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2020 Democratic contender Mayor Pete Buttigieg's campaign said Monday that it raised $24.8 million during the second quarter of 2019 — with more than 400,000 total donors.

Why it matters: The total, which was the first second-quarter fundraising result released by a 2020 Democrat, is staggering for a candidate who was barely known at the beginning of the cycle.

By the numbers: Sen. Bernie Sanders — with a prebuilt list of donors from his 2016 presidential run — topped the field of 24 Democrats with $18.2 million in donations during the first quarter.

  • To highlight how times have changed, at this point during the 2008 cycle, Barack Obama pulled in $32.5 million — then a staggering number — against Hillary Clinton's $27 million in a head-to head race, per CNN.

What to watch: Expect similarly confident 2020 Democrats to release their second-quarter numbers as the FEC's July 15 deadline to disclose fundraising approaches.

Go deeper: 2020 presidential election: Track every candidate's Q1 fundraising totals

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Updated 37 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 18,570,858 — Total deaths: 701,316 — Total recoveries — 11,163,388Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 4,771,846 — Total deaths: 156,839 — Total recoveries: 1,528,979 — Total tests: 58,239,438Map.
  3. Public health: Moderna skirts disclosures of coronavirus vaccine costs — There’s not much good news about kids and coronavirus.
  4. Business: Auto sales may have turned a corner.
  5. Sports: The return of high school sports hangs in the balance — UConn becomes first FBS team to cancel its football season.

Shale's struggles will persist despite a rise in oil prices

Illustration: Sarah Grillo/Axios

WTI, the benchmark U.S. oil future, traded Wednesday morning at its highest since early March — highlighting how shale's crisis is seemingly over, though more bankruptcies likely lie ahead.

Why it matters: Its price at the time — $43 — is still too low for many producers to do well, though it varies from company to company.

Facebook launches its TikTok rival, Instagram Reels

Illustration: Aïda Amer/Axios

Facebook-owned Instagram on Wednesday launched its answer to the popular karaoke app TikTok, whose future remains in limbo.

The big picture: Facebook has a long record — sometimes successful, sometimes not — of adopting features that have proven popular on rival platforms and rolling them out to its billions of users worldwide in an effort to avoid being eclipsed by younger upstarts.