Donald Trump leads in fundraising as Biden donors express growing concern

Former President Donald Trump has surged ahead in the fundraising race against President Joe Biden, with Trump-aligned groups raising significantly more cash in the second quarter of 2024.

This financial shift comes at a time when Democratic donors are increasingly nervous about Biden’s ability to secure a second term.

Trump raises $98.9 million more than Biden in second quarter

From April to June, fundraising groups aligned with Donald Trump raised $431.2 million, outpacing pro-Biden groups by $98.9 million.

Pro-Biden organizations raised $332.4 million during the same period, according to a Financial Times analysis of federal campaign data.

This marked a dramatic turnaround for Trump, who had previously been lagging behind Biden in campaign contributions.

The turning point in Trump’s fundraising efforts appears to have been his May 30 conviction on 34 counts of falsifying business records related to a hush money payment.

This legal setback, which made Trump the first president to become a felon, seems to have galvanized his base and unified the Republican party around his candidacy.

Impact of Trump’s conviction on fundraising

Before his conviction, Trump’s fundraising efforts were significantly behind those of Biden.

However, the guilty verdict spurred a wave of donations that more than tripled the amount of contributions to Trump-aligned groups in the second quarter compared to the first quarter.

In fact, compared to the second quarter of 2020, Trump’s fundraising efforts have more than doubled.

Biden’s campaign, on the other hand, has faced challenges. The president’s performance in the June 27 debate, which raised concerns about his age and cognitive abilities, likely contributed to a slowdown in donations.

Key Democratic donors, including Stewart Bainum, Mark Pincus, Reed Hastings, and Mike Moritz, have publicly expressed their desire for Biden to step aside, further complicating his fundraising efforts.

Cash on hand and spending patterns

By the end of June, Biden’s campaign had $281 million in cash on hand, compared to Trump’s $336.2 million.

Despite Trump spending $85.5 million, or 26.4% of his funds, on legal fees due to his ongoing legal battles, his campaign remains financially robust.

Trump’s supporters have been notably generous. Banking scion Tim Mellon, for instance, has been Trump’s largest disclosed donor, contributing $75 million to a pro-Trump super PAC, including a $50 million donation made the day after Trump’s conviction.

Additionally, Ike Perlmutter, the former chair of Marvel Entertainment, donated $10 million following the verdict.

Advertising strategies and future projections

Pro-Trump groups are also set to outspend pro-Biden groups on advertising in the coming months.

According to AdImpact, Trump-aligned super PACs such as Make America Great Again Inc and Preserve America, funded by billionaires like Tim Mellon, Miriam Adelson, Liz and Dick Uihlein, Kelcy Warren, Robert Bigelow, and Diane Hendricks, are planning to flood the airwaves with ads in key battleground states including Pennsylvania, Georgia, Arizona, Michigan, and Wisconsin.

In contrast, Future Forward, a pro-Biden super PAC supported by billionaires Michael Bloomberg, Reid Hoffman, and the late Jim Simons, has scheduled $130 million in advertising starting in late August and continuing until Election Day on November 5.

Democratic donors’ growing unease

The nervousness among Democratic donors is palpable. The June debate performance exacerbated existing concerns about Biden’s viability as a candidate. The full extent of the financial fallout from the debate will be clearer in the next round of fundraising reports.

However, early signs indicate a potential decline in support, which could further weaken Biden’s campaign.

Fundraising groups supporting Biden have been raising alarms about the potential drying up of funds.

The upcoming fundraising reports will provide critical insights into the state of the campaign’s finances and the level of support from key donors.

What could this mean in US Presidential elections?

Trump’s ability to quickly rebound and surpass Biden in fundraising highlights the resilience of his support base.

Despite significant legal challenges and controversies, his campaign has managed to galvanize donors and amass substantial financial resources.

This surge in fundraising not only boosts Trump’s campaign but also signals strong grassroots support that could translate into voter turnout.

For Biden, the challenges are multifaceted. The president needs to address concerns about his age and cognitive abilities while reinvigorating his donor base.

The loss of confidence among key Democratic donors could pose a significant hurdle, requiring strategic adjustments in both campaign messaging and outreach efforts.

As the 2024 presidential race intensifies, the fundraising dynamics between Donald Trump and Joe Biden reveal broader trends and concerns within both parties.

Trump’s surge in donations following his conviction underscores the unwavering support from his base, while Biden’s campaign faces increasing scrutiny and pressure to reassure nervous donors.

The coming months will be crucial in determining how these financial trends impact the overall trajectory of the election.

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