Biden is raising big money from big donors, so why is he behind?

Biden has raised $20.7 million from contributions of at least $500 — $1.5 million more than his nearest competitor, despite entering the race later than all of them — thanks to the former vice president’s strong connections and goodwill among the traditional donors who have long financed the Democratic Party. Biden drew donations from 114 former big money fundraisers for Hillary Clinton and Barack Obama in the third quarter, the most of any Democrat, according to a POLITICO analysis.

But it’s been nowhere near enough to make Biden the leader of the fundraising pack. In fact, his big-dollar dominance, and his reliance on those donors, is more evidence of how quickly small-dollar donations have become the most important component of political fundraising in a sprawling, fractured Democratic race. Bernie Sanders, Elizabeth Warren and Pete Buttigieg are all outraising Biden, and stockpiling cash significantly faster than him, on the back of major support from online donors that Biden has been unable to build…

“He can’t create, out of thin air, an online fundraising mechanism in six months. And we’re getting to the point now where he can’t do a fundraiser every night,” Harpootlian said, because Biden will need to spend more time campaigning in early caucus and primary states.