President Joe Biden and the Democratic National Committee started the 2024 election cycle with a distinct financial advantage over potential Republican nominee Donald Trump and a depleted Republican National Committee.
However, recent developments indicate that the situation is rapidly shifting.
In April, Trump and the RNC outraised Biden and the DNC by $76 million to $51 million, respectively.
The RNC, now co-led by Trump’s daughter-in-law Lara Trump, appears to be gaining ground against its Democratic rival.
Biden’s reelection campaign reported having $192 million in cash-on-hand at the end of April, a figure the campaign described as higher than that of any Democratic candidate in history.
This amount was approximately the same as what was reported at the end of the first quarter on March 30th, implying that the campaign may be spending funds as quickly as it is raising them.
The Associated Press noted that April’s totals were also down sharply from March when the president’s campaign and the DNC announced taking in more than $90 million.
Trump’s fundraising received a significant boost in April, thanks to a record-setting $50.5 million raised during a single donor event early in the month.
This event took place at the Palm Beach, Florida home of billionaire investor John Paulson.
The event at John Paulson’s home was Trump’s response to a March fundraiser featuring former Presidents Bill Clinton and Barack Obama at New York’s Radio City Music Hall, where Biden’s campaign raised $26 million.
Looking ahead, Biden’s campaign is organizing a major fundraiser in Los Angeles next month, set to feature Hollywood stars George Clooney and Julia Roberts.
Trump and the GOP raised over $65.6 million in March and ended the month with $93.1 million in cash, according to the AP.
First Lady Melania Trump hosted a fundraising event for her husband’s campaign at their Mar-a-Lago estate in Florida last month.
At the event, Ric Grenell, former Director of National Intelligence in Trump’s administration and the first-ever openly gay U.S.
cabinet official, stated that Trump will win the votes of gay voters in 2024.
He also predicted that Trump, with assistance from his wife, will garner at least 50 percent of the gay vote in 2024.
Echoing this sentiment, Eure highlighted how gay voters are increasingly aligning with broader constituencies, focusing on issues like the economy and public safety.
White emphasized Melania Trump’s significance in broadening her husband’s appeal to key voter demographics across the country.
With both parties ramping up their fundraising efforts, it remains to be seen which candidate will secure the financial edge as the election cycle progresses.