After President Joe Biden announced he would not seek re-election, Democrats successfully raised $100 million from donors through ActBlue, their primary fundraising platform. This significant influx of donations was tracked over a short span, highlighting the immediate financial support for the party.
On a particularly notable day, Sunday, contributors provided $66.9 million to the launch of Vice President Kamala Harris’s presidential campaign, marking the highest single-day fundraising total for ActBlue in the 2024 election cycle. The prior record for daily donations occurred on September 30, 2020, during the first presidential debate between Biden and Trump.
This surge allowed ActBlue to surpass a monumental milestone, totaling $14 billion in funds raised since its inception two decades ago. In comparison, WinRed, the Republican fundraising platform established in late 2019, has raised approximately $4.3 billion.
ActBlue reported a significant number of first-time donors expressing their support in the recent 24 hours, emphasizing the excitement surrounding the grassroots movement. Additionally, Future Forward, a super PAC aligned with Biden, garnered $150 million in new commitments from major backers following Biden’s announcement and endorsement of Harris. Swing Left, which supports the Democratic nominee, also collected over $160,000 within the same period.
Roger Altman, founder of Evercore, indicated that Harris’s campaign would be well-funded and expressed his support for her candidacy. Prominent Democratic donors like George and Alex Soros also showed their backing.
Historically, Biden has experienced spikes in fundraising following significant political events, including after his debates with Trump and during moments of heightened scrutiny surrounding Trump. For instance, after the June 27 debate where Biden faced Trump, he and his committees managed to raise approximately $28 million in just a day. Following Trump’s recent legal challenges, both candidates saw substantial increases in their fundraising efforts, contributing to a competitive financial landscape leading up to the election.