Just one day after President Joe Biden announced he would not run for re-election, the Democratic Party experienced a surge in fundraising, raising an impressive $100 million through its primary platform, ActBlue. The figures were tracked by Ryan Murphy from The Marshall Project and highlight a remarkable response from donors.
On a single day alone, contributions for Vice President Kamala Harris’s presidential campaign reached $66.9 million, marking the largest fundraising day in the 2024 election cycle for ActBlue. Notably, this performance outstrips prior significant fundraising events, such as the day of the first presidential debate in 2020.
Since its inception 20 years ago, ActBlue has surpassed $14 billion in cash raised. In comparison, its Republican equivalent, WinRed, has accumulated approximately $4.3 billion since its launch in 2019. ActBlue emphasized the influx of new small-dollar donors, stating that many were making their first donations during this period, illustrating a growing grassroots enthusiasm for the Democratic cause.
Future Forward, a super PAC supportive of Biden, secured $150 million from major donors within 24 hours following Biden’s announcement. Additionally, Swing Left, an organization focused on supporting the Democratic presidential nominee, raised more than $160,000 in the same timeframe.
Prominent figures in the Democratic party, such as Evercore founder Roger Altman and billionaire donors George and Alex Soros, have already pledged their support for Harris, further indicating a robust financial backing for her campaign.
In the past, Biden’s fundraising efforts have flourished after significant political events, demonstrating the ability for candidates to rally financial support in response to political developments. As political landscapes change, the surge in donations is a positive signaling for the Democratic Party, suggesting that enthusiasm and support remain strong among their base as they gear up for the upcoming election cycle.
This financial backing not only fortifies Harris’s presidential campaign but also suggests a reinvigorated commitment from Democratic donors, aiming for a comprehensive strategy to compete effectively in the elections ahead. The enthusiasm observed may inspire further engagement as the campaign unfolds.