Influential donors in the United States such as the co-founder of Netflix, the Disney heiress, or cryptocurrency titan Mike Novogratz are threatening to cut off funding to the Democratic Party due to a loss of confidence in President Joe Biden as an electoral candidate. The revolt gained momentum after the electoral debate on June 27, where Biden appeared hesitant, tired, and unable to face his rival, former President Donald Trump, causing panic and rejection among millionaires who doubt his ability to govern the country for the next four years.
Among the long list of donors who have turned their backs on the current president’s party are billionaire entrepreneurs, such as Moriah Fund president Gideon Stein, one of the latest voices to announce the suspension of $3.5 million to NGOs and political groups affiliated with the Democrats. Also, in Hollywood, prominent figures like producer Damon Lindelof and Endeavor CEO Ari Emanuel have publicly urged other donors to withhold funding until another Democratic candidate emerges.
Speculation about the need for a new Democratic candidate to defeat Trump is growing among major donors, with many believing that Biden may not be the right person for the job. Prominent figures such as Abigail Disney, heir to The Walt Disney Company, and Netflix co-founder Reed Hastings, have also expressed their rejection of President Biden’s candidacy by cutting off their financial support.
Despite the criticism and doubts surrounding Biden’s candidacy, his team and close Democratic governors have tried to address the concerns and pacify the voices. In the latest fundraising report, the campaign announced that they had raised $264 million during the second quarter of the year, emphasizing that June was their best month and the day of the presidential debate was their best day for fundraising, even though Biden was declared the loser by polls and media outlets.
Following the lackluster debate performance and weak showing by Biden, several meetings were held between donors and consultants in an attempt to retain their trust. However, many donors believe that if the Democrats want their funds, the president must step aside. In various meetings and conversations, questions have been raised about Vice President Kamala Harris and whether she would be a worse alternative than a Biden "in a coma" or "dead."
Despite mounting pressure, Biden remains adamant that he will not withdraw from the race and insists that he is the most qualified person to lead the country. In an interview on ABC, the president stated that the only way he would consider leaving the presidential race is if "the Almighty" requests it. Harris, on her part, has also dismissed rumors about a possible replacement and expressed her pride in being Biden’s running mate.
As of today, Trump leads the polls to become the next president of the United States, with 42% of voter intentions compared to Biden’s 39.8%, according to the FiveThirtyEight website. The calls for a change in the Democratic candidate continue to grow, with donors and influential figures increasingly questioning Biden’s ability to unseat Trump and lead the country effectively in the coming years.
