Nikki Haley’s quest for the GOP nomination has taken a somewhat unconventional route.

While many candidates rely on securing votes from their party’s rank and file, Haley finds herself heavily reliant on big-money donors from the Wall Street donor class.

These wealthy individuals will play a crucial role in determining how long she can stay competitive against GOP front-runner Donald Trump.

Moderate politics

Haley’s challenge lies in her positioning as a moderate in a party that has shifted towards populism under Trump’s leadership.

The traditional country-club-types, Wall Street executives, and free-marketeers have taken a back seat to Trump’s “blue-collar” and anti-globalist agenda.

Unlike Trump, who primarily self-finances his campaigns and garners support from his base, candidates like Haley require financial backing from the non-populist, cash-rich minority to remain competitive.

Haley has made efforts to appeal to big-money donors, emphasizing her ability to compete against Joe Biden more effectively than Trump, who faces potential legal challenges.

Some donors are banking on Trump’s potential downfall, keeping her in the race as a backup option.

Struggled to gain traction

However, despite Haley’s significant fundraising efforts, she has struggled to gain traction with GOP voters.

She has faced defeats in the Iowa caucuses and the New Hampshire primary to Trump, and polls suggest she may lose her home state of South Carolina in February.

Wall Street donors are growing anxious.

Some have already withdrawn their support, while others, like Home Depot founder Ken Langone, are cautioning against investing in a losing campaign. If Langone pulls out, it could trigger a domino effect among other big-money donors.

Haley insists she will stay in the race until the end, but her fate may resemble that of Ron DeSantis, who dropped out when his donors withdrew their support.

To secure her path to the presidency, Haley will need to win a state at some point, or her “in it till the end” resolve may meet a similar fate.