Kamala Harris breaks fundraising records with $500 million in just four weeks

US Vice President Kamala Harris' election campaign has amassed approximately $500 million since she became the Democratic presidential candidate, sources informed Reuters. This significant fundraising achievement reflects strong donor support ahead of the 5th November election.

According to four sources familiar with the campaign, this impressive sum has been raised in just four weeks since Harris announced her candidacy on 21st July. The funds are crucial for campaign activities, such as advertising and voter mobilisation, which are essential for influencing undecided voters and increasing voter turnout.

Harris entered the race after President Joe Biden withdrew from the Democratic ticket, triggering a surge in donations that had dwindled following Biden's challenging debate against Republican candidate Donald Trump. In her first week as a candidate, Harris secured $200 million, quickly consolidating support to become the party's nominee.

In July alone, Harris' campaign raised $310 million, bringing the combined total for her and Biden's fundraising efforts to over $1 billion before Biden exited the race. This rapid accumulation of funds is unprecedented, according to the campaign team.

In contrast, Trump’s campaign reported raising $138.7 million in July, with $327 million in cash reserves. Trump’s campaign had outpaced Biden’s fundraising in the second quarter.

Harris’ campaign momentum continued into August, buoyed by widespread enthusiasm and small-dollar contributions from supporters attending her rallies in key battleground states. By the end of July, Harris had $377 million in cash on hand.

In comparison, Biden’s campaign raised $1.04 billion during the 2020 election cycle, or $1.62 billion when including contributions from outside groups, according to OpenSecrets, a political finance tracking organisation.

Harris praised Biden during the first night of the Democratic National Convention in Chicago, where Biden urged voters to support Harris and her running mate, Minnesota Governor Tim Walz, in the upcoming election. Former President Barack Obama, a significant fundraising figure, is scheduled to address the convention and participate in additional fundraising events to support Harris.

Despite her strong fundraising performance, Harris has consistently referred to herself as the underdog in the race against Trump, aiming to prevent complacency among her supporters and maintain momentum.