President Joe Biden's reelection campaign is grappling with financial challenges as former President Donald Trump has significantly outraised him for two consecutive months following his felony convictions. Trump's campaign raised nearly $53 million in just 24 hours after his guilty verdict, bolstered by substantial donations from megadonors. This surge has erased the financial edge Biden's team was counting on, causing concern and 'depression' among Democratic strategists and donors. Despite this setback, Biden's campaign remains optimistic, highlighting their extensive grassroots efforts and infrastructure development in battleground states. Meanwhile, Biden's campaign has also seen success with high-profile fundraisers, including a star-studded event in Los Angeles that collected $30 million. The 2024 election cycle is projected to be the most expensive in history, with both campaigns preparing for a costly and contentious race.