Thread by @FinancialTimes

With less than two weeks until election day, Joe Biden has amassed $761.2m in fundraising — a significant cash advantage over Donald Trump.

Here’s how the Democratic nominee is planning to spend every last penny of his huge fundraising haul on.ft.com/2FQSAhw

Joe Biden is clearly on a massive spending spree:
- A 60-second World Series TV spot narrated by actor Sam Elliott
- A quarter-of-a-million dollar train lease for a six-city campaign tour
- A nearly $4m TV ad campaign in Texas on.ft.com/2FQSAhw

The Democratic presidential candidate can afford such splurges thanks to the fundraising prowess of his campaign, which pulled in $493.8m over the past two months, smashing records on.ft.com/2FQSAhw

Joe Biden hasn’t had to spend much on travel and event production, mostly due to the pandemic.

His campaign spent $4.8m on travel this year, significantly lower than Hillary Clinton’s campaign, which spent $12.5m on travel in the first 3 quarters of 2016 on.ft.com/2FQSAhw

Savings on expenses has freed up Biden’s campaign, and it has spent the vast majority of it on one thing: ads.

Of the $592.9m the Biden campaign has spent so far this year, almost 84% has gone to paid advertising, according to our analysis of FEC data on.ft.com/2FQSAhw

Biden’s record-smashing numbers have surprised fundraisers from both parties, many of who wonder if it can be recreated four years from now on.ft.com/2FQSAhw

On the other hand, the Trump campaign has burnt through much of the $1.5bn raised since 2019. They began this month with just $63.1m cash-on-hand, a nearly 50% drop from the $121.1m it had going into September on.ft.com/2FQSAhw

Although the Biden campaign is planning to burn through as much of its cash as possible before election day, it is keeping some money back for legal fights in case the result is contested on.ft.com/2FQSAhw