Donald Trump's campaign conceded on Thursday that it will likely fall short of matching President Joe Biden's fundraising efforts in the upcoming presidential election.

Trump Can't Match Biden's Fundraising

A campaign adviser acknowledged during a press call that they won't be able to keep up with Biden's fundraising numbers. They attributed this disparity to the support of "billionaire" backers of the Democratic president, according to a report by Reuters. 

Highlighting the contributions from working-class supporters, another campaign adviser emphasized that Trump's campaign is driven by hundreds of thousands of grassroots contributors across the nation, emphasizing the value of each individual vote.

In response, Biden campaign spokesperson Ammar Moussa told Reuters that Trump's campaign is facing financial constraints.

Despite historically outraising Republican opponents, Democratic candidates have not always secured victory solely based on fundraising prowess. Notably, Trump prevailed in 2016 despite being outspent by Hillary Clinton.

READ NEXT: Trump's Social Media Company, Which Owns Truth Social, Set To Go Public; Ex-President Could Net $3 Billion Soon! 

Biden is Outpacing Trump in the Fundraising Game

Biden has consistently surpassed Trump in fundraising, with his reelection effort raising over $53 million in February compared to Trump's $20.3 million. The composition of their fundraising sources also differs, with Biden relying more on large contributions, while Trump's campaign receives a higher proportion from small donations.

As the November 5 general election approaches, both candidates are gearing up for a closely contested rematch. Biden hosted a fundraiser in New York with former Democratic presidents Barack Obama and Bill Clinton, reportedly raising $25 million. 

Meanwhile, the Trump campaign plans a fundraiser in April hosted by billionaire hedge fund manager John Paulson in Florida, aiming to raise $33 million. 

READ MORE: Donald Trump Secures Relief in $464 Million Bond Fraud Case with $175 Million Pause - Assets Safe for No