Fundraising raises new questions on DeSantis campaign

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More than two-thirds of Ron DeSantis’ donations came from individuals who maxed out their contributions and may not donate again to his primary campaign, raising questions about the sustainability of the Florida gubernatorial challenge to Donald Trump have been

While DeSantis raised a whopping $20.1 million in the second quarter, according to the latest campaign finance disclosures, only 15 percent of his donations came from small donors. More than two-thirds came from deep-pocketed contributors who have reached limits on how much they can give.

The fundraising figures included in Saturday’s filing to the Federal Election Commission come as the DeSantis campaign has struggled to gain momentum since entering the race in late May.

DeSantis, 44, was widely seen as the candidate best suited to challenge Trump for the Republican nomination for president. His political stakes rose sharply after last year’s midterm elections, when he won re-election in Florida by a nearly 20-point margin. But DeSantis has since trailed in national opinion polls.

Trump has the support of less than half of Republican primary voters, according to the latest FiveThirtyEight average, while DeSantis is a distant second with 21 percent. Other candidates – including Trump’s Vice President Mike Pence, biotech entrepreneur Vivek Ramaswamy and former South Carolina governor Nikki Haley – are polling in the single digits.

The latest fundraising figures raise new questions about DeSantis campaign operations.

Earning $20.1 million puts him second only to Trump in terms of total receipts. Yet nearly $17 million of this came from donors who contributed at least $200, while only $2.9 million came from those who donated less than that amount. Campaign experts often look at the share of small-dollar donors as a sign of grassroots support for a candidate.

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Nearly $14 million in donations came from donors who had reached the legal limit for contributions to the DeSantis primary campaign. Under current federal laws, individuals may donate a maximum of $3,300 to the primary campaign and the same amount to the general election campaign if DeSantis becomes the Republican nominee.

DeSantis is expected to attract more wealthy donors with a fundraiser in the Hamptons on Thursday next week. Florida’s governor is also set to make campaign stops in South Carolina, a key early voting state, in the coming days.

The latest FEC filing also shows that the DeSantis campaign spent $7.8 million in the second quarter, including nearly $1 million on payroll-related expenses for the roughly 100 people on the campaign staff. Politico first reported over the weekend that DeSantis has fired “less than 10” employees in recent days.

DeSantis ended the quarter with $12.2 million in cash. That compares with Trump, who had $22.5 million in the bank, and Republican Senator Tim Scott of South Carolina, who ended the quarter with $21.1 million in cash.

Ramaswamy, who has an estimated net worth of more than $500 million, ended the quarter with $9 million in the bank after borrowing $15.3 million in loans for his campaign.

Pence posted dismal fundraising figures with $1.2 million in receipts. However, he appeared to be operating on a tight budget and spent less than $75,000 in the second quarter, ending the period with $1.1 million in cash on hand.

Former New Jersey governor Chris Christie also showed a similar spending pattern. Christie’s raised $1.7 million but only spent $66,000 in the second quarter, with $1.6 million in bank deposits during the period.

The latest FEC filing does not include a detailed accounting of money raised by political action committees that have been able to raise money for candidates with fewer restrictions. Super Pax must file paperwork with the FEC in late July.

Those filings are expected to shed more light on the campaign machinery of the candidates. The DeSantis campaign is heavily reliant on Never Back Down, the super pack supporting his campaign that said earlier this month that it has raised $130 million so far this year.

The Trump team has also relied heavily on Super Pack support. It has reported $36 million in the year so far, but almost all of that was the result of transfers from its joint fundraising committee, Save America.

DeSantis dismissed suggestions that his fundraising figures were dismal, telling Fox News Channel on Sunday: “We were five and a half weeks into the second quarter as a candidate to raise money. We raised more money in the second quarter than Joe Biden, who is the current president, and we raised more money for his campaign than Donald Trump.

The Biden campaign said Friday that, along with the Democratic National Committee, it raised $72 million in the second quarter to spend on the president’s re-election bid. However, FEC filings over the weekend revealed that about $20 million of that consignment was brought in by the Biden campaign, with most of that money routed through the DNC.

Get Free Updates of US Presidential Election 2024

we will send you one myFT Daily Digest Latest Email Rounding US Presidential Election 2024 News every morning.

More than two-thirds of Ron DeSantis’ donations came from individuals who maxed out their contributions and may not donate again to his primary campaign, raising questions about the sustainability of the Florida gubernatorial challenge to Donald Trump have been

While DeSantis raised a whopping $20.1 million in the second quarter, according to the latest campaign finance disclosures, only 15 percent of his donations came from small donors. More than two-thirds came from deep-pocketed contributors who have reached limits on how much they can give.

The fundraising figures included in Saturday’s filing to the Federal Election Commission come as the DeSantis campaign has struggled to gain momentum since entering the race in late May.

DeSantis, 44, was widely seen as the candidate best suited to challenge Trump for the Republican nomination for president. His political stakes rose sharply after last year’s midterm elections, when he won re-election in Florida by a nearly 20-point margin. But DeSantis has since trailed in national opinion polls.

Trump has the support of less than half of Republican primary voters, according to the latest FiveThirtyEight average, while DeSantis is a distant second with 21 percent. Other candidates – including Trump’s Vice President Mike Pence, biotech entrepreneur Vivek Ramaswamy and former South Carolina governor Nikki Haley – are polling in the single digits.

The latest fundraising figures raise new questions about DeSantis campaign operations.

Earning $20.1 million puts him second only to Trump in terms of total receipts. Yet nearly $17 million of this came from donors who contributed at least $200, while only $2.9 million came from those who donated less than that amount. Campaign experts often look at the share of small-dollar donors as a sign of grassroots support for a candidate.

You are viewing a snapshot of an interactive graphic. This is probably due to being offline or JavaScript is disabled in your browser.

Nearly $14 million in donations came from donors who had reached the legal limit for contributions to the DeSantis primary campaign. Under current federal laws, individuals may donate a maximum of $3,300 to the primary campaign and the same amount to the general election campaign if DeSantis becomes the Republican nominee.

DeSantis is expected to attract more wealthy donors with a fundraiser in the Hamptons on Thursday next week. Florida’s governor is also set to make campaign stops in South Carolina, a key early voting state, in the coming days.

The latest FEC filing also shows that the DeSantis campaign spent $7.8 million in the second quarter, including nearly $1 million on payroll-related expenses for the roughly 100 people on the campaign staff. Politico first reported over the weekend that DeSantis has fired “less than 10” employees in recent days.

DeSantis ended the quarter with $12.2 million in cash. That compares with Trump, who had $22.5 million in the bank, and Republican Senator Tim Scott of South Carolina, who ended the quarter with $21.1 million in cash.

Ramaswamy, who has an estimated net worth of more than $500 million, ended the quarter with $9 million in the bank after borrowing $15.3 million in loans for his campaign.

Pence posted dismal fundraising figures with $1.2 million in receipts. However, he appeared to be operating on a tight budget and spent less than $75,000 in the second quarter, ending the period with $1.1 million in cash on hand.

Former New Jersey governor Chris Christie also showed a similar spending pattern. Christie’s raised $1.7 million but only spent $66,000 in the second quarter, with $1.6 million in bank deposits during the period.

The latest FEC filing does not include a detailed accounting of money raised by political action committees that have been able to raise money for candidates with fewer restrictions. Super Pax must file paperwork with the FEC in late July.

Those filings are expected to shed more light on the campaign machinery of the candidates. The DeSantis campaign is heavily reliant on Never Back Down, the super pack supporting his campaign that said earlier this month that it has raised $130 million so far this year.

The Trump team has also relied heavily on Super Pack support. It has reported $36 million in the year so far, but almost all of that was the result of transfers from its joint fundraising committee, Save America.

DeSantis dismissed suggestions that his fundraising figures were dismal, telling Fox News Channel on Sunday: “We were five and a half weeks into the second quarter as a candidate to raise money. We raised more money in the second quarter than Joe Biden, who is the current president, and we raised more money for his campaign than Donald Trump.

The Biden campaign said Friday that, along with the Democratic National Committee, it raised $72 million in the second quarter to spend on the president’s re-election bid. However, FEC filings over the weekend revealed that about $20 million of that consignment was brought in by the Biden campaign, with most of that money routed through the DNC.