Just one day after President Joe Biden announced he would not pursue re-election, Democrats saw a substantial fundraising boost, raising $100 million from contributors via their primary fundraising platform.
According to a live tracker managed by Ryan Murphy at The Marshall Project, ActBlue, the political action committee used for Democratic fundraising, reported this impressive total over the last two days. Though this figure is not officially certified, as it derives from ActBlue’s comprehensive donation tracker established in 2004, it offers insight into fundraising momentum ahead of any mandatory disclosures.
On Sunday alone, donors contributed $66.9 million to kick off Vice President Kamala Harris’s presidential campaign, making it the largest fundraising day of the 2024 election cycle for ActBlue. The previous record for daily donations occurred on September 30, 2020, coinciding with the first presidential debate between Biden and Trump.
The surge in donations allowed ActBlue to surpass $14 billion in total funds raised since its inception two decades ago. In comparison, WinRed, the Republican fundraising platform launched in late 2019, has accumulated about $4.3 billion, as noted by OpenSecrets.
ActBlue expressed excitement over the influx, stating on its social media platform that many individuals were making their first donations ever over the past 24 hours, reinforcing the grassroots movement’s energy.
Following Biden’s announcement and endorsement of Harris, the super PAC Future Forward reportedly secured $150 million in new commitments from major contributors within a day. Additionally, the group Swing Left, which aims to support the Democratic nominee, raised over $160,000 in the same time frame.
Evercore founder Roger Altman voiced his support for Harris on Monday, asserting that her campaign would be “very well financed.” Prominent Democratic donors, including George and Alex Soros, have also expressed their backing for her candidacy.
Historically, Biden’s fundraising peaks have often followed significant political events impacting his campaign. After a notable defeat by Trump during a debate on June 27, Biden and his teams raised about $28 million in the following day. He additionally garnered $19.2 million after Trump faced criminal charges.
In contrast, Trump and his affiliated groups raised $69 million in the days immediately following his conviction, resulting in a temporary crash of the campaign’s website. An associated super PAC, Make America Great Again Inc., also raised $70 million that month. From April to June, pro-Biden initiatives raised $332.4 million while pro-Trump efforts collected $431.2 million, according to The Financial Times. By the end of June, Biden had $281 million in available funds compared to Trump’s $336.2 million.