In the wake of President Joe Biden’s announcement that he will not seek re-election, Democratic fundraising has seen a remarkable surge, with $100 million raised in just 48 hours through ActBlue, the primary fundraising platform for Democratic organizations. This figure, tracked by developer Ryan Murphy from The Marshall Project, provides early insights into the fundraising landscape ahead of formal disclosures.
On Sunday alone, contributions reached $66.9 million, marking a record fundraising day for Vice President Kamala Harris’s presidential campaign in the 2024 cycle. This surpasses the previous high experienced on September 30, 2020, during the first presidential debate between Biden and Trump. ActBlue celebrated hitting a significant milestone of $14 billion raised since its establishment two decades ago, contrasting with WinRed, the Republican fundraising counterpart, which has collected approximately $4.3 billion since its inception in 2019.
ActBlue reported an influx of new donors, stating that many had made their first donations in the wake of Biden’s announcement, showcasing the growing grassroots enthusiasm. Additionally, Future Forward, a super PAC aligned with Biden, secured $150 million in new commitments from major donors, following Biden’s endorsement of Harris. Swing Left also reported raising over $160,000 within the same timeframe.
Prominent Democratic donor Roger Altman expressed confidence in Harris’s campaign, describing it as “very well financed” and affirming his support. Notable donors such as George and Alex Soros have also thrown their support behind her candidacy.
Historically, Biden’s fundraising peaks have occurred in the aftermath of significant events, including his defeat during a debate against Trump in June, which raised around $28 million, and days following Trump’s conviction on felony charges, which saw Biden garner $19.2 million. In contrast, Trump and his affiliates raised considerable sums during these times, including a staggering $69 million in the days following his conviction, which even caused a temporary crash of his campaign website.
For the period between April and June, pro-Biden fundraising efforts totaled $332.4 million, while pro-Trump initiatives raised $431.2 million, leading to Biden having $281 million in funds compared to Trump’s $336.2 million by the end of June.