Three days after announcing his candidacy for next year’s US presidential election, incumbent Joe Biden has started collecting campaign funds. At a gala dinner at the five-star Salamander Hotel in Washington last night, Biden asked for help for his election campaign in front of almost 200 rich and super-rich Americans.
Attendees at the event included former hedge fund manager Tom Steyer, who spent $300 million on his own 2020 presidential campaign before channeling his millions to Biden and other Democrats. Former Disney manager Jeffrey Katzenberg also came to the Salamander. A small group of selected reporters were allowed to watch the start of the event before being ushered out.
Biden supporters estimate that the president needs to raise more than $1 billion to campaign effectively. The guests at the festive dinner are Biden’s most important individual donors.
“We can’t do it without you”
Not only do they donate their own money to the campaign, they also tap into their networks of wealthy citizens for donations. Events are often invited where admission costs hundreds or thousands of dollars. These funds are supplemented by millions of small cash donations, as small as a dollar, raised through the campaign website and other channels.
“We couldn’t have done it without you, and I think it sounds like you’re ready to do it again,” Biden told his guests. “I’m here tonight to ask for your help to finish the work. Folks, the gist: It’s very simple. We need them. Our democracy needs you.”
