After Biden's Win: Democrats Overflow Their Party with Money
This could have a stimulating effect: After US President Biden's surprise campaign concession speech, donations to the Democratic Party are surging at an unprecedented rate. An expert expects the floodgates to open.
Following the unexpected campaign concession speech by US President Joe Biden, online donations to the Democratic Party have skyrocketed. According to the "New York Times," over $50 million (nearly €46 million) was donated online on Sunday alone. The newspaper cites ActBlue, the primary platform for processing Democratic campaign contributions, as a source.
The analysis by the Times shows that donations experienced a significant increase: At their peak, they totaled $11.5 million per hour in the immediate aftermath of Biden's speech. In comparison, only about $200,000 per hour was raised in the hours leading up to that. Most of these donations came from small donors, who contributed not only to Biden and Vice President Kamala Harris but also to the party as a whole. The official Biden campaign website now directs donors to ActBlue.
ActBlue announced that Sunday was the strongest fundraising day in the current campaign. Within seven hours, $46.7 million had been raised. According to the "New York Times," the day of Biden's campaign concession speech was the most generous since 2020. It was reportedly the second time the $50 million mark was broken in a single day, the first being in September 2020 when former Supreme Court Justice Ruth Bader Ginsburg died. Democrats donated a total of approximately $73.5 million (€67 million) online in response.
"The floodgates will open"
It is estimated that this sum will be surpassed by Biden's concession speech. The exact amount is still unknown. "This could be the biggest fundraising moment in the history of the Democratic Party," wrote Kenneth Pennington, a digital strategist for the Democrats, on X. Later, he added, that the total amount raised in the 24 hours following Biden's concession speech could potentially reach over $90 million.
Not only at ActBlue are the consequences of the surprising concession speech becoming apparent. "The floodgates will open," explained Chris Korge, who oversees the finances for the "Biden Victory Fund," to NBC News. "Many people have held back their donations and will now make them, because the whole situation has hampered our fundraising efforts before."
Korge reportedly told the network that several major donors had registered with him. Some had even cried. "People are emotional because they know how difficult it was to make this decision," he said. "Major donors are incredibly receptive to his support and are really excited. I think this will trigger a wave of donations."
On Sunday evening in German time, US President Biden unexpectedly announced that he would not be seeking re-election for the White House. Amid growing internal party doubts and poor polling numbers, he withdrew as a challenger to Donald Trump for the November elections. In the race to succeed Biden, Vice President Harris currently leads. Several prominent Democrats are considering their candidacy.
After US President Biden's announcement not to seek re-election in 2024, Vice President Kamala Harris has emerged as a strong contender for the Democrats in the US Presidential Election 2024. The sudden concession speech by President Biden led to a surge in online donations, with over $90 million reportedly raised within 24 hours, potentially setting a new record for the Democratic Party.
