Democratic presidential candidate Kamala Harris is outraising her Republican rival Donald Trump by about $5 million a day, thanks to a surge in donations from Wall Street and Silicon Valley powerhouses. According to reports.
Citing the latest federal filings, Bloomberg reported that Harris spent $7.5 million per day in August, compared with $2.6 million for the former president.
The vice president entered the race for the White House in July after donors voiced concerns about Biden's declining cognitive abilities following President Joe Biden's disastrous debate defeat against President Trump.
Harris' promotion comes after White House officials and leading Democrats repeatedly dismissed Washington Post reports about Biden's deteriorating health and public gaffes as “misinformation.”
Bloomberg reported that since Biden left office, money has flowed into Harris' campaign from big business figures including Facebook co-founder Dustin Moskovitz, LinkedIn CEO Reid Hoffman and Oaktree Capital chairman Bruce Kirsch.
According to FEC filings, Harris and Democrats raised $361 million in August, putting them in the running for the crucial months before the November election with a $404 million war chest.
Her main political action committee, Future Forward PAC, raised $36 million and had $84 million in cash, according to filings.
Meanwhile, the Trump campaign raised $130 million in August from donors including banking scion Timothy Mellon and Blackstone CEO Stephen Schwarzman, and had $295 million by the end of the month, filings show.
His “Make America Great Again” PAC raised $25 million during the same period and had $59 million in cash in September, according to filings.
Harris's cash tally gives her an advantage in the TV ad-spot race, but she continues to shy away from sit-down interviews.
On Friday, Tesla founder and Tesla X owner Elon Musk, a Trump supporter, donated $289,100 to Republican efforts to win seats, making his largest political donation to date.
The National Republican Congressional Committee said in a filing with the Federal Election Commission that it received the huge amount of money.
Musk has set up the USA PAC to help fund Trump's campaign efforts in key battleground states.
The group is run by a former official from Florida Gov. Ron DeSantis' losing campaign, but some Republican officials have expressed concern that it is not adequately staffed to encourage voters to cast their ballots on Election Day.
Despite Harris' financial advantage, the race for the White House remains extremely tight.
The New York Times released a poll early Monday showing Trump leading in three key battleground states: Arizona, North Carolina and Georgia.
In Arizona, where Biden narrowly won by just over 10,000 votes in 2020, Trump is leading Harris 50% to 45%, according to the poll.
The former commander in chief has said that if he loses this year's election on Nov. 5, he is unlikely to run again in 2028, when he will be 82 years old.
“No, I don't think so. I don't think that's it. I don't think so at all,” Trump told TV host Sharyl Atkisson on Sunday when asked about seeking a third White House spot.
“Hopefully we'll be successful.”
