Harris raises $81m after Biden’s exit from presidential race

Surge in Donations for Kamala Harris Following Biden’s Withdrawal
In the wake of President Joe Biden’s announcement that he will not seek re-election, Vice President Kamala Harris has experienced an unprecedented surge in campaign donations. Over $81 million (£62 million) was raised in just 24 hours, marking the largest single-day fundraising total in presidential campaign history.
Record-Breaking Fundraising

Historic Donations: The rapid influx of funds surpassed previous records, with more than 888,000 donors contributing under $200 each. The Democratic fundraising platform ActBlue reported a remarkable level of enthusiasm from grassroots supporters on social media.
Early Success: In the first five hours after launching her campaign, Harris’s team raised over $27.5 million. This figure nearly doubled by the end of the day, breaking the record for the largest 24-hour fundraising total in presidential history.
Comparison to Previous Events: This surge eclipses the previous record set in 2020 when ActBlue raised $73.5 million following the death of Supreme Court Justice Ruth Bader Ginsburg. It underscores a significant rebound in Democratic fundraising, especially following a period of diminished support.

Shift in Donor Support

Grassroots Enthusiasm: The withdrawal of Biden and his endorsement of Harris led to a dramatic shift in donor behavior. Many who had previously hesitated due to concerns about Biden’s age and performance are now resuming their support for the Democratic Party.
High-Profile Backing: Prominent figures have rallied behind Harris. Reid Hoffman, LinkedIn co-founder, expressed his support, describing Harris as “the right person at the right time” for the presidency. Alexander Soros, son of philanthropist George Soros, also endorsed Harris, calling her “the best and most qualified candidate.”
Organized Support: Win With Black Women, a coalition of black women leaders, organized a Zoom call with over 44,000 participants, raising over $1.5 million for Harris’s campaign in just three hours.

Diverse Reactions

Donor Dynamics: Political fundraisers like Joe Cotchett noted that donors are now more willing to contribute, reflecting renewed confidence in Harris’s candidacy. Gideon Stein, president of the Moriah Fund, indicated he would resume his support after pausing it due to concerns about Biden’s electability.
Calls for Open Process: Some prominent figures, such as entrepreneur Vinod Khosla, have advocated for an open selection process at the Democratic convention, stressing the importance of selecting a candidate who can best challenge former President Donald Trump.
Delegates’ Decision: Netflix co-founder Reed Hastings had previously suggested that Biden should step down, emphasizing the need for Democratic delegates to choose a candidate who could win swing states in the general election.

This surge in support highlights the dynamic nature of presidential campaigns and the pivotal role that fundraising and donor enthusiasm play in shaping electoral prospects. As Kamala Harris steps into the spotlight as the presumed Democratic nominee, the focus will shift to how she and her campaign harness this momentum in the lead-up to the election.