The surge in donations following the conviction of Donald Trump has almost certainly completely wiped out the Joe Biden campaign’s advantage in “cash on hand,” which it’s maintained a sizeable lead against the Trump campaign for the entirety of the race - until now.
As the Washington Examiner reports:
Biden had outraised Trump before his predecessor started making up ground in April, post-primary. But despite Trump’s legal costs, Biden’s cash on hand advantage could be gone. The Trump campaign claims the former president and Republican National Committee raised $141 million last month, including $53 million during the first 24 hours after last week’s conviction.
At the end of April, the Trump campaign had $49 million in cash on hand, to the Biden campaign’s $84.5 million.
This new cash advantage for Trump is also despite the fact that the political action committees MAGA PAC and Save America have been forced to spend roughly $100 million so far on the politically motivated legal cases brought against him.
Concerning for the Biden campaign, its Trump counterpart says 25% of its May donors were first-time contributors, whom they can ask for more money in the future. That is on top of billionaires who had not expressed their support for him until recently, including the widow of Las Vegas Sands founder Sheldon Adelson, Miriam, Blackstone CEO Steve Schwarzman, hedge fund manager Bill Ackman, and investor Nelson Peltz.
The Biden campaign, meanwhile, has been keeping quiet about their fundraising figures ahead of the next FEC deadline this month to report them.
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