CoinDesk Report:
Author: Bill Allison, Bloomberg; Translation: Tao Zhu
Donald Trump raised $331 million in the second quarter, an amount that surpasses President Joe Biden’s cash on hand, intensifying anxieties within the Democratic campaign team. The sum raised by Trump and the Republican National Committee exceeds the $264 million raised by Biden and the Democratic National Committee this quarter.
Campaign officials reported holding nearly $285 million in cash currently, compared to Biden’s $240 million. This marks a stunning reversal in the fundraising battle, where for months, the President’s war chest has outpaced his rivals.
Trump campaign senior officials Chris LaCivita and Susie Wiles declared in a joint statement, “Winning this quarter’s victory has given us a cash advantage.” They sharply criticized, “Biden’s escalating burn rate has yielded them no tangible results.”
Trump bested Biden in April and May, winning the monthly money race for the first time. However, the Republican presumptive nominee fell short in June, raising $112 million compared to Biden’s $127 million.
Nevertheless, Trump’s cash advantage dealt a blow to Biden, whose campaign faced stringent scrutiny from Democratic colleagues following a disastrous debate that sparked calls for his replacement with another candidate.
Biden’s campaign reacted angrily to calls from party members, lawmakers, and media figures urging him not to seek re-election. Biden sought to mobilize donors at weekend fundraising events to best Trump and planned talks with Democratic governors on Wednesday.
His campaign released fundraising totals for June and the quarter on Monday to showcase strength and allay donor anxieties. Officials stated Biden had his best fundraising month yet, accumulating cash despite investments in battleground state media and staffed offices.
Biden’s campaign reported raising $38 million in the four days following the debate on June 27. Trump’s campaign stated raising $8 million on the same day but did not disclose updated totals.
For Trump, he ramped up appeals to wealthy donors and capitalized on Republican anger over Biden’s May 30 conviction in a Manhattan trial for concealing hush money, erasing Biden’s fundraising lead.
Campaign officials noted Trump raised $52.8 million online within 24 hours of the verdict, making him the first former U.S. president convicted of a felony in history.
Trump faced financial challenges early in his campaign, with his coffers depleted by legal challenges and controversial primaries that attracted over a dozen challengers.
Some of the party’s largest donors have opened their checkbooks for Trump. Cryptocurrency billionaires Tyler Winklevoss and Cameron Winklevoss each donated $844,600 worth of Bitcoin to Trump’s 47 Committee, which fundraises for his campaign and the Republican Party. Las Vegas Sands Group and Blackstone CEO Steve Schwarzman also donated in May through to his committee.