Just a day after President Joe Biden announced he would not pursue re-election, the Democratic Party experienced a remarkable fundraising surge, raising $100 million through its primary political action committee, ActBlue. This fundraising spike occurred in a mere span of two days, according to a live tracking system maintained by Ryan Murphy of The Marshall Project.
On a particularly significant day—Sunday—donors contributed an impressive $66.9 million towards Vice President Kamala Harris’s presidential campaign launch. This marked the largest fundraising day for ActBlue in the 2024 cycle. For comparison, the second-highest fundraising day historically was during the first presidential debate between Biden and Trump on September 30, 2020.
Thanks to this latest influx of donations, ActBlue reached a milestone of $14 billion raised since its inception two decades ago. In contrast, its Republican counterpart, WinRed, has raised about $4.3 billion since its launch in late 2019, according to data from OpenSecrets.
ActBlue reported a fresh wave of engagement from first-time donors, expressing excitement over the growing grassroots movement. “We’ve seen so many folks saying they made their first ever donation in the last 24 hours!” the organization shared via a statement on X, the platform formerly known as Twitter.
Additionally, the Biden-aligned super PAC, Future Forward, garnered $150 million in new commitments from major donors following Biden’s announcement and endorsement of Harris. Swing Left also reported raising over $160,000 to support the eventual Democratic nominee.
Prominent figures such as Evercore founder Roger Altman and Democratic mega-donors George and Alex Soros have publicly pledged their support for Harris’s campaign, indicating strong financial backing moving forward.
Historically, Biden’s most lucrative fundraising moments often coincided with pivotal events, including significant televised confrontations, suggesting that high-stakes political moments tend to energize donor engagement.
Overall, this remarkable fundraising response not only underlines the enthusiasm among Democratic donors but also signifies a crucial moment for Harris’s campaign as it gears up for the election ahead.
This surge in donations reflects a hopeful trend for the Democratic Party as they prepare for the upcoming electoral battle, with energized supporters rallying around new leadership in Harris. The significant financial backing lays a solid foundation for a competitive campaign as the election season approaches.