Just one day after President Joe Biden announced that he would not seek re-election, the Democratic Party experienced a remarkable boost, raising $100 million from donors through ActBlue, its primary fundraising platform. According to Ryan Murphy, a developer at The Marshall Project who monitors donations, this figure highlights the robust fundraising efforts preceding the formal disclosures usually required in such campaigns.
On Sunday alone, supporters contributed an impressive $66.9 million to kick off Vice President Kamala Harris’s presidential campaign. This marked the most significant single-day fundraising event for the 2024 election cycle, surpassing previous records. The second highest amount occurred on September 30, 2020, right before the first presidential debate between Biden and Trump.
As a testament to its fundraising prowess, ActBlue has now raised over $14 billion since its establishment two decades ago. In comparison, WinRed, the Republican fundraising platform that started in late 2019, has collected approximately $4.3 billion.
ActBlue expressed enthusiasm about the surge in donations, noting that many supporters reported making their initial contributions in the previous 24 hours. “It’s so motivating to see new small-dollar donors join the grassroots movement!” the group stated via X, formerly known as Twitter.
In connection with Biden’s announcement and Harris’s endorsement, Future Forward, a super PAC aligned with Biden, secured $150 million in new commitments from prominent donors within just one day. Additionally, Swing Left confirmed it raised over $160,000 in the same timeframe.
Support for Harris continues to mount, with endorsements from influential Democratic figures such as Roger Altman, the founder of Evercore, as well as mega-donors George and Alex Soros.
Historically, Biden has seen his best fundraising days following major political events, such as televised debates and significant legal developments involving his opponents. Notably, after his defeat in a debate with Trump on June 27, Biden and his affiliates raised approximately $28 million in a single night. Similarly, he gathered $19.2 million soon after Trump faced multiple felony charges, while Trump’s campaign benefitted from a staggering $69 million influx right after his conviction on May 30.
As the political landscape heats up, the momentum and funding from the grassroots level could empower the Democratic Party to mount a vigorous campaign in the upcoming election.
This development signifies not only the immediate impact of a major political announcement but also the potential for energized grassroots support moving forward. The Democratic Party appears poised to leverage the newly invigorated donor base to support their candidates effectively.