Biden and Trump shift to new phase of urgent fundraising in 2024 US election

Joe Biden and Donald Trump are entering a new phase of a heavyweight election fundraising smackdown after the US president raised a record $26m at a glitzy event with Barack Obama and Bill Clinton, while Trump’s Republican campaign tried to steal Biden’s thunder by claiming it would outdo him next week with a $33m event.

Related: Biden campaign raises $25m ‘money bomb’ at event with Obama and Clinton

Biden and his Democratic predecessor headlined a star-studded fundraiser with Clinton at the Radio City Music Hall event in New York, hosted by Mindy Kaling and featuring Lizzo and Queen Latifah, while the TV satirist Stephen Colbert interviewed the three men on stage in front of an audience that paid up to $500,000 for a ticket.

Obama and Biden flew from Washington to New York on Air Force One together on Thursday in a show of unity and Democratic campaign heft as the 2024 election enters an important phase between the main primary season and the summer nominating conventions, which are expected to anoint Biden and Trump as their parties’ candidates for the November vote.

The glittering Democratic fundraiser was punctuated by protests inside the sold-out auditorium, as attendees rose at several different moments to shout over the discussion, referencing Biden’s backing of Israel’s war in Gaza.

“Shame on you, Joe Biden,” one yelled, according to Reuters.

Obama said Biden had “moral clarity” on the Israel issue and was willing to listen to all sides in this debate and find common ground.

When a protester inside the theater interrupted Obama, the former president said: “You can’t just talk and not listen … That’s what the other side does.”

The protests drew a pledge from Biden to keep working to stop civilian deaths, particularly of children. But he added, “Israel’s existence is at stake.” Hundreds more protested outside in the drizzling rain, many demanding a ceasefire and waving Palestinian flags.

On the money raised during the event, which had been estimated at $25m and then came in at a record-breaking $26m for a single campaign event, Jeffrey Katzenberg, the Hollywood mogul turned Biden campaign co-chair, said: “This historic raise is a show of strong enthusiasm for President Biden and Vice-President [Kamala] Harris and a testament to the unprecedented fundraising machine we’ve built.”

But on Friday, it was reported that Trump believes he can out raise the Biden event with a billionaires’ power party at his Mar-a-Lago residence and resort club in Palm Beach, south Florida, on 6 April, where tickets will run from $250,000 to more than $800,000, the Financial Times first reported and Politico later detailed.

The Trump campaign’s goal is at least $33m, with featured super-rich American business leaders such as the casino and hotel developer Steve Wynn, the hedge funder John Paulson and Robert Bigelow, a property and aerospace billionaire with an offbeat obsession with the paranormal and UFOs.

Trump has been struggling for money and owes hundreds of millions in fines in civil cases he has lost, on top of sky-high legal bills, for which he is paying with funds from donors. Biden’s campaign had $71m in available cash at the end of last month, more than twice as much as Trump, with the Democratic National Committee also swilling with more than double what is in the Republican National Committee’s coffers, the Hill reported.

On Thursday, a Trump campaign adviser said the candidate would not be able to match Biden’s totals, blaming the disparity on the Democrat’s “billionaire” supporters and painting a picture of a Trump campaign as being fueled by grassroots, working-class supporters. However, the Trump campaign is suffering from both large and small donor fatigue, CNBC has reported.

At a wake on Thursday for a police officer shot dead on duty in New York, Trump called for a focus on “law and order” even though he stands to be the first former US president to be a defendant in a criminal trial and is facing a total of 88 charges across four cases, relating to campaign finance impropriety, election interference and hiding classified documents after leaving office.

At the Democratic fundraiser, the presidents toggled between humor and campaign talk. Biden lit into Trump, recalling how he pleaded with the then occupant of the White House on 6 January 2021, to “call these people off” when his supporters invaded the US Capitol in an insurrection to try, in vain, to stop the certification of Biden’s victory over him in the 2020 election.

“He sat there in the dining room off the Oval Office for several hours and watched [the attack on TV], didn’t do a damn thing,” Biden said.

He pointed out how Trump was proud to have tilted the supreme court so that it ruled to take away the national right to abortion, with the overturning of Roe v Wade in 2022, while Democrats defend reproductive choice, with the vice-president, Kamala Harris, taking a lead on the issue on the campaign trail.

Biden also challenged Trump to golf, but only if his rival carried his own bag.

Biden, Obama and Clinton ended the night donning Biden’s trademark aviator-style sunglasses.

The Associated Press contributed reporting