President Biden’s re-election campaign and the Democratic National Committee raised $85 million in May, their second-best month of fundraising this election cycle. However, this amount is significantly lower than the impressive $141 million raised by former President Trump’s campaign and the Republican National Committee last month.
The Biden campaign emphasized that they had a substantial $212 million cash-on-hand at the end of May, reflecting a strong and consistent fundraising program that continues to grow. Campaign manager Julie Chavez Rodriguez stated that the increase in donations in May is a clear indication of the strong and growing enthusiasm for the President and Vice President.
Former President Trump’s campaign, on the other hand, announced their fundraising total well before the deadline, revealing that they had brought in $141 million in May. This impressive amount was attributed to grassroots support, with the average donation being $70.27 and 25% of donors being first-time contributors to Trump’s 2024 run.
Following Trump’s guilty verdict in his criminal trial, his campaign reported a surge in fundraising, with nearly $53 million raised within 24 hours of the verdict. The Biden campaign also capitalized on this event, experiencing one of their best fundraising days since the campaign launch.
Despite not hosting major fundraising events, the Biden campaign reported that the majority of their May donations came from grassroots donors. They have been using their funds to build a robust ground operation in key battleground states, recently hiring their 1,000th staffer. This organizational advantage positions them ahead of Trump in grassroots outreach and get-out-the-vote efforts.
With a significant cash-on-hand advantage over Trump, Biden’s campaign is strategically investing in reaching and winning crucial voters. The campaigns are set to report their cash-on-hand figures at the end of July, following the close of the second quarter of fundraising. Biden previously held a $146 million to $88 million advantage over Trump at the end of March.
Both candidates have continued to host high-dollar fundraising events in June. Biden set a Democratic Party record with over $30 million raised at a fundraiser in Los Angeles, attended by prominent figures like former President Obama and Hollywood celebrities. Trump’s team reported raising approximately $27.5 million during a recent fundraising swing in California and Nevada.
Fundraising plays a crucial role in measuring the strength of a candidate’s campaign, allowing for investments in outreach, staffing, travel, and advertisements. As the 2024 election cycle progresses, the financial resources amassed by each candidate will be a key factor in shaping the race.
