Just one day after President Joe Biden announced he would not seek re-election, the Democratic Party experienced a significant fundraising boost, raising $100 million through its key fundraising platform, ActBlue. This amount was documented over a two-day period, as reported by Ryan Murphy, a developer at The Marshall Project. Though not officially confirmed, the figure is derived from ActBlue’s extensive donation tracker that has been in operation since 2004.
On the first day alone, donors contributed approximately $66.9 million to Vice President Kamala Harris’s newly launched presidential campaign, marking the highest fundraising day in the 2024 election cycle for ActBlue. This surpassed previous records, including a notable fundraising day during the first presidential debate of 2020.
ActBlue’s achievement of raising over $14 billion since its inception is particularly striking when compared to WinRed, the Republican fundraising platform launched in 2019, which has raised around $4.3 billion. ActBlue expressed excitement over the influx of new, small-dollar donors joining their grassroots movement, highlighting a trend of first-time contributions in response to recent events.
In addition to individual donations, Biden-aligned super PAC Future Forward secured $150 million in new commitments from major donors shortly after Biden’s announcement and endorsement of Harris. Swing Left also reported raising over $160,000 in the same 24-hour timeframe to support the eventual Democratic nominee.
Prominent Democratic donors, including George and Alex Soros, have expressed their backing for Harris, indicating confidence in her campaign’s financial viability moving forward. Notably, Biden previously saw substantial fundraising boosts in the wake of public debates and Trump’s legal challenges, showcasing the dynamic nature of political fundraising.
As the fundraising landscape continues to evolve, it appears that the Democratic Party may be rallying significant support despite the challenges ahead, potentially setting the stage for a competitive election cycle.
In conclusion, this surge in donations reflects an engaged electorate and may bode well for the Democratic Party as they prepare for the upcoming elections. The ability to mobilize financial support quickly demonstrates the resilience and enthusiasm of Democratic supporters.