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| How Joe Biden and Donald Trump are in a fundraising showdown with star-studded events and record-breaking hauls, sparking debate over money's influence in politics. |
In the heated lead-up to the 2024 presidential election, President Joe Biden and former President Donald Trump are in a fierce battle not only for votes but also for dollars. The campaign fundraising efforts of both candidates have spurred significant controversy and debate over the future direction of American politics.
Biden, fresh off a star-studded Hollywood fundraiser, is capitalizing on the support of entertainment industry elites. The event, held at the Peacock Theater in downtown Los Angeles, featured appearances by former President Barack Obama and celebrities like George Clooney and Julia Roberts. This high-profile gathering is expected to raise millions for Biden’s campaign.
"Any Democratic presidential candidate is going to be able to raise a lot of money in California, and an incumbent president has a big advantage. When the president enters a room, it fills up with cash," said Jack Pitney, a political scientist at Claremont McKenna College.
Tickets for the event ranged from $250 for general admission to $500,000 for exclusive access, including photos with Biden and Obama and an invitation to an after-party. This fundraiser is part of Biden’s broader strategy to tap into California’s deep Democratic coffers. The state has historically been a significant source of campaign funds for Democratic candidates.
Trump, on the other hand, has been equally aggressive in his fundraising efforts. His recent three-day swing through California brought in approximately $27.5 million from three fundraisers in the state and one in Las Vegas. A senior campaign official reported that an additional $6 million was raised for outside groups supporting Trump’s 2024 bid.
The former president’s campaign also highlighted a significant financial boost following his recent criminal trial. Trump was found guilty of all 34 felony counts, marking the first time a former or current president has faced such a verdict. Despite—or perhaps because of—this legal setback, Trump’s campaign and the Republican National Committee (RNC) raised a staggering $141 million in May alone. The campaign noted that $53 million was raised in the 24 hours following the verdict, underscoring Trump’s continued ability to galvanize his base.
"Trump's fundraising success is a testament to his enduring influence and the loyalty of his supporters," said a senior campaign strategist.
The controversy surrounding these fundraising efforts reflects broader questions about the influence of money in politics. Critics argue that such large sums of money, often coming from wealthy donors, undermine the democratic process and give undue influence to a select few. This concern is amplified by the fact that both Biden and Trump are leveraging their extensive networks to outpace each other financially.
In response to Trump’s fundraising haul, the Biden campaign has also been active. Biden's team raised substantial amounts in the days following Trump’s trial verdict, capitalizing on the former president's legal troubles. "The 24 hours after the verdict were one of the best fundraising 24 hours of the Biden campaign since launch," a Biden campaign source revealed.
While Hollywood and high-profile fundraisers play a crucial role in Biden’s strategy, Trump’s approach is more grassroots-oriented, focusing on smaller, high-energy events across key battleground states. This weekend, Trump will be in Michigan, hosting multiple events including a roundtable discussion at a Detroit church, emphasizing his connection with "everyday Americans" as opposed to Biden’s "elitist, out-of-touch celebrity benefactors," as described by a Trump campaign spokesperson.
The Biden campaign has also been leveraging star power to boost its appeal. Notable figures from the entertainment industry, including actor Robert De Niro and "Star Wars" legend Mark Hamill, have publicly supported Biden. De Niro made headlines with a passionate outburst at a Biden campaign news conference, while Hamill’s surprise appearance at the White House briefing room praised Biden, dubbing him "Joe-Bi-Wan-Kenobi".
Additionally, Biden's campaign has been supported by key Democratic rainmakers like Jeffrey Katzenberg, who co-chaired a major fundraiser in New York City that brought in $26 million. This event, featuring Biden, Obama, and Clinton, demonstrated the continued influence of Hollywood and media moguls in Democratic fundraising efforts.
Trump’s final California fundraiser, held at an exclusive community in Newport Beach, featured veteran actor Jon Voight and other prominent GOP donors. This event highlighted Trump’s ability to attract significant financial support from top-dollar donors in traditionally blue states.
The intense rivalry between Biden and Trump in the fundraising arena underscores the high stakes of the 2024 election. As both candidates continue to raise unprecedented amounts of money, the controversy over campaign finance is likely to persist, raising important questions about the future of American democracy and the role of money in politics.
