President Joe Biden’s reelection campaign, in partnership with the Democratic National Committee, managed to raise an impressive $85 million in May, according to data shared exclusively with CNBC by the Biden campaign. While this marks the president’s second-best fundraising month this election cycle, falling short of the $141 million raised by former President Donald Trump and the Republican National Committee, it is still a significant achievement. The substantial cash on hand of $212 million at the end of May indicates a solid financial base for the Biden campaign moving forward.
A key highlight of the May fundraising for the Biden campaign was the significant contribution from grassroots donors. In a statement, Biden campaign manager Julie Chavez Rodriguez emphasized the growth in enthusiasm for the President and Vice President, attributing it to the expanding base of supporters each month. This underscores the importance of a broad donor base and indicates a strong foundation of popular support for the Biden campaign.
The funds raised by the Biden campaign have been instrumental in building a robust ground-game across the country. With the recent announcement of the hiring of the 1,000th staffer, the campaign has demonstrated a commitment to establishing a strong presence in key states. In contrast, the slow staffing up of the Trump campaign in critical states has raised concerns among Republican strategists, highlighting the strategic advantage that a well-funded operation like Biden’s can provide.
The fundraising landscape in the presidential race has seen a significant shift in favor of Trump in recent months, with the former President consistently outpacing Biden in fundraising efforts. Much of this momentum can be attributed to small-dollar donations, particularly in response to significant events such as Trump’s trial and conviction. The ability to mobilize supporters and generate substantial contributions in a short period of time has been a key strength for the Trump campaign.
While Trump’s affiliated super PACs have been raking in massive donations, Biden’s campaign has taken a different approach, avoiding major fundraisers or events during the month of May. Despite this, the Biden team has been able to maintain a sizeable lead in overall war chest size compared to the Trump campaign, as of April. The contrast in fundraising strategies highlights the diversity of approaches employed by the two campaigns.
As both campaigns gear up for the month of June, there is anticipation of continued strong fundraising efforts. Biden’s recent Hollywood fundraiser raised over $30 million, showcasing the support from high-profile donors and influencers. On the other hand, Trump’s West-Coast fundraising swing pulled in roughly $27.5 million, indicating a sustained momentum in fundraising activities. The coming months will likely see both campaigns ramp up their fundraising initiatives in preparation for the upcoming election.
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