Donald Trump outpaced Joe Biden in second-quarter fundraising, highlighting a surge in donations for Trump as concerns among Democratic donors about Biden’s prospects grow.
Republican-aligned groups raised $431.2 million between April and June, significantly more than pro-Biden groups, which garnered $332.4 million. This shift followed Trump’s May 30 conviction, a pivotal moment that united the Republican Party and boosted his fundraising efforts.
Trump-aligned groups tripled their contributions in the second quarter compared to the first quarter, when Biden’s groups led by $49 million. Before the conviction, Trump had been trailing Biden. However, the New York jury’s guilty verdict on 34 counts of falsifying business records related to a hush money payment changed the dynamic. Compared to the same period in 2020, Trump’s fundraising has more than doubled.
Biden’s fundraising likely suffered after the June 27 presidential debate and its aftermath, as concerns about his age and cognitive abilities grew, and multiple congressional Democrats called for him to step aside. The latest filings, which exclude July data, do not capture the financial effects of the debate.
Fundraisers have expressed concerns about dwindling donations, especially as prominent Democratic donors like Stewart Bainum, Mark Pincus, Reed Hastings, and Mike Moritz have suggested Biden step down.
By the end of June, Biden had $281 million on hand, while Trump had $336.2 million, according to the Financial Times. Trump has spent $85.5 million, about 26.4% of his funds, on legal fees as he faces a $464 million civil fraud judgment in New York and various criminal charges.
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Pro-Trump groups are expected to outspend pro-Biden groups on advertisements from now until August. Super PACs Make America Great Again Inc and Preserve America, funded by billionaires like Tim Mellon and Miriam Adelson, are heavily advertising in key states.
Future Forward, a pro-Biden super PAC, has planned $130 million in ads starting in late August through Election Day.
