Just a day after President Joe Biden announced he would not be seeking re-election, the Democratic Party experienced a significant boost in fundraising, with contributions reaching $100 million through its primary fundraising platform, ActBlue. This impressive figure was recorded over a span of just two days, as reported by Ryan Murphy, a developer at The Marshall Project, who maintains a live tracker for ActBlue.
On Sunday alone, donations totaled an astounding $66.9 million following the launch of Vice President Kamala Harris’s presidential campaign, marking the largest fundraising day thus far in the 2024 election cycle for ActBlue. This surge in contributions stands out in history, falling just short of the second-highest fundraising day, which occurred on September 30, 2020, during the first presidential debate between Biden and Trump.
The influx of donations on Sunday also allowed ActBlue to surpass the remarkable milestone of $14 billion raised since its inception two decades ago. In comparison, WinRed, the Republican donation platform established in late 2019, has raised approximately $4.3 billion, according to OpenSecrets data.
ActBlue expressed enthusiasm over the new wave of supporters, stating that many individuals were making their first-ever donations. Their appeal to grassroots efforts is evident, and it reflects a continued motivation to engage new small-dollar donors in the political process.
In addition to the fundraising success of ActBlue, the Biden-aligned super PAC, Future Forward, secured an impressive $150 million in commitments from major donors within 24 hours of Biden’s announcement and endorsement of Harris. Swing Left, which also supports the eventual Democratic nominee, reported raising over $160,000 in the same 24-hour period.
Notably, prominent figures such as Roger Altman, founder of Evercore, declared their support for Harris’s campaign, and high-profile donors like George and Alex Soros have also pledged their backing.
Historically, Biden’s fundraising efforts have surged following pivotal moments, such as the aftermath of his debates against Trump and notable legal developments involving Trump. Overall, the current momentum in fundraising for the Democrats illustrates a robust response from supporters, particularly with a notable lean toward grassroots fundraising initiatives.
This rapid increase in funding marks an optimistic outlook for the Democratic Party as it sets the stage for the upcoming election cycle, highlighting strong grassroots support and significant financial backing for the campaigns ahead. The political landscape continues to evolve swiftly, showcasing a dynamic environment where voter engagement and funding play crucial roles in shaping election outcomes.