Just one day after President Joe Biden announced he would not be seeking re-election, the Democratic Party experienced a significant fundraising surge, amassing $100 million from donors via their primary platform, ActBlue. This remarkable influx of donations occurred over just two days and signals a renewed enthusiasm among Democratic supporters.
On a single day, donors contributed an impressive $66.9 million to kick off Vice President Kamala Harris’s presidential campaign, marking a historic milestone in fundraising for the upcoming 2024 election cycle on ActBlue. This achievement eclipses previous records, with only a similar spike occurring during the 2020 election debate between Biden and Trump. The cumulative total raised by ActBlue since its inception two decades ago has now reached $14 billion, showcasing the platform’s significant role in Democratic fundraising efforts. For context, ActBlue’s Republican counterpart, WinRed, which launched later in 2019, has brought in about $4.3 billion.
“We’ve seen numerous individuals expressing that they made their first donation in the last 24 hours!” ActBlue shared in a statement on social media, encouraging this new wave of small-dollar donors who are joining the grassroots movement. Additionally, Future Forward, a super PAC aligned with Biden, secured $150 million in new commitments from notable donors shortly after Biden’s announcement, while another group, Swing Left, reported raising over $160,000 in just a day.
Prominent figures in finance and donor circles, such as Evercore founder Roger Altman, have expressed confidence in Harris’s campaign and pledged their support, further fueling optimism within the party. Notably, mega-donors like George and Alex Soros are actively backing Harris, illustrating a consolidated effort among major financial supporters.
Historically, Biden’s fundraising has seen boosts after key moments, such as his defeat in the televised debate against Trump in June, where he raised approximately $28 million. The competitive atmosphere continues as pro-Biden and pro-Trump groups grapple with fundraising; recent reports indicate that Biden’s groups have raised $332.4 million in the past few months, compared to Trump’s $431.2 million.
The financial support from grassroot donors alongside commitments from major figures positions the Democratic Party favorably as they look forward to the election cycle. This surge of contributions not only demonstrates a strong base of support but also reflects the urgency many supporters feel in mobilizing for the upcoming election.
In summary, the overwhelming donations received by the Democrats illustrate a potent blend of grassroots enthusiasm and high-profile donor commitments, providing an optimistic outlook for Kamala Harris’s campaign and the party’s overall fundraising efforts in the months leading up to the election.