Former President Donald Trump’s campaign and the RNC raised over $141 million in May, surpassing President Joe Biden’s campaign and Democrats, who reported raising $85 million. The Biden campaign reported having over $212 million cash on hand at the start of June, boosted by a surge in donations following Trump’s felony conviction. While the full amount Trump had on hand in the same period is not yet known, he and the RNC have at least $170 million cash on hand as they strive to catch up to the Biden campaign’s financial resources.
After Trump’s conviction on 34 felony counts in New York State on May 30 for falsifying business records, his campaign initiated a fundraising effort portraying Trump as a political prisoner, resulting in a flood of small-dollar donations. The exact figures for Trump campaign and RNC fundraising in May are still pending confirmation. FEC filings revealed the Trump campaign raised over $75.3 million in May, with the RNC raising over $30.7 million. Save America PAC, the political action committee covering most of Trump’s legal expenses, spent over $3.6 million on his legal bills in May, contributing to a total of over $72 million in legal expenses since the start of 2023.
Notable individual donors have made significant contributions to both Biden and Trump-related groups during this period. Timothy Mellon, the largest donor to PACs supporting Trump, donated $50 million to MAGA Inc., a pro-Trump super PAC, on the day after Trump’s conviction. Mike Bloomberg donated $20 million to support Biden, with the bulk going to the main pro-Biden super PAC. Biden’s campaign highlighted that May was its second strongest month for grassroots donations of $200 or less, which constitute 96% of total donations.
Biden’s campaign has maintained an advantage in monthly fundraising, but Trump has been closing the gap, surpassing Biden in April. Both campaigns have been using Trump’s conviction as a fundraising tool, with Trump characterizing himself as a “political prisoner” and Biden emphasizing Trump’s status as a convicted felon. Trump’s WinRed fundraising page urges donors to contribute to prevent “total tyranny.” Trump’s legal challenges have fueled his fundraising efforts over the past year, with successful campaign days coinciding with key legal developments.
Despite Biden’s continued financial advantage, Trump’s fundraising has been gaining momentum, with his campaign and the RNC amassing significant cash on hand. Biden has outspent Trump on advertising and has a strong presence in battleground states, bolstered by a network of field offices and staff. While Biden has been able to maintain an edge in fundraising, Trump’s fundraising machine has proved formidable, particularly in response to legal challenges. Both campaigns have been leveraging their respective narratives to appeal to donors and supporters, setting the stage for a high-stakes fundraising battle ahead of the next election.
