Several billionaire Democratic donors, including Barry Diller and Michael Bloomberg, are currently withholding further donations from the party’s main fundraising committee due to concerns about its effectiveness, sources revealed.
The Democratic National Committee has faced internal conflicts and departures, leaving the party without clear leadership since President Trump’s victory over Vice President Kamala Harris in the 2024 election, leading prominent donors to pause their financial support.
“For a variety of reasons, I have no intention of donating to the DNC,” media mogul Diller stated in a recent interview with The Post.
Diller expressed disappointment in President Joe Biden’s administration in his recently released memoir, “Who Knew,” criticizing what he perceived as a failure to fulfill promises of restoring the nation’s “soul.”
“There is just a broad consensus that the DNC is ineffectual and not where we should be giving money,” said a longtime former donor.
Other sources highlighted that recent Democratic fundraising efforts have focused on the New York City mayoral race, with concerns about socialist candidate Zohran Mamdani potentially surpassing ex-Governor Andrew Cuomo in the primary.
The DNC’s most recent financial filings showed a significant decline in reserves, prompting speculation about potential loans and concerns about donor support.
Despite the concerns, the DNC has emphasized record fundraising achievements under Chairman Ken Martin’s leadership, indicating strong support from grassroots donors.
On the contrary, the Republican National Committee reported a net-positive cash flow for May, highlighting a different financial trajectory compared to the DNC.
Republican National Committee Boosts Cash Reserves to Over $72 Million
The Republican National Committee has significantly increased its financial resources, adding over $5 million to its coffers. This brings the total funds held by the RNC to more than $72 million.
With this latest financial update, the RNC’s cash reserves are now nearly five times larger than those of the Democratic National Committee (DNC). This development has been met with enthusiasm by Republicans.
Ken Langone, the co-founder of Home Depot and a prominent GOP donor, expressed his delight at the financial figures. Sources reported that he reassured friends by saying, “We don’t need to worry about the future of the GOP, as the Democratic party’s positions are so misguided that they will struggle to raise funds going forward.”
