Democratic donors have contributed a record-breaking amount to Vice President Kamala Harris’s campaign in the 24 hours following President Joe Biden’s withdrawal from the presidential race and his endorsement of Harris, as reported by PUNCH.
According to a statement from her campaign on Monday, “Team Harris raised $81 million in its first 24 hours, adding to the existing nearly quarter-of-a-billion dollar war chest already amassed this election cycle.” The campaign claimed that this was the “largest 24-hour raise in presidential history.”
Following Biden’s endorsement on Sunday, Harris, 59, quickly garnered support from a wave of Democrats, including notable figures such as California Governor Gavin Newsom and Pennsylvania Governor Josh Shapiro, both considered potential top presidential candidates.
However, Harris still faces the challenge of convincing key holdouts and some donors who advocate for an open contest to choose the Democratic candidate who will face Republican challenger Donald Trump. For now, her campaign seems to have reinvigorated both large and small donors, a stark contrast to the period of uncertainty after Biden’s poor debate performance against Trump, which reportedly caused major donors to pause fundraising efforts.
On Monday, U.S. media reported that the Democratic super political action committee (PAC) Future Forward secured $150 million in donor commitments within 24 hours of Biden’s withdrawal, according to a senior aide. The super PAC held around $122 million in cash as of the end of June, based on Federal Election Commission filings.
Among those who endorsed Harris on Sunday was LinkedIn co-founder Reid Hoffman, who expressed his full support for her presidential candidacy on social media. Alex Soros, chairman of the Open Society Foundations and son of billionaire philanthropist George Soros, also urged the public to rally around Harris to defeat Trump. The Soros family is known for their substantial financial contributions to election campaigns.
Evercore founder Roger Altman stated on CNBC that as a Wall Street donor, he would back Harris, predicting that her campaign would be “very well-financed.” He noted that the Democratic base had shifted from being demoralized to energized.
Swing Left, a grassroots organization that launched a fund for the eventual Democratic nominee on Sunday, reported to AFP that it raised over $160,000 in less than 24 hours from approximately 1,500 unique donors.
However, some are advocating for an open selection process. Donor Vinod Khosla called for an “open convention” and a “more moderate candidate” in a social media post shortly after Biden’s announcement. Another donor, John Morgan, wrote that he lacked the enthusiasm or desire for a political appointment necessary to solicit money from friends….Seë_Morë