Kamala Harris sees surge in big money support after Biden drops out of race

• Kamala Harris is already seeing a wave of big money donor support following President Joe Biden dropping out of the race.
• Some of the party's top financiers opted to hold back funds because of Biden's debate with Donald Trump.

Vice President Kamala Harris is already seeing a wave of big money donor support following President Joe Biden dropping out of the race, with the help of bundlers who have assisted her in past races, according to people familiar with the matter.

Moments after Biden announced he would drop out of the race for president and endorsed Harris, those who helped raise money during her failed 2020 Democratic primary fight and successful 2016 Senate campaign immediately mobilized with outreach to wealthy donors, according to these people. Those who spoke to CNBC did so on the condition of anonymity in order to speak freely.

Some of the party's top financiers had opted to hold back funds because they believed Biden should not lead the ticket after his disastrous debate performance on June 27 versus former President Donald Trump.

Among the top party fundraisers now planning to help Harris is longtime Wall Street executive Marc Lasry, according to a person with direct knowledge of the matter. Lasry helped raise money for the vice president when she ran against Biden in the 2020 Democratic primary. He later raised campaign cash for Biden when he beat Trump during that election cycle.

Venture capitalist Reid Hoffman plans to donate even more in support of Harris' candidacy than he did when he backed Biden over Trump throughout the 2024 presidential election cycle, according to a person familiar with the matter. Hoffman has donated at least $10 million to supportive Biden political action committees so far this