Harris secures $81 million following Biden’s withdrawal from the presidential race
Following President Joe Biden’s withdrawal from the presidential race on Sunday, Vice-President Kamala Harris’ campaign received $81 million (£62 million) in donations from Democrats. This marks the largest 24-hour fundraising period in presidential history, with over 888,000 donors contributing less than $200 each. ActBlue, the progressive donation platform, noted that grassroots supporters are enthusiastic about Harris as the Democratic nominee.
Many donors, who had previously withheld contributions due to concerns about Biden’s age, have resumed their support for the party. In the first five hours of Harris’ campaign, over $27.5 million was raised, and the total nearly doubled by the end of the day, setting a new presidential fundraising record within 24 hours.
According to the New York Times, this surge in donations is the most significant for Democrats since ActBlue raised $73.5 million after the death of Supreme Court Justice Ruth Bader Ginsburg in 2020. The new funds represent a crucial boost for the Democratic Party, which had experienced declining support from major donors following Biden’s poor debate performance against Donald Trump in June.
After Biden announced his exit and endorsed Harris, donations poured in at an unprecedented rate. Win With Black Women, a group of black women leaders, organized a Zoom call with over 44,000 participants, raising $1.5 million in three hours for Harris’ campaign.
Prominent Democratic fundraiser Joe Cotchett reported that donors are now eager to contribute. Gideon Stein, president of the Moriah Fund, expressed his intention to resume funding after pausing due to concerns about Biden’s electability. High-profile donors like LinkedIn co-founder Reid Hoffman and philanthropist Alexander Soros have also voiced their support for Harris. Hoffman praised Harris as “the right person at the right time,” and Soros described her as “the best and most qualified candidate we have.”
However, some, such as entrepreneur Vinod Khosla, advocate for an open process at the convention rather than automatically endorsing Harris. Khosla emphasized the importance of selecting a candidate who can defeat Trump. Netflix co-founder Reed Hastings, a known Democratic megadonor, previously suggested that Biden step down and that Democratic delegates should choose a swing state winner.