President Joe Biden and the Democratic Party raised over $85 million in May, falling behind former President Donald Trump and the Republican National Committee for the second consecutive month. Trump received a significant boost with a $50 million donation to a super PAC supporting his campaign from Timothy Mellon, a prominent billionaire.
Biden's campaign reported May as its second-best grassroots fundraising month this cycle, amassing a substantial $212 million cash reserve entering June. In comparison, Trump's main committee held over $116.5 million in cash reserves by May 31, narrowing the financial gap that Biden had maintained for much of the campaign.
Biden's team emphasized the importance of their fundraising efforts in building a robust campaign infrastructure, with over 1,000 staffers hired across battleground states. Campaign manager Julie Chavez Rodriguez highlighted the growing enthusiasm for the President and Vice President, attributing the success to a strong and consistent fundraising program.
Recent fundraising events have further bolstered Biden's financial support, including a record-breaking $30 million collected at a star-studded event featuring prominent figures like former President Barack Obama and celebrities such as George Clooney and Julia Roberts. Additionally, former New York Mayor Michael Bloomberg contributed nearly $20 million to support Biden's reelection through various channels.
On the other hand, Trump-aligned super PACs received a substantial $50 million donation from Mellon, contributing to a planned $100 million advertising campaign over the summer. Legal expenses continued to deplete Trump's campaign funds, with over $3.6 million spent by his Save America leadership PAC in May, primarily towards legal fees related to his criminal trial in New York.
Overall, the financial landscape of the 2024 campaign is being shaped by significant contributions from key donors, underscoring the critical role of fundraising in the upcoming election.
