In the latest update on campaign fundraising, President Joe Biden and the Democratic Party reported raising over $85 million in May. This figure, while impressive, falls short of the amount raised by former President Donald Trump and the Republican National Committee for the second consecutive month.
Trump's campaign received a significant boost with a $50 million contribution from billionaire Timothy Mellon to a super PAC supporting his candidacy. This injection of funds has propelled Trump's financial standing in the race.
Despite trailing Trump in fundraising totals, Biden's team highlighted that May marked their second-best month for grassroots fundraising this election cycle. The campaign emphasized the importance of their $212 million cash reserve in building a robust campaign infrastructure.
Biden's campaign manager, Julie Chavez Rodriguez, expressed confidence in the campaign's fundraising efforts, citing growing enthusiasm for the President and Vice President among supporters. The campaign has invested in hiring over 1,000 staffers across battleground states to bolster their ground game.
Notable recent fundraising events, including a record-breaking $30 million raised at a star-studded gathering featuring former President Barack Obama and Hollywood celebrities, have further boosted Biden's financial resources.
Additionally, former New York Mayor Michael Bloomberg contributed nearly $20 million to support Biden's reelection bid. Bloomberg's donations to the Biden Victory Fund and the FF PAC underscore his commitment to backing the Democratic candidate.
On the other side, Mellon's $50 million donation to the Trump-aligned MAGA Inc. super PAC has significantly bolstered the group's fundraising efforts. This substantial contribution is fueling a planned $100 million advertising campaign over the summer in support of Trump's reelection.
Mellon's involvement in super PAC donations, totaling $100 million across various candidates, positions him as a key financial player in the 2024 campaign landscape. His support for both Trump and Robert F. Kennedy Jr.'s independent campaign has drawn attention from political observers.
As the fundraising race intensifies, both campaigns are mobilizing their resources to engage voters and secure crucial support ahead of the upcoming election.
