Just a day after President Joe Biden announced he would not seek re-election in 2024, Democrats experienced a remarkable surge in fundraising. In the span of just 48 hours, they raised $100 million through ActBlue, the Democratic Party’s primary fundraising platform. This figure, tracked by Ryan Murphy from The Marshall Project, highlights the financial strength and grassroots support that the party is currently mobilizing.
Notably, on Sunday alone, $66.9 million was raised following the launch of Vice President Kamala Harris’s presidential campaign. This amount marked the most successful single day of fundraising for ActBlue in the current election cycle. The previous record was set on September 30, 2020, during the first presidential debate between Biden and Trump.
This influx of donations drove ActBlue’s total raised over the past two decades to an impressive $14 billion. In contrast, WinRed, the Republican fundraising equivalent launched in late 2019, has gathered around $4.3 billion. ActBlue celebrated the influx of new donors, with many reporting they made their first-ever contributions during this period, reinforcing a vibrant grassroots movement.
In addition to ActBlue’s success, Future Forward, a super PAC aligned with Biden, secured $150 million in new commitments from major donors within a day of Biden’s announcement. Swing Left reported raising over $160,000 in support of the eventual Democratic nominee within the same timeframe.
Prominent Democratic donors, including Roger Altman and the Soros family, pledged their support to Harris, suggesting a well-funded campaign ahead. Historically, post-debate periods have been lucrative for Biden, who previously raised $28 million immediately after a debate defeat to Trump, alongside significant funds following Trump’s legal challenges.
While pro-Biden groups raised $332.4 million between April and June this year, pro-Trump groups amassed $431.2 million, showing an ongoing competitive fundraising landscape.
This surge in donations indicates a robust response from Democratic supporters and highlights their willingness to rally behind newly announced candidates, which could play a crucial role in shaping the upcoming election landscape.
The recent developments serve as a reminder of the active engagement of voters and the potential for large fundraising efforts, which may signal a dynamic and contentious election cycle ahead.