CoinWorld Report:
Author: Bill Allison, Bloomberg; Translation: Tao Zhu
Donald Trump raised $331 million in the second quarter, surpassing President Joe Biden in cash on hand, which could deepen anxiety within the Democratic campaign team towards the current president’s re-election efforts.
The amount raised by Trump and the Republican National Committee exceeded the $264 million raised by Biden and the Democratic National Committee this quarter.
The campaign team claimed to have nearly $285 million in cash on hand, while Biden reported $240 million cash—marking a remarkable turnaround in the fundraising battle as the President’s war chest has been overpowering his opponents for months.
Senior officials of Trump’s campaign, Chris LaCivita and Susie Wiles, stated in a joint declaration, “Winning this quarter has given us a cash advantage.” They fiercely criticized, “Biden’s rapidly rising burn rate has not yielded any actual results for them.”
Trump bested Biden in April and May, winning the monthly money race for the first time. However, the Republican presumptive candidate fell short of expectations in June, raising $112 million compared to Biden’s $127 million.
Nevertheless, Trump’s cash advantage dealt a blow to Biden as his campaign faced intense scrutiny from Democratic allies, with a disastrous debate prompting calls for his resignation and another candidate to enter the race.
Biden’s campaign reacted angrily to calls from party members, legislators, and media figures urging him not to seek reelection. Biden sought to mobilize donors at weekend fundraising events to defeat Trump and planned talks with Democratic governors on Wednesday.
His campaign team released the fundraising totals for June and the quarter on Monday to showcase strength and allay donor concerns. Officials stated that Biden had his best fundraising month to date, managing to amass cash even as the reelection team invested in battleground state media and staffed offices.
Biden’s campaign reported raising $38 million within four days starting from the day of the debate on June 27. Trump’s campaign disclosed raising $8 million on the same day but did not reveal the latest total.
For Trump, he ramped up appeal to well-heeled donors and capitalized on Republican anger towards Biden’s May 30 conviction in a Manhattan trial for concealing hush money, eradicating Biden’s fundraising lead.
The campaign team claimed that Trump raised $52.8 million online within 24 hours of the verdict, making him the first former U.S. president in history to be convicted of a felony.
Trump faced financial weakness early in the campaign, with his coffers depleted due to legal challenges and a contentious primary with over a dozen challengers.
Some of the party’s biggest donors have opened their checkbooks for Trump. Cryptocurrency billionaires Tyler Winklevoss and Cameron Winklevoss each donated $844,600 worth of Bitcoin to the 45th Committee, which fundraises for Trump’s campaign and the Republican Party. Billionaire CEO of Las Vegas Sands Group and Blackstone, Miriam Adelson, and Steve Schwarzman donated to him in May.
