Joe Biden has had a cash advantage in the 2024 race. It's one of the few advantages in the race he could hang his hat on in his battle with former President Donald Trump.
Joe Biden's campaign and the DNC raised $85 million in donations in May, which is a lot of money — his second-best fundraising month. (It's hard to believe that anyone would be giving a dollar to him much less all of that, given what a failure he's been.)
If that sounds like a lot, Trump and the RNC made Biden look like a piker, taking in more than $141 million in May, far more than Biden, in part because of the crush of donations after the ridiculous verdict against him in New York. He got a ton from both big and small donors.
Politico noted the fundraising spike may even have been even greater, "considering that doesn’t include unitemized donations of less than $200 or any donations that the joint fundraising contributions hadn’t yet transferred."
According to Politico, Trump's May haul "erased" Biden's longstanding cash advantage. Trump's campaign had $116.6 million in the bank at the end of May, compared to $91.6 million for Biden.
In total, Trump’s campaign and the RNC reported just over $170 million cash on hand combined at the end of May, overtaking Biden and the Democratic National Committee, which reported just shy of $157 million.
But it wasn't just the donations in the wake of the verdict. Trump also beat Biden in the take in the prior month, where they took in $76 million and also topped Joe Biden. That was $25 million more than Biden.
There is also a lot of grassroots appeal for the Trump campaign.
Spotlighting their grassroots appeal, the Trump campaign said that the average dollar donation was $70.27 with 25% of the donors in May being first time contributors to the former president's 2024 run.
That bodes well for Trump's strength of donations down the stretch.
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But he's also getting money from big donors as well. The Winklevoss twins each just donated $1 million to Trump in Bitcoin. Their donations are part of a number of business people rejecting Biden because of his bad regulations and policies.
Tyler did the big rant, berating Biden's war against crypto and business.
I just donated $1 million in bitcoin (15.47 BTC) to @realDonaldTrump and will be voting for him in November. Here’s why:
— Tyler Winklevoss (@tyler) June 20, 2024
Over the past few years, the Biden Administration has openly declared war against crypto. It has weaponized multiple government agencies to bully, harass, and… pic.twitter.com/qOQSpmanBR
Over the past few years, the Biden Administration has openly declared war against crypto. It has weaponized multiple government agencies to bully, harass, and sue the good actors in our industry in an effort to destroy it. This Administration's actions have been nothing short of an unprecedented abuse of power wielded entirely for twisted political gain at the complete expense of innovation, the American taxpayer, and the American economy. There is nothing the Biden Administration can do or say at this point to pretend otherwise.
Cameron short-formed it, saying Trump would end Biden's nonsense war.
I also just donated $1 million in bitcoin (15.47 BTC) to @realDonaldTrump and will be voting for him in November.
— Cameron Winklevoss (@cameron) June 20, 2024
Here’s the TL;DR — President Trump is:
Pro-Bitcoin
Pro-Crypto
Pro-Business
And he will put an end to the Biden Administration's war on crypto. Onward! https://t.co/r6iDP7BdbE
Biden is also spending more than Trump.
The incumbent president’s campaign also spent more than $30 million, according to its report filed late Thursday, up from $25 million the previous month and nearly four times as much as Trump’s campaign spent over the same period.
Politico says that has given Biden a more robust — and expensive — campaign infrastructure than Trump. But the same could be said of Hillary Clinton. So it remains to be seen if that will help Biden or if he's just being a Democrat and spending more money.
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