High-profile donors who previously supported former United Nations Ambassador Nikki Haley have shifted their financial backing towards Joe Biden’s campaign, moving away from Donald Trump. Harry Sloan, a notable former MGM executive, has transitioned his support from Haley to Biden, raising significant funds for the pro-Biden political committee while also making direct donations to Biden’s campaign and a GOP Senate candidate. This shift comes amidst Jeffrey Katzenberg, a media mogul and co-chair of the Biden campaign, urging Haley donors to redirect their support to Biden since at least February.

The financial landscape of the 2024 U.S. Presidential election reveals a substantial monetary advantage in Biden’s favor, with his campaign reporting $155 million in cash on hand and $54 million raised in February alone. In contrast, Trump’s campaign committees had $36.6m at the end of January. Despite Nikki Haley’s withdrawal from the race after Super Tuesday, both Biden and Trump have made concerted efforts to win over her supporters. Former Virginia congresswoman Barbara Comstock, a co-chair of the Haley campaign, has voiced her support for Biden’s efforts against Trump, further indicating the shifting political alliances.

Compounding Trump’s challenges, his Political Action Committee (PAC), Save America, is facing financial strain due to significant legal expenditures, with records indicating around $230,000 a day spent on legal fees in February. This comes as Trump faces 88 criminal charges and considerable penalties, with his fundraising appeals increasingly framed as combating political persecution by Democrats. February saw Save America’s legal fees climbing to nearly $7 million, significantly impacting its financial reserves. This scenario raises concerns about the sustainability of Trump’s campaign funding, especially in light of his ongoing legal battles and the comparative fundraising prowess of Biden and the Democratic National Committee.

These developments highlight a shifting political landscape and evolving donor allegiances, posing challenges for Trump as he navigates both legal and political arenas while Biden’s campaign continues to consolidate financial and political support.