New York

Hours after US President Joe Biden dropped his re-election bid, Democrats managed to raise $46.7 million - the single largest fundraising in a day for online party contributions since the last presidential election, according to an NYT analysis. 

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The contribution surged, especially after Biden endorsed Kamala Harris as the Democrat presidential nominee to take on Donald Trump in the November elections. 

"As of 9 pm ET, grassroots supporters have raised $46.7 million through ActBlue following Vice President Kamala Harris’ campaign launch. This has been the biggest fundraising day of the 2024 cycle. Small-dollar donors are fired up and ready to take on this election," wrote  ActBlue, a liberal nonprofit fundraising platform for Democrat campaigns. 

"Grassroots supporters are energized and excited to support her [Harris] as the Democratic nominee," it added. 

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According to reports, the donations spiked from an average of less than $200k per hour in the hours before Biden quit to nearly $11.5 million in a single hour later on Sunday (Jul 21). 

The previous single biggest day for donations for Democrats came in September 2020 when Justice Ruth Bader Ginsburg passed away. ActBlue processed roughly $74.5 million that day. 

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Watch: US Elections: Republicans keep up the heat, Trump says 'Joe Biden destroying US, not fit to serve'

Kamala Harris to be the next Democrat nominee?

Biden quit the presidential race on Sunday and immediately endorsed Harris as the Democrat nominee for the upcoming elections. The California Democrat accepted the endorsement and said she would work to earn the nomination.

"On behalf of the American people, I thank Joe Biden for his extraordinary leadership as President of the United States and for his decades of service to our country. I am honored to have the President’s endorsement and my intention is to earn and win this nomination," wrote Harris. 

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The vice president will have to wait till the Democratic National Convention (DNC), scheduled to take place next month in Chicago to know her fate as the nominee. 

(With inputs from agencies)