Donald Trump’s campaign has raised over $60 million more than President Joe Biden’s campaign last month. The Republican fundraising surge was sparked by Trump’s felony convictions. Biden’s campaign, along with the Democratic National Committee, raised a total of $85 million in May and had $212 million in their bank account at the end of the month. However, this figure does not include the additional $40 million raised by Biden and his top surrogates in recent days, or the $20 million donation from former New York City Mayor Michael Bloomberg to pro-Biden groups.
On the other hand, Trump’s campaign and the Republican National Committee reported a staggering $141 million raised in May, following Trump’s 34 felony convictions in the New York hush money case. A notable $50 million donation from billionaire Timothy Mellon to a pro-Trump super PAC was also made public after Trump’s guilty verdict.
The new fundraising figures suggest that the Democrats may still have a cash advantage in the 2024 presidential contest. However, Trump’s side is rapidly closing the gap, with the potential to surpass the Democrats. The unprecedented fundraising surge following Trump’s felony convictions highlights the changing landscape of presidential politics in the Trump era.
Mellon’s significant donation to the pro-Trump super PAC, known as MAGA Inc., allowed for a $3.5 million television advertising reservation across Georgia and Pennsylvania. The group concluded May with $93.7 million in the bank, showcasing the financial strength of Trump’s supporters. In comparison, independent candidate Robert F. Kennedy, Jr. raised $2.6 million last month, with the majority coming from running mate Nicole Shanahan, a Silicon Valley lawyer.
Biden’s campaign received a substantial boost from Bloomberg, who contributed $19 million to the pro-Biden group Future Forward and the legal maximum of $929,600 to the Biden Victory Fund. Bloomberg also formally endorsed Biden, emphasizing his support for the Democratic candidate in the upcoming election. The Biden campaign highlighted that the majority of their fundraising efforts came from grassroots donors, demonstrating widespread support from various sectors of society.
Overall, the fundraising numbers indicate a competitive race leading up to the election, with both campaigns actively securing financial resources to support their political strategies. Trump’s fundraising success post-conviction underscores the unconventional dynamics of the 2024 presidential campaign, where legal challenges have translated into significant financial gains for the Republican candidate. As the election approaches, the financial resources accumulated by both campaigns will play a crucial role in shaping the outcome in November.
