President Joe Biden's abrupt withdrawal from the race has raised a number of questions, especially regarding the financial aspects of the campaign. The most pressing issue is the disposition of the $96 million left in his campaign coffers and who has the right to use it.
Biden's successor will face a major financial challenge against Republican nominee Donald Trump. Trump's campaign has seen a dramatic increase in donations from billionaires following his unprecedented felony conviction in May.
On the Democratic side, wealthy donors had previously withheld their financial support to pressure the president to resign. Despite this, the Biden campaign managed to outspend Trump by a 6-to-1 margin in a futile effort to rejuvenate his poor prospects.
The campaign finance dynamic is now undergoing a significant shift, with Biden's departure and the looming question of his successor. The fate of remaining campaign funds and both parties' financial strategies going forward will no doubt play a crucial role in the next stages of the election.
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