With the recent campaign filing deadline providing a clearer financial picture of the 2024 presidential race, potential troubles are arising for Florida Governor Ron DeSantis.
Despite an impressive overall fundraising total of $20 million, DeSantis is spending money rapidly, hinting at a lack of grassroots support due to his reliance on large donors. In contrast, former President Donald J. Trump’s campaign raised $17.7 million, most of which was transferred from another committee that will report its donors at a later date.
Meanwhile, President Biden and the Democratic National Committee have raised nearly equivalent amounts to all the Republican candidates combined.
Some of the less financially successful Republican candidates, like former South Carolina governor and United Nations ambassador Nikki Haley, have shown solid support and well-built long-term campaign operations. Former New Jersey governor Chris Christie received about a third of his $1.6 million haul from smaller donors, which is relatively high for Republicans and suggests broad appeal.
Republicans, beyond DeSantis, face warning signs. Former Vice President Mike Pence raised a meager $1.2 million in contributions, raising doubts about his ability to gain significant support among Republicans.
Then there are the self-funded candidates, whose campaigns will continue as long as they are willing to spend their substantial personal fortunes.
Here are the key takeaways from the campaign filings, which outline fundraising and spending from April 1 to June 30.
DeSantis relies on major donations…and spends quickly.
Within six weeks of entering the race, DeSantis raised $19.7 million for his campaign, with $16.9 million coming from contributions over $200, indicating his dependence on large contributions. He is also spending this money rapidly.
His filing on Saturday revealed that his campaign spent nearly $7.9 million during those six weeks. Significant expenditures included $1.3 million for travel (with several vendors being private jet rental services), over $1 million for payroll, and more than $800,000 each for digital fundraising consulting, media placement, and postage.
This represents a burn rate of approximately 40 percent, which is relatively high compared to other Republican candidates. Senator Tim Scott of South Carolina raised nearly $5.9 million in the second quarter and spent $6.7 million. However, he had a larger buffer with $22 million from his Senate campaign for his presidential run.
DeSantis reported having $12.2 million in cash at the end of June, while Scott had $21 million.
The full extent of Trump’s financial resources remains unclear.
Trump leads in polls among Republican candidates and possesses considerable financial resources and fundraising capabilities. However, the details of his cash situation are complex.
This month, the Trump campaign announced that the former president raised over $35 million in the second quarter through his joint fundraising committee, which then transfers the funds to his campaign and a political action committee (PAC).
His filing reported a total of $17.7 million in receipts from contributions, transfers, and refunds, almost all of which came from transfers from the joint fundraising committee.
The rest of the reported $35 million is yet to be disclosed, as the joint fundraising committee is not required to file its report until the end of the month. The New York Times previously reported that Trump has redirected more money from the joint committee into the PAC to cover his legal expenses.
Pence trails behind.
Bringing up the rear among the Republican contenders are former Arkansas Governor Asa Hutchinson, who raised approximately $500,000 in the second quarter, and former Texas congressman Will Hurd, who raised a mere $270,000.
While these underdog candidates weren’t expected to amass substantial funds, observers may have anticipated more from former Vice President Mike Pence, who reported only $1.2 million in contributions.
Pence has also spent very little, with his filing showing expenses of only $74,000. His campaign has not confirmed whether he has acquired the necessary 40,000 unique donors to qualify for the Republican debate stage on August 23.
Self-funded candidates are also depleting their finances.
Recently, the campaign of North Dakota Governor Doug Burgum, a wealthy former software engineer, reported raising $1.5 million in contributions and securing a $10 million loan for his campaign.
Burgum’s campaign spent over $8.1 million in the last quarter, including an astonishing $6 million on advertising. He finished the month with $3.6 million in cash.
Another Republican candidate, entrepreneur Vivek Ramaswamy, reported $2.3 million in contributions last quarter and received $5 million in loans from himself. Ramaswamy has already lent his campaign $15.25 million since entering the race in February and plans to spend $100 million of his own money on his campaign.
If he continues his current spending pace, he will likely need those funds. Ramaswamy spent more than $8 million from April to June, including $1.5 million on media placement and hundreds of thousands of dollars on travel.
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