Trump seems to have a large war chest – but is he struggling to raise money?

Some high-profile mega-donors have fled, small-dollar donor stream that fueled his past runs is drying up, and he is accused of violating ‘soft money’ laws

With his 2024 presidential candidacy officially kicked into gear, Donald Trump would seem poised to enter the Republican nomination race a step ahead: his Pacs and committees boast a war chest of about $95m, enough to give pause to the Republican candidates jockeying against him.

But a scratch beneath the surface reveals a different reality. About $78m of the $95m cannot be directly used for Trump’s campaign,...