Former President Donald Trump has managed to wipe out President Joe Biden's longstanding fundraising advantage, thanks to a significant surge in donations following Trump's New York City criminal trial. The latest Federal Election Commission (FEC) reports reveal that Trump's campaign, bolstered by the Republican National Committee (RNC), now holds a combined $171 million, while Biden's campaign and the Democratic National Committee (DNC) have a combined $157 million.
This dramatic shift in campaign finances comes after months of trailing Biden. Trump's fundraising efforts in April and May were particularly notable, as the former president was mostly confined to a Manhattan courtroom, facing 34 felony counts of falsifying business records. Despite these legal battles, or perhaps because of them, Trump's campaign experienced an unprecedented influx of donations.
In April, the Trump campaign and the RNC raised $76 million, compared to Biden's and the DNC's $51 million. The gap widened further in May, with Trump's campaign pulling in $141 million against Biden's $85 million. A significant portion of Trump's fundraising success can be attributed to online donations, which soared to $53 million within 24 hours of the guilty verdict. Additionally, billionaire Timothy Mellon donated $50 million to a pro-Trump super PAC the day after the verdict.
The surge in funds is expected to enable Trump to enhance voter outreach in crucial swing states. The main super PAC supporting his bid has already announced plans to spend $100 million on paid media through Labor Day, focusing on four key battleground states. This strategy aims to consolidate Trump's support base and attract undecided voters as the election approaches.
Biden's campaign, which had enjoyed a cash advantage since the 2024 race began, has also been active. The campaign has utilized its funds to build infrastructure in battleground states, targeting key demographics through multi-million-dollar ad campaigns. Notably, the fundraising numbers released last Thursday do not include the $30 million raised at a Hollywood fundraiser featuring former President Barack Obama, Jimmy Kimmel, George Clooney, and Julia Roberts, nor the $20 million contribution from former New York City Mayor Michael Bloomberg to pro-Biden groups.
Biden's campaign manager, Julie Chavez Rodriguez, emphasized the importance of their fundraising efforts, stating, "The money we continue to raise matters, and it's helping the campaign build out an operation that invests in reaching and winning the voters who will decide this election - a stark contrast to Trump's PR stunts and photo-ops that he's pretending is a campaign."
While Biden's campaign has focused on spending to build a robust election infrastructure, Trump's campaign has largely conserved its resources. This conservative spending approach has enabled Trump to maintain a substantial war chest, ready to be deployed as the general election heats up.
Trump's fundraising prowess was evident not just in grassroots contributions but also in significant donations from traditional Republican donors. The pro-Trump super PAC, Make America Great Again Inc., raised nearly $70 million in May, with $50 million coming from Mellon and additional $5 million donations from Richard and Elizabeth Uihlein, long-time GOP supporters.
Despite Biden's solid fundraising month in May, his campaign's expenditures far outstripped Trump's. Biden's campaign spent over $30 million, up from $25 million in the previous month, primarily on ad buys and media production. In contrast, Trump's campaign spent significantly less, focusing on holding cash reserves for future use.
The financial landscape of the 2024 election campaign highlights a stark contrast in strategy between the two candidates. While Biden's campaign invests heavily in immediate voter outreach and infrastructure, Trump's campaign is building a substantial reserve, positioning itself for a powerful final push in the lead-up to the election.
