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The stories that matter on money and politics in the race for the White House
Donald Trump raised more cash than Joe Biden in the second quarter, highlighting how the former president is seeing a surge of donations at a time when Democratic contributors are increasingly nervous about their candidate’s prospects.
Fundraising groups aligned with the Republican candidate raised $431.2mn between April and June — $98.9mn more than pro-Biden groups, which raised $332.4mn.
The findings, from a Financial Times analysis of federal campaign data, show that the May 30 conviction of the former president was a major turning point in the race for campaign cash.
Trump had been far behind Biden in dollars raised until a New York jury found him guilty on 34 counts of falsifying business records to cover up a hush money payment to a porn star. The verdict made Trump the first president to become a felon — and united the Republican party.
The impact has been dramatic. Trump-aligned fundraising groups more than tripled the amount of contributions they raised in the second quarter compared with the first quarter, when Biden groups raised about $49mn more. Compared with the second quarter of 2020, the last presidential election year, Trump groups have more than doubled their fundraising.
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Biden’s fundraising is expected to have taken a hit after the June 27 presidential debate raised widespread concerns about the president’s age and cognitive ability. The latest filings do not capture any data from July, giving little insight into the financial fallout from the debate.
Fundraisers have raised alarms about money drying up, as big Democratic donors such as Stewart Bainum, Mark Pincus, Reed Hastings and Mike Moritz have called for Biden to step aside. The extent of that decline will become obvious in fundraising reports next month.
By the end of June, Biden had $281mn on hand, while Trump had $336.2 on hand. Trump has spent $85.5mn of donors’ money on legal fees — about 26.4 per cent of all money spent — as he confronts a $464mn civil fraud judgment in New York and criminal charges.
Pro-Trump groups will also spend millions more per week on ads than pro-Biden groups from now to August, according to AdImpact.
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Two super-political action committees — Make America Great Again Inc and Preserve America — bankrolled by billionaires Tim Mellon, Miriam Adelson, Liz and Dick Uihlein, Kelcy Warren, Robert Bigelow and Diane Hendricks — are blanketing the airwaves in Pennsylvania, Georgia, Arizona, Michigan and Wisconsin during the summer months.
Future Forward — the pro-Biden super Pac funded by billionaires Michael Bloomberg, Reid Hoffman and the late Jim Simons — has booked $130mn in ads starting in late August and running until Election Day on November 5.
Banking scion Mellon has been Trump’s biggest disclosed donor, giving $75mn to a pro-Trump super Pac, including $50mn the day after the former president’s conviction.
Ike Perlmutter, former chair of Marvel Entertainment, gave $10mn following the verdict.
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