In the wake of President Joe Biden’s announcement that he will not seek re-election, the Democratic Party has seen a remarkable surge in fundraising. In just two days, Democrats managed to raise an astonishing $100 million through ActBlue, the primary fundraising platform for Democratic organizations, as reported by Ryan Murphy, a developer at The Marshall Project. While this tally is unofficial and based on ActBlue’s internal mega-tracker since its inception in 2004, it offers valuable insight into the group’s performance ahead of formal disclosures.
On Sunday alone, a record $66.9 million was donated to launch Vice President Kamala Harris’s presidential campaign, marking the most successful day for fundraising seen in the 2024 election cycle. Interestingly, this surpasses previous high notes, with the second-best day occurring during the first presidential debate between Biden and Trump on September 30, 2020.
Thanks to this significant influx of donations, ActBlue has now raised a total of $14 billion since its establishment two decades ago, contrasting sharply with its Republican counterpart, WinRed, which has collected approximately $4.3 billion since its launch in late 2019.
ActBlue expressed enthusiasm about the influx of new donors, stating, “We’ve seen so many folks saying they made their first ever donation in the last 24 hours! It’s so motivating to see new small-dollar donors join the grassroots movement!”
Furthermore, the Biden-aligned super PAC Future Forward reportedly netted $150 million in commitments from major donors within 24 hours of Biden’s announcement, while another organization, Swing Left, raised over $160,000 in the same time frame.
Roger Altman, founder of Evercore, expressed confidence in Harris’s campaign financing, while prominent figures such as George and Alex Soros have also voiced their support.
Historically, Biden has also experienced fundraising spikes following critical moments, such as a further $28 million raised after a debate defeat to Trump in June and $19.2 million after Trump was convicted of felony counts.
As the political landscape continues to evolve, both Biden and Trump have seen significant financial backing, with the pro-Biden factions raising $332.4 million from April to June, and pro-Trump groups amassing $431.2 million during the same period.
This significant momentum for the Democratic Party showcases their ability to galvanize support and resources even amidst challenging political news, indicating that the campaign trail is poised to be both competitive and financially robust as the election year approaches.
In summary, the Democratic Party is experiencing a robust fundraising surge following Biden’s announcement, with substantial contributions pouring in to support Vice President Harris’s campaign. This enthusiasm from small-dollar donors could potentially reshape the financial dynamics of the upcoming elections.