Topline
President Joe Biden’s reelection effort raised over $187 million in the first quarter of 2024, including $90 million in March alone, his campaign announced Saturday, widening the cash gap ahead of the campaign of former President Donald Trump, who is expected to bring in millions during a major fundraising event this weekend.
Biden’s campaign said it finished the first quarter with $192 million of cash on hand—a record for a ... [+]
Key Facts
Biden’s campaign has $192 million in cash on hand, a record for any Democratic candidate in history at this point in the election cycle, the campaign said.
The funds—donated to Biden’s campaign, the Democratic National Committee and joint fundraising committees—were largely from grassroots donors, as 96% of donations through the first quarter were under $200, Biden’s campaign said.
More than $26 million was brought in during an event in New York City last week, which featured former Presidents Barack Obama and Bill Clinton and tickets that sold for up to $500,000.
Big Number
Over 212,000. That’s how many sustaining donors—people with recurring donations—the Biden campaign has, more than doubling the amount at this point in the 2020 election cycle, the campaign said. In March, 704,000 individuals made 864,000 donations to Biden’s campaign.
What To Watch For
Trump is expected to bring in an estimated $43 million at an event in Palm Beach, Florida later on Saturday. The event—hosted by billionaire John Paulson—features Trump’s former Republican primary opponents Sen. Tim Scott, R-S.C., North Dakota Gov. Doug Burgum and biotech entrepreneur Vivek Ramaswamy. Those attending the event, with tickets up to $815,000 per person, include billionaires John Catsimatidis and Steve Wynn in addition to aerospace executive Robert Bigelow, among others.
Key Background
Biden’s campaign has continued to lead over Trump in donations. The Trump campaign and the Republican National Committee said earlier this week they raised a combined $65.6 million in March, entering April with $93.1 million in cash on hand after ending February with $53.2 million. Despite Biden leading in fundraising, Trump has a one-percentage-point lead over Biden, according to the latest RealClearPolitics polling average. While some recent polls indicate signs of improvement for Biden, he’s still underperforming where he was at this time in 2020, according to NBC.
Further Reading
Biden Campaign Attacks Trump-Aligned Billionaires John Paulson, Jeff Yass On Social Security (Forbes)
Biden Raises Nearly $100 Million At End Of 2023—With Record Amount Of Cash To Spend (Forbes)
