In the race for the 2024 presidential election, Donald Trump has emerged as the clear frontrunner in terms of fundraising. According to reports filed with the Federal Election Commission (FEC), Trump raised over $24.5 million for his campaign in the three-month period from July through September.[0] This far surpasses the amounts raised by his Republican rivals and demonstrates Trump’s continued popularity and support within the party.
Furthermore, Trump’s fundraising momentum is only increasing.[1] His third quarter fundraising total is significantly higher than the $17.7 million raised in the second quarter and the $14.4 million raised in the first three months of the year.[1] As a result, Trump’s campaign now has a substantial amount of cash on hand, starting October with $37.5 million available for spending.
It should be noted that the available data does not specify how much of Trump’s cash can be used for the primary election.[2] However, his significant fundraising advantage over other candidates in the GOP primary indicates that he is well-positioned financially for the upcoming race.
Trump’s dominance in fundraising is further emphasized by the fact that he raised more than double the amount of any other candidate in the GOP primary. His commanding lead extends to all aspects of the campaign, including fundraising.
In contrast to Trump’s success, Florida Governor Ron DeSantis, one of his potential rivals, has seen a slowdown in his fundraising efforts. DeSantis’ campaign spent a substantial amount, approximately $1.5 million, on private jets during the last quarter.[3] This expense, along with other costs, has resulted in DeSantis having around $12.3 million on hand for his campaign.[4]
Despite the expenses, Trump remains in a comfortable financial position compared to his rivals.[5] Former U.N. Ambassador Nikki Haley reported having $11.5 million on hand at the end of the third quarter.[5] Similarly, former New Jersey Governor Chris Christie raised $3.8 million and has nearly $4 million in cash available.[6]
In terms of fundraising for the 2024 presidential election, President Joe Biden and the Democratic National Committee reported raising an impressive $71 million in the last quarter, with $91 million in the bank.[7] This significant amount is expected to surpass the sums raised by Republican candidates. However, it should be noted that Biden has the advantage of collecting large checks from donors in partnership with national and state parties, which allows for larger sums of money to be raised.
Overall, Trump’s domination in GOP primary fundraising and his substantial cash reserves give him a significant advantage as the 2024 presidential race approaches.[8] His ability to raise large sums of money demonstrates his continued support within the Republican Party and his strong position in the race for the nomination. With ample financial resources, Trump will be able to invest heavily in campaign activities, including advertising and grassroots efforts, giving him a powerful advantage over his rivals on the airwaves and on the ground.
0. “Who’s up, who’s down and who’s tanking in the 2024 money race” Yahoo News, 16 Oct. 2023, https://news.yahoo.com/down-tanking-2024-money-race-051923458.html
1. “Trump is crushing his GOP competition in polls — and cash” POLITICO, 16 Oct. 2023, https://www.politico.com/news/2023/10/15/trump-fec-polls-funding-00121681
2. “Trump swamps rivals with huge cash haul while DeSantis fundraising slows” The Washington Post, 16 Oct. 2023, https://www.washingtonpost.com/politics/2023/10/15/trump-biden-desantis-fundraising/
3. “The war chests for the 2024 Republican candidates: Trump has massive $37.5 million cash to spend, DeSantis’ fu” Daily Mail, 16 Oct. 2023, https://www.dailymail.co.uk/news/article-12635765/Trump-2024-DeSantis-ramaswamy-Haley-Republican-bank-jet.html
4. “Ron DeSantis Spent $1.5M on Private Jets as Cash Dries Up, Filing Reveals” Newsweek, 16 Oct. 2023, https://www.newsweek.com/ron-desantis-private-jets-campaign-finance-2024-1834883
5. “Trump Blitzes Past GOP Rivals DeSantis And Haley With Over $24M Fundraising Haul In Q3, Maintains Lead In” Benzinga, 16 Oct. 2023, https://www.benzinga.com/news/23/10/35258650/trump-blitzes-past-gop-rivals-desantis-and-haley-with-over-24m-fundraising-haul-in-q3-maintains-lead
6. “How Much Money Each GOP Presidential Candidate Has Raised So Far” The Messenger, 16 Oct. 2023, https://themessenger.com/politics/trump-desantis-haley-scott-christie-fundraising-compared
7. “Trump Cash Haul Outpaces Republican Rivals’ in New Finance Reports” The Messenger, 16 Oct. 2023, https://themessenger.com/politics/trump-cash-haul-republican-rivals
8. “Trump dominates GOP money race, DeSantis spends heavily and George Santos goes negative: Takeaways from new …” AppleValleyNewsNow.com, 16 Oct. 2023, https://www.applevalleynewsnow.com/news/politics/national-politics/trump-dominates-gop-money-race-desantis-spends-heavily-and-george-santos-goes-negative-takeaways-from/image_871e14d2-4970-54b4-8d87-46bf67a29f40.html
