President Barack Obama is expected to attend a political fundraiser in May at the La Jolla home of Qualcomm co-founder Irwin Jacobs.

Jacobs, whose estimated net worth is $1.6 billion, was one of the top five financial supporters of Obama's reelection campaign in 2012. He stepped down as chairman of Qualcomm—the mobile chip maker—five years ago.

The $10,000-per-person fundraiser is set for May 8 and will benefit the Democratic Congressional Campaign Committee, according to an invitation obtained by The Associated Press. Couples who donate $32,400, the legal maximum, will be invited to a VIP reception and photo opportunity.