group a $5 million loan, according to documents reviewed by The New York Times. His loan was part of $40 million Trump Media raised from more than a dozen private investors, some of whom have helped finance efforts to elect Mr. Trump and are now likely shareholders of his social media company.

It’s not uncommon for start-ups to seek out wealthy investors for financing, but the stock holdings raise questions about the potential for conflicts of interest and undue influence over Mr. Trump should he return to the White House.

Other early backers include two Texas billionaires, a Florida hedge fund manager, and a trust with ties to a Russian American owner of an offshore bank who is the nephew of a former high-ranking Russian government official, the documents show. One of the billionaires, Kenny Troutt, a retired Dallas telecommunications executive, has given more than $1.1 million to efforts backing Mr. Trump’s three White House bids. Mr. Troutt is serving as a co-chair of a major fund-raiser on Saturday in Palm Beach, Fla., for the former president.