Biden’s re-election effort raised $85 million in May, but far behind Trump’s huge figure

US President Joe Biden leaves the White House in Washington, US, to attend a campaign fundraiser in California, May 9, 2024.

Craig Hudson | Reuters

Chairperson by Joe Biden re-election efforts and Democratic National Committee according to exclusive data provided to CNBC by the Biden campaign.

The amount marks the president’s second-best fundraising month this cycle, trailing only March.

However, it is still significantly less than the $141 million spent by the political activities of former President Donald Trump and the Republican National Committee. stated statement same month.

Data shows that the May fundraising drive left the Biden campaign and allied groups with $212 million in cash on hand at the end of the month, up from $192 million at the end of April. The campaign said the majority of Fundraising in May came from grassroots donors.

“Our strong and consistent fundraising program grew by millions in May, a clear sign of Enthusiasm grows for the President and Vice President every month.”

“The money we continue to raise is vital, and it is helping the campaign build an investment in reaching and winning over the voters who will decide this election.”

The Biden team used the money to build a massive ground game across the country, announcing earlier Thursday that it had just hired its 1,000th employee.

In contrast, Trump’s election campaign has been slow. personnel in key statescausing concern among some Republican strategists.

The May figures underscore how the president’s fundraising momentum has shifted in recent weeks in favor of Trump, who has now significantly outpaced his rival over the past two months. In April, groups allied to Trump and the RNC raised $76 million for Biden and $51 million for the DNC.

Much of that momentum in May was fueled by small-dollar fundraising around Trump’s trial and conviction at the end of the month on 34 counts of falsifying business records to hide hush money payments . The campaign said it raised nearly $53 million, or more than a third of its total, in the 24 hours after the verdict was announced.

Biden campaign officials emphasized that Biden, by contrast, did not have any major fundraisers or events during the month. May marked the second-best month for grassroots fundraising for Biden’s reelection effort and the best month so far for recurring giving.

One number the Trump campaign did not report this month — and will not be legally required to report until July — is available cash. As of April, Trump’s allied campaign’s total war budget was about $60 million smaller than Biden’s—$88 million versus $146 million.

It’s unclear whether Trump’s latest fundraising efforts will help him accumulate cash.

After a quiet May for Biden, both operations are on track to post strong numbers for June: Biden’s Hollywood star-studded fundraising campaign last week raised funds more than 30 million USDwhile Trump’s West Coast fundraiser earlier this month brought in about $27.5 million.

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