Harris’ Fundraising Success
Vice President Kamala Harris has experienced a significant surge in support from major Democratic donors, raising over $200 million in her campaign’s first week. Additionally, the Democratic super PAC Future Forward reported $150 million in commitments following President Joe Biden’s decision to step down from the race. This influx of funds has surprised many who previously doubted Harris’s ability to attract the party’s fundraising elite.
Shifting Donor Sentiments
Mozelle Thompson, a former Federal Trade Commission commissioner and Democratic donor, highlighted a newfound enthusiasm among donors who were previously reserved about supporting Biden. The shift in donor sentiment is driven partly by a desire to defeat GOP nominee Donald Trump. Venture capitalist Bradley Tusk, who had refrained from significantly donating to Biden, committed at least $100,000 to Harris, citing her better chances compared to Biden.
Past Challenges and Current Optimism
Harris faced financial struggles during her 2020 presidential bid, which ended before the first Democratic caucus or primary due to dwindling resources. Despite initial skepticism, her campaign has now garnered substantial support from Democratic funders. Democratic donor adviser Alexandra Acker-Lyons noted that the skepticism largely came from older white male donors. However, Harris’s candidacy has also energized new segments of the party, particularly South Asian donors.
Strategic Endorsements and Network Expansion
Harris’s endorsements from influential figures like California Gov. Gavin Newsom and former Speaker Nancy Pelosi have expanded her donor network. Acker-Lyons mentioned increased inquiries from donors who hadn’t given significantly since 2020 or 2022, asking where they should contribute. Despite advising some donors to wait for Harris to announce her vice-presidential candidate and new polling results, there is a prevailing sense of hope and optimism about her candidacy.
Continued Support Despite Reservations
While some prominent donors, like John Morgan, have expressed their refusal to support Harris, others are contributing out of a strong desire to prevent Trump’s return to the presidency. Biotech venture capitalist Neil Exter, despite Harris not being his first choice, emphasized the importance of supporting the Democratic ticket to avoid a Trump presidency.
Conclusion
Kamala Harris’s rise to the top of the Democratic ticket has sparked a wave of enthusiasm and financial support from major donors. Her ability to attract both traditional and new segments of the party’s fundraising base highlights the growing optimism about her candidacy and the collective effort to secure a Democratic victory in the upcoming election.
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