President Joe Biden's re-election campaign has secured an impressive $140 million in funds aiming to preempt the potential 2024 Republican nominee, former President Donald Trump.
Described as a "dream team" by party strategists, the campaign's efforts have given Biden a significant financial advantage over Trump, whose political fundraising is being used to cover both his campaign expenses and legal fees in various civil and criminal cases.
The core contributors to Biden's fundraising include media executive and Biden campaign co-chair Jeffrey Katzenberg, former State Department official Rufus Gifford, campaign finance director Michael Pratt, veteran Biden adviser Jen O'Malley Dillon, and Julie Chávez Rodriguez, the president's 2024 campaign manager.
Jim Messina, who managed former President Barack Obama's successful 2012 re-election campaign, said, "They have kind of put together a dream team in fundraising."
In a recent report by CNBC, insights from over half a dozen Biden advisers, party fundraisers, and Democratic strategists shed light on the coordinated efforts of key groups supporting Biden's re-election campaign. The report cited sources revealing how a staggering $140 million has been gathered among various entities.
One of the few reasons mentioned by the strategists is the remarkable series of splashy private events over the past year and a one-to-one approach. Consequently, an impressive sum exceeding $42 million was raised in January alone.
Katzenberg has actively engaged with donors for Republican presidential candidate Nikki Haley, attempting to sway their support toward Biden. In a recent interview with CNBC, Katzenberg expressed optimism, stating that his outreach to high-end donors has been well-received, with no one rejecting the invitation.
Trump's combined campaign and allied political organizations, on the other hand, began the year with $56 million in cash after allocating around $50 million to the former president's legal expenses in 2023.
"President Trump's campaign is fueled by small-dollar donors across the country from every background. We are more confident than ever that he will take back the White House in November," Karoline Leavitt, the national press secretary for Trump's campaign, told CNBC.
In addition to high-profile hosts such as Haim Saban, John Doerr, and Gordon Getty, a major fundraiser in New York is planned for March, featuring former Presidents Obama and Bill Clinton.
