Trump Campaign Surpasses Biden in Cash Reserves Ahead of 2024 Election

The complete financial picture remains unclear because, while both campaigns met the Thursday deadline to report finances, several associated fundraising committees won't report until July.

For the first time, Donald Trump‘s presidential campaign has more cash in its main account than President Joe Biden’s re-election campaign, as shown by financial disclosures on Thursday. Both sides are building their war chests for the upcoming Nov. 5 election.

At the end of May, Trump’s campaign reported about $116 million in the bank, more than doubling from the previous month. Biden’s campaign reported around $91 million, just slightly above its April total.

The complete financial picture remains unclear because, while both campaigns met the Thursday deadline to report finances, several associated fundraising committees won’t report until July.

Earlier, Biden’s campaign and his party announced unofficial figures boasting $212 million in cash but did not specify which committees held this money.

These Federal Election Commission disclosures indicate a significant financial turnaround for Trump, who had been trailing Biden earlier.

National polls show the two candidates in a close race, with Trump leading in several battleground states.

Additionally, the Republican Party, fundraising alongside Trump, reported an increase in cash holdings to $54 million from $38 million.

Meanwhile, the Democratic Party’s cash holdings rose to about $65 million from $62 million in April.

Trump’s fundraising has surged, particularly in the weeks before his May 30 conviction for falsifying business records related to a hush money payment to a porn star.

Both campaigns are also boosting fundraising from billionaires who can give unlimited sums to super PACs.

A separate filing revealed conservative billionaire Timothy Mellon donated $50 million last month to MAGA Inc., a pro-Trump super PAC.

MAGA Inc has increased its spending on television ads supporting Trump, allowing pro-Trump allies to outspend Biden’s supporters recently.

MAGA Inc reported over $68 million from donors last month, primarily from Mellon and another $10 million from billionaires Liz and Dick Uihlein of Uline.

The billionaire Winklevoss twins, founders of cryptocurrency company Gemini, announced they donated $1 million in bitcoin to support Trump but did not specify the recipients.

On Biden’s side, billionaire Mike Bloomberg gave $19 million to FF Pac, a super PAC backing Biden’s re-election, according to a separate filing with the Federal Election Commission.