Donald Trump has witnessed a decline of 200,000 donors from the levels observed in 2019

In the lead-up to the 2024 election year, Donald Trump found himself with approximately 200,000 fewer donors compared to his previous presidential campaign four years earlier. This decline in donor support raised concerns about the effectiveness of his fundraising efforts, particularly as legal expenses began to chip away at his financial resources.

During the latter half of 2023, the Trump campaign and its associated political action committees garnered around 516,000 donors, contrasting with the 740,000 donors they had attracted at the equivalent stage of Trump's last presidential bid. Conversely, President Joe Biden secured the support of 473,000 donors during the same period, slightly fewer than his likely opponent but nearly double the number he had during the latter half of 2019 when he was vying for the Democratic nomination.

While Trump managed to raise $189 million from donors in 2023, Biden's smaller donor base contributed $202 million. The decrease in donor numbers was viewed as concerning by a campaign official from Trump's 2020 bid, who emphasized the urgency of replenishing the donor base, especially among small-dollar contributors, who historically played a crucial role in Trump's fundraising efforts.

According to Republican strategist Eric Wilson, the decline in Trump's donor numbers may signal donor fatigue and a general weariness towards digital fundraising tactics among political supporters. Additionally, rising living costs and competition from other Republican candidates for funds may have contributed to the drop in donor numbers, a challenge Trump did not face as the incumbent president in his previous campaign.

The dwindling donor support for Trump coincides with predictions that the 2024 White House race could surpass the 2020 contest in terms of fundraising, which saw Biden raising a record $1 billion in donations while Trump amassed approximately $775 million. Compounding Trump's fundraising challenges are his mounting legal issues, which have incurred significant costs; pro-Trump groups spent over $50 million on legal fees in the previous year alone.

Recent legal judgments, such as a New York judge's ruling ordering Trump to pay over $350 million in fines for financial fraud, further strain his finances. Despite these challenges, Trump continues to explore unconventional fundraising avenues, such as selling limited-edition gold-colored shoes for $399. Meanwhile, the Biden campaign announced a successful fundraising month, pulling in $42 million in January and amassing a $130 million campaign war chest, setting a record for a Democratic candidate at this stage of the campaign.