In breaking news, former President Donald Trump and his political operation have once again surpassed President Joe Biden in fundraising for the second consecutive month in May. Trump’s criminal conviction led to a surge in donations, quickly closing the financial gap that Biden had maintained for most of the campaign.
According to statements released by both campaigns, Biden and the Democrats raised $85 million in May, far less than the impressive $141 million collected by Trump and his political operation. This influx of donations followed Trump’s May 30 conviction in a New York criminal case for falsifying business records.
On Thursday, Biden’s campaign announced that they had amassed a significant $212 million cash stockpile heading into June. In contrast, the Trump campaign has not disclosed their cash-on-hand figures for all committees at this time.
Federal Election Commission filings revealed that Trump’s main committee held over $116.5 million in cash reserves as of May 31, while Biden’s main campaign account had $91.6 million. This marked a notable shift from the previous month when Biden held a $35 million cash advantage.
Biden’s campaign emphasized the importance of their robust fundraising efforts in building a substantial campaign infrastructure. They highlighted their hiring of over 1,000 staffers across battleground states to engage with voters and secure key victories in the upcoming election.
Biden campaign manager Julie Chavez Rodriguez expressed optimism about the fundraising momentum, stating, “Our strong and consistent fundraising program grew by millions of people in May, a clear sign of strong and growing enthusiasm for the President and Vice President every single month.”
Recent fundraising efforts by Biden, including a record-breaking event over the weekend that raised over $30 million, have provided further financial support for his reelection bid. Notably, former New York Mayor Michael Bloomberg donated nearly $20 million to support Biden’s campaign.
In contrast, Trump’s political ambitions received a major boost with a $50 million donation to a super PAC backing his campaign from billionaire Timothy Mellon. This contribution accounted for the majority of the $68.8 million raised by the super PAC in May and will fuel a $100 million advertising campaign over the summer.
Overall, Mellon has contributed $100 million to super PACs associated with presidential candidates, making him a significant financial player in the 2024 campaign. Trump’s legal expenses continued to drain his campaign funds, with more than $3.6 million spent on legal fees in May alone.
As developments continue to unfold, stay tuned for more updates on the evolving financial landscape of the 2024 presidential election.
