20 FORTUNE APRIL 2020 THE BRIEFJOE BIDEN’S SURPRISE Super Tuesday win jabbed his
floundering campaign with a shot of adrenaline,
vaulting him ahead in the polls and the delegate count. But
as dramatic as those gains may be, they pale in comparison
to what the triumph is poised to do to his campaign coffers.
At the end of 2019, it took the Biden campaign a full
three months to drum up about $22 million, a figure that
put him squarely behind Sen. Bernie Sanders and former
Mayor Pete Buttigieg. In the week following his 10-state
victory, Biden brought in the same sum in just five days.
“It’s an avalanche now,” says John Morgan, an attorney
and top bundler for Biden, of the incoming interest in
backing the former Veep. The question has gone from,
Will there be enough cash to get through the month? to
“Will there enough time in the day to go to all of these
fundraising events?” says Morgan. “Everyone is clamoring
to hold them.” (The Biden campaign did not respond to
requests for an interview.)
Biden has long had the backing of some deep-pocketed
execs, such as former U.S. Commerce Secretary Penny
Pritzker and Avenue Capital Group’s Marc Lasry. But in
the days since Super Tuesday he’s attracted new ones. Gil-
bert Andrew Garcia, managing partner of bond firm Gar-
cia Hamilton & Associates and former supporter of Mike
Bloomberg, says he’s now “100% behind Joe”—as is the ex
New York City mayor himself. Bloomberg has pledged to
throw his financial might behind his old rival and report-
edly plans to create a new organization to help Biden win
in six primary battleground states—and eventually take on
President Donald Trump.Biden, who had just
$3.4 million to spend
on ads in Super Tuesday
states—as compared
with Sanders’ $18.5 mil-
lion—is expected to use his
newfound cash to boost
staffing in key states and
up his ad profile. Indeed,
since his surge Biden has
invested an additional
$10.3 million in TV spots
in states like Ohio, Florida,
and Michigan, outspend-
ing the Sanders campaign,
according to data from
Advertising Analytics.
Another likely budget
line: aiding down-ballot
congressional races, says
Lawrence Norden, director
of the Brennan Center’s
electoral reform program.
Part of Biden’s appeal is his
promise to hold the House
and turn the Senate blue,
so backing those races is
essential to buttressing his
support.
Team Sanders, mean-
while, says it’s not cowed
by Biden’s growing war
chest. “Bernie doesn’t
spend his time holding
fancy fundraising events to
ask billionaires for money,”
says digital fundraising
director Robin Curran.
Of course, if Biden’s bid
to land the nomination is
successful, he’ll face the
President—and the roughly
$93 million the Trump
campaign had on hand at
the beginning of the year.
Time will tell if Biden’s
bankrollers are ready to go
dollar-for-dollar with the
power of the presidential
purse.Biden at a Democratic Party
fundraiser in November 2019.POLITICSIn theM oney
After fumbling
fundraising in the
early months of
the campaign,
Joe Biden finally
has donors’
attention. But is it
too little, too late?
BY NICOLE GOODKINDBIG NUMBER$22 MILLION
Biden’s five-day fund-
raising total after Super
Tuesday; last year he
raised the same amount
over three months
SOURCES: BIDEN CAMPAIGN; FEC ERIC^THAYER—REUTERSTKT.W.0420.XMIT.indd 20 FINAL 3/10/2020 4:43:20 PM