Very important question (debatable)

i think he is most likely already making money from warhorse as technically the donations are also sales so he may get a percentage of the donation if it is a pledge that gives the game away

He is no angel investor. His companies (New Worlds Resources) are currently shedding thousands of coal miners off their jobs. Before that, he issued shares of the coal mining companies, only to follow the issuance by having the company take a large credit, so the shares’ prices plummeted. So the coal miners first invested their retirenement saving into the shares, lost that, and now are about to lose also the jobs.

I am not saying that he is some kind of evil - that is the way business world operates today. But I sure hope that WH guys invested money into good legal counsel when strucking the deal with Mr. Bakala.

They raised the money with the aim of investing it directly into the game development (see the pledge tiers). Doing anything else with the money would be criminal. Considering the amount of money raised, they would be looking into 5 - 10 years in Czech prison. Like this one:

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