Huge Boost in Donations within 24 hours

In a record-breaking 24-hour period following Biden’s announcement, Harris’ campaign reported an astonishing influx of over $81m in donations. This brought her total funding to more than $100m, effectively highlighting Democrats’ new focus and endorsement of her campaign. During this frantic day of donations, more than 888,000 individuals pledged up to $200 each using the progressive donation platform ActBlue.

Donor Confidence Restored

The sudden wave of support has come as a breath of fresh air to the Democratic party, with many major donors who previously held back due to uncertainties about Biden’s age, now reassured and willing to resume their financial support. The 24-hour period following Biden’s campaign withdrawal witnessed the largest online donations to the Democratic party since 2020, overtaking the contributions made after the demise of Supreme Court Justice Ruth Bader Ginsberg, which saw a total of $73.5m in donations.

Returns on the Grassroots Level

The grassroots funding from smaller donors had notably diminished due to Biden’s underwhelming performance at the presidential debate against Donald Trump in June. However, Biden’s exit from the race and his endorsement of Harris seemed to reignite the party’s base, causing donations to surge at an unexpected rate.

High-Profile Donors Show Their Support

High-profile political donors have also shown their support for Harris’ campaign. Reid Hoffman, co-founder of LinkedIn, described Harris as “the right person at the right time,” stating his full backing behind her presidential bid. Alexander Soros, son of philanthropist George Soros, echoed this sentiment, labelling Harris as “the best and most qualified candidate we have.” However, voices encouraging an open process at the convention also emerge, stressing the paramount need to pick the candidate who can, more than anything else, defeat Trump.

Doubts Persist Over Biden’s Successor

While Harris is seeing unparalleled financial support following Biden’s exit, some significant questions persist within the Democratic party. Concerns about who could best serve as Harris’ running mate and the absence of a clear pathway for a Democratic nominee just months before the election underline the many challenges that lie ahead.

Harris Steps to the Forefront

Nevertheless, Harris, with her remarkable leap in donations and broadening support base, is confidently stepping to the forefront as a strong Presidential contender. This surge in donations indeed highlights ones again the crucial role of private donors in American politics.