Just a day after President Joe Biden announced he would not pursue re-election, the Democratic Party experienced a remarkable surge in fundraising, amassing $100 million from donors through ActBlue, its primary fundraising platform. This significant influx of donations occurred within just two days and highlights the mobilization of grassroots support for the party.
On a single day following Biden’s announcement, an impressive $66.9 million was donated to kick off Vice President Kamala Harris’s presidential campaign, marking it as the largest fundraising day of the 2024 cycle for ActBlue. This extraordinary response eclipsed previous fundraising spikes, the second highest being recorded during the first presidential debate between Biden and Donald Trump in September 2020.
ActBlue’s fundraising achievements are noteworthy, reaching $14 billion since its establishment two decades ago, a large contrast to the $4.3 billion raised by its Republican counterpart, WinRed, which launched in 2019.
The organization reported that many donors made their first donations in the last 24 hours, indicating a vital influx of new supporters joining the grassroots movement. Future Forward, a super PAC aligned with Biden, saw $150 million in new commitments from major donors right after Biden’s announcement and endorsement of Harris. Additionally, Swing Left, which is focused on supporting the eventual Democratic nominee, raised over $160,000 within the same 24-hour period.
High-profile Democratic donors, including George and Alex Soros, expressed their support for Harris, and Evercore founder Roger Altman emphasized confidence that her campaign would be well funded.
Historically, Biden has seen considerable funding bursts during notable moments, such as after significant debate performances and high-profile legal events concerning Trump. The recent surge illustrates a resurgence of enthusiasm and support for the Democratic Party, indicating a strong foundation as the 2024 election cycle unfolds.
This fundraising momentum reflects an energetic response from constituents, suggesting that Democrats are poised to harness this wave of support moving forward. The increased engagement from small-dollar donors is particularly encouraging for the party’s grassroots efforts and signifies a robust commitment to future campaigns.