Kamala Harris raises $50m after Biden's exit from presidential race

Democrats have contributed almost $50 million to support Vice President Kamala Harris' presidential campaign after President Joe Biden withdrew from the race on Sunday.

ActBlue, a forward-thinking donation platform, stated that the funds received from small contributors represent "the highest day of fundraising for the 2024 election cycle".

ActBlue stated that grassroots supporters are enthusiastic and motivated to back her as the Democratic candidate.

Supporters who had stopped giving money because they were worried about how old Mr. Biden is are now saying they will start giving money again to the party.

The party collected more than $27.5 million within the first five hours of Ms. Harris' presidential campaign. That amount almost doubled by the end of the day.

The recent spike in donations within the past day is the largest ever recorded for Democrats receiving online contributions since 2020. This information comes from the New York Times, which reported that ActBlue raised $73.5 million following the passing of Supreme Court Justice Ruth Bader Ginsberg.

They are also the third highest donors in ActBlue's history, donating to many Democrats in Congress and non-profit organizations.

The recent influx of funds represents a major shift for the Democratic Party, as they have experienced a decrease in support from key donors following Mr. Biden's underwhelming performance in the June presidential debate against Donald Trump.

According to reports in the US media, the amount of money raised from small donors by the Biden campaign has decreased.

However, shortly after Mr. Biden announced that he was leaving the race and endorsed Ms. Harris' campaign for the presidency, Democrats quickly began donating online at a rapid rate.

Black Women Win, a coalition of Black female leaders, organized a virtual meeting with over 44,000 attendees on Sunday evening to show their endorsement of the vice president.

The organization claims to have collected more than $1.5 million in just three hours to support her bid for president.

Joe Cotchett, a political fundraiser in San Francisco who supports the Democratic Party, said to NBC News that donors are now willing to donate money.

One of the supporters is Gideon Stein, the president of the Moriah Fund and a contributor to the party. He mentioned to a US news organization that he will continue to give funding again. This comes after he had stopped providing support due to worries about Mr. Biden's chances of winning the election.

Many prominent political contributors have also shown their endorsement for Ms Harris as the Democratic party's chosen candidate.

Reid Hoffman, one of the founders of LinkedIn, described the vice president as the perfect fit for the current moment.

He expressed his full support for Kamala Harris and her campaign for President of the United States in the upcoming November election as we strive to defend democracy.

One more prominent political supporter, Alexander Soros, who is the son of well-known philanthropist George Soros, expressed that Ms. Harris is the top choice and most experienced candidate we have.

However, entrepreneur and investor Vinod Khosla advocated for a transparent process at the event rather than a predetermined outcome.

"The main focus should be on determining who can defeat Trump more effectively than anything else," he stated on X.

Reed Hastings, one of the co-founders of Netflix and a well-known supporter of the Democratic party, has recommended to the New York Times that Biden should consider resigning as the Democratic party's nominee.

"Democratic delegates must select a candidate who can win in a swing state," he posted online on Sunday after Mr. Biden's announcement.