Biden drops out and the money comes rolling in

• President Joe Biden withdrew from the 2024 race and endorsed his VP, Kamala Harris on Sunday.
• The announcement quickly saw a surge in donations from large and small donors.
• In 5 hours, ActBlue said it received more than $27.5 million in donations on its website.

President Joe Biden withdrew his 2024 candidacy on Sunday, endorsing his running mate Kamala Harris , and the donations have since poured in.

ActBlue, the online campaign donations website for Democrats, said on X that it raised more than $27.5 million "in the first 5 hours of Vice President Kamala Harris' presidential campaign" through grassroots support.

A New York Times analysis of ActBlue's website found that the number has pushed past $30 million — the single largest day for online contributions to the party since the 2020 election.

According to the Times analysis, the average donation per hour to the website was less than $200,000 in the hours before Biden quit. Following Biden's withdrawal, the number skyrocketed to $7.5 million in one hour.

By 9 p.m. ET, ActBlue said it had raised $46.7 million.

"This has been the biggest fundraising day of the 2024 cycle," the organization said on X. "Small-dollar donors are fired up and ready to take on this election."

Twelve hours after Biden's announcement, donations continued to pour into the organization, raising well over $56 million as of this story's publishing. That number surpasses one of the records Donald Trump's campaign set after the former president's conviction.

One major donor with a long-standing relationship with Biden told Business Insider last week that they predicted a new Democratic candidate could usher in a fundraising bonanza , with more than $30 million raised overnight.

With hours left in the day, Democrats appear poised to surpass that number.

Top Democratic donors also have rushed to support the vice president, the Times reported.

One Silicon Valley-based bundler told the Times that they raised more than $1 million in 30 minutes.

Gretchen Sisson, a top Democratic bundler in California, told the publication that her "phone is exploding" following Biden's endorsement.

Real estate developer Jeffrey Gural, who has donated $100,000 to the Democratic party but called for Biden to step down from the race, texted Business Insider that he will support Harris if she becomes the nominee.

"If she is nominee I will donate money as I do not want to see Trump back in White House," Gural wrote.

According to the Times, Harris is well-positioned to receive Biden's $96 million war chest due to the surge in donations.

Dara Lindenbaum, a commissioner at the Federal Election Commission, told the newspaper that Harris could receive the money because her name was on the Biden-Harris campaign committee's registration document.

"In my view, this is not an open question," Lendenbaum told the Times.

However, the Times reported that Republicans are likely to file legal challenges against transferring money to Harris's campaign.