Following President Joe Biden’s announcement that he would not seek re-election, the Democratic Party has seen a significant fundraising boost, raising $100 million through its primary platform in just two days.
According to a live tracker maintained by Ryan Murphy from The Marshall Project, the donations were processed by ActBlue, a fundraising platform for Democratic groups. While the figure is not officially verified, it highlights the momentum in fundraising just weeks before formal disclosures are required.
On Sunday, alone, donors contributed an impressive $66.9 million for Vice President Kamala Harris’s presidential campaign launch, marking the largest single-day fundraising total of the 2024 cycle for ActBlue. The previous record was established on September 30, 2020, on the eve of the first presidential debate between Biden and Trump.
The recent influx of donations has propelled ActBlue to surpass $14 billion in total funds raised since its inception two decades ago. In contrast, its Republican counterpart, WinRed, has raised around $4.3 billion since launching in late 2019.
ActBlue shared on social media that many individuals reported making their first donation in the last 24 hours, signaling a strong grassroots movement. Moreover, Future Forward, a super PAC supporting Biden, received $150 million in new commitments from major donors within a day of Biden’s announcement and Harris’s endorsement. Swing Left, which was created to support the future Democratic nominee, reported raising over $160,000 in the same time frame.
Roger Altman, founder of Evercore, expressed confidence that Harris’s campaign would be well-funded and confirmed his support for her. Notable Democratic donors, including George and Alex Soros, are also backing Harris.
Historically, Biden has experienced substantial fundraising spikes following significant political events, such as a debate loss to Trump in June 2020, during which his campaign raised around $28 million in just two days. Following Trump’s conviction on 34 felony counts, Biden raised $19.2 million, while Trump and his associated organizations garnered $69 million within a similar timeframe.
From April to June, pro-Biden groups raised $332.4 million compared to $431.2 million for pro-Trump groups, according to The Financial Times. By the end of June, Biden reported having $281 million in funds compared to Trump’s $336.2 million.