Some of the money was held back in the weeks after Biden’s stumbled and disorganized performance in the June 27 debate prompted calls for withdrawal and concern about his path to victory. But big donors and fundraisers are reporting renewed energy in giving to both reporting political groups and non-reporting nonprofits, which fund much of the organizing effort in key states that favor the Democratic candidate.
“This really feels like a moment in history that will be talked about in a decade or even decades, something that we haven’t seen in a long time,” said Ning Mosberger Tan, a former Google executive and major donor who has announced plans to fundraise for Harris in the coming weeks. “A lot of people, myself included, have been stuck in these last few weeks. A lot of people hadn’t donated anything, and now we’re seeing a gate of funding opening up.”
Dmitri Melhorn, a donor adviser and Democratic strategist, agreed that the outpouring of energy is directly related to the pent-up anguish of the past few weeks.
“The financial situation is favorable for Democrats because the pressure campaign against Biden created so much tension that it could have collapsed the Democratic electoral machine,” Melhorn said. “But it didn’t collapse. It bounced back like a bolt or a catapult. Joe’s sacrifice put people in sacrifice mode.”
Even donors who previously argued for an open, competitive process to choose Biden’s successor have resigned to the reality that Harris faces no significant challengers for the post. Media mogul Mike Bloomberg, one of the Democratic Party’s top donors, issued a statement Monday morning urging the party to take its time to choose a nominee, saying the “decision is too important to rush.”
But within hours it became clear that Harris was destined to win the support of a majority of delegates to the Democratic National Convention, who will vote for the next nominee in the coming weeks.
“It’s a done deal,” said John Morgan, a lawyer and major Biden donor who had voiced opposition to Harris leading the nomination. He said he wasn’t sure Harris could beat former President Trump and wasn’t donating to her or knowing if he would vote in November, but if he did, it would probably be for Harris. He also noted that his decision to withhold money is inconsequential given how much money is flowing into the Democratic Party’s coffers at the moment.
“The money I have is like pouring coffee into a coffee cup,” he said. “So that’s the reality. Now I just have to hold my breath and wait.”
The Democratic surge in donations comes as major Silicon Valley donors announce big spending sprees to support Trump as Biden struggles to ease health fears. Venture capitalist Marc Andreessen has thrown his support behind Trump, saying Biden hasn’t done enough to build relationships with the tech industry.
That criticism doesn’t really apply to Harris, said Chris Kelly, a former Facebook chief privacy officer who ran against Harris in the 2010 California attorney general election and who is now part-owner of the NBA team Sacramento Kings. He supports Harris’ presidential bid and plans to donate to her campaign. He said Tuesday that Harris is a Bay Area native with a long history of interacting and working in the tech industry, which Kelly said makes her very comfortable in Silicon Valley.
“Kamala Harris will have a willingness and an open door to rethink some of the mistakes of this administration,” he said.
Some of Harris’ old donor network, which has operated primarily as part of Biden’s organization for many years, held a conference call Monday with donors, including several officials from Biden’s 2020 presidential campaign finance committee.
“I feel like the donor community is more than ready to see this through. We’re very excited and relieved,” said Susie Tompkins Buell, a major donor from the San Francisco Bay area.
“I’ve never spoken to anyone who feels otherwise,” she added. “Women are on fire.”
Way to Win, a network of Democratic donors committed to winning the House, Senate and White House this year, also reported growing enthusiasm on hopes that Democrats could again have a path to victory in Southern battleground states such as Nevada, Arizona, Georgia and North Carolina.
“People who were uncommitted in this election are coming on board, and people who were committed are becoming even more committed,” said Jennifer Fernandez Ancona, co-founder of the group. “A lot of people were saying the Sun Belt states were off the ballot. The Sun Belt is definitely on the ballot.”
Biden canceled several campaign events scheduled for the coming weeks, although campaign officials said some may be rescheduled. A fundraiser that was scheduled to be hosted by first lady Jill Biden will now be hosted by Vice President Doug Emhoff. The Harris campaign also reported a significant increase in volunteer registrations, with 58,000 people signing up in the first 48 hours, 232 times the Biden campaign’s average daily registration rate.
ActBlue, the Democratic-leaning processor that handled most of the Harris campaign’s donations, reported raising about $47 million in the seven hours after Biden’s Sunday announcement. A ticker on the company’s website recorded about $67 million in donations to all candidates and causes on both Sunday and Monday. Those totals were just below the $70.6 million the site recorded on Sept. 19, 2020, the day after the death of U.S. Supreme Court Justice Ruth Bader Ginsburg.
While $250 million in two days is a huge amount by almost any historical measure, it’s difficult to directly compare it to past elections because of changes in campaign finance laws, federal limits, and inflation. Raising $100 million in campaign funds in less than two days is comparable to the $85 million the Biden campaign reported raising in all of May and the same as the $53 million the Trump campaign reported raising in the 24 hours after his New York felony conviction. FF PAC’s smaller predecessor, Future Forward USA Action, raised $142 million over that election cycle, according to Open Secrets, a group that tracks political finance.
Put another way, the 1.1 million donations in 41 hours represent 1.4% of the 81.3 million people who voted for Biden in the 2020 general election. The campaign reported that the majority of the donations came from people who were new to the campaign during this election cycle, suggesting a growing base of potential repeat donors over the next 103 days.
One campaign adviser reported that even donors who had long been personal critics of Harris were loosening their purse strings to give large sums. The overwhelming sadness and fear of the past three weeks has been replaced by a frenzy of enthusiasm.
“It’s very stressful. It’s crazy. Everybody is,” said the adviser, who spoke on the condition of anonymity to discuss campaign fundraising. “That’s why I love American politics. The adrenaline, the ups and downs. It’s the most intense roller coaster I’ve ever been on.”
Tyler Pager contributed to this report.
