Wealthy Democratic donors are increasingly vocal about their desire for President Biden to step down from his re-election campaign. These donors, who initially hoped Biden would abandon his bid on his own, are now taking active measures to influence his decision. Leveraging their substantial financial resources, they are implementing strategies to pressure Biden to withdraw from the race and pave the way for an alternative candidate. This growing rift between the party’s wealthy contributors and its standard-bearer highlights a significant internal conflict that could have implications for down-ballot races.
Some donors are creating initiatives to persuade Biden, while others are using their influence as a potential threat. One such initiative is the formation of the Next Generation PAC, an escrow fund aiming to raise $100 million to support a replacement candidate. Should Biden refuse to step aside, the funds could be redirected to assist down-ballot candidates. This move illustrates the lengths to which these donors are willing to go to ensure the party fields a candidate they believe can win in November.
Efforts to Support Replacement Candidates
As part of their strategy, some Democratic donors are backing potential replacements for Biden, notably Vice President Kamala Harris. These supporters are maneuvering to position their preferred successor, while others threaten to withhold contributions from both Biden and other Democratic groups unless he bows out. This tactic underscores the high stakes and the donors’ determination to influence the party’s direction.
Additionally, there is a movement to divert funds to candidates running for lower offices. Financial backers are encouraging elected officials at all levels to publicly call for Joe’s withdrawal, signaling support for those who take such a stance. Prominent donors like Reed Hastings have openly urged Biden to stand down, amplifying the pressure on the president to reconsider his candidacy. The actions of these wealthy contributors reflect a broader concern about Biden’s viability as a candidate and their commitment to ensuring the party’s success in the upcoming election.
Public Statements and Financial Withholding
Prominent Democratic donors are not just working behind the scenes but are also making public statements and taking financial actions to influence the party’s future. Gideon Stein, a well-connected donor and operative, announced that his family is withholding $3.5 million in planned donations to nonprofits and political organizations involved in the presidential race unless Biden steps aside. Stein revealed that nearly every major donor he has spoken with believes that “a new ticket is in the best interest of defeating Donald Trump.”
This sentiment is echoed by many within the donor community, who are increasingly vocal about their dissatisfaction with Biden’s performance and prospects. The public declarations and financial threats from these major donors indicate a serious fracture within the party and a concerted effort to push for change at the top of the ticket. As the election season progresses, the actions and influence of these wealthy contributors will likely play a critical role in shaping the Democratic Party’s strategy and candidate selection.
Abigail Disney and Damon Lindelof Lead Democratic Donor Campaign Against Biden
Abigail E. Disney, an influential filmmaker and heir to the Disney fortune, has openly expressed her dissatisfaction with President Joe Biden’s re-election campaign. In a revealing email exchange, Disney declared that she would withhold further financial support from Biden’s campaign and its supporting committees, including the Democratic National Committee and various super PACs, until Biden is replaced as the Democratic nominee. Disney, a notable Democratic donor, emphasized the urgency of the situation, stating, “Joe is a good man who has served his country well, but the stakes are far too high to allow timidity to determine our course of action.”
Echoing Disney’s sentiments, Hollywood producer Damon Lindelof, who has contributed over $115,000 to Democratic causes this election cycle, has also voiced his discontent. Lindelof attended a Biden fundraiser in Hollywood last month but subsequently penned an essay in Deadline advocating for a “DEMbargo” against Biden and other Democratic candidates unless Biden steps down. Lindelof communicated in a text message, “No one is eager to donate to anyone until the proverbial dust settles,” highlighting the growing frustration among Democratic donors.
Biden’s Campaign Faces Financial and Strategic Impasse
The financial pressure from major Democratic donors comes at a critical juncture for President Biden’s campaign. Despite efforts to reassure donors and officials of his capability, Joe’s team privately acknowledges the crucial nature of the upcoming days and the potential challenges to his candidacy. This uncertainty poses a significant threat as the campaign moves into its heavy-spending phase. Although Biden narrowly outraised Donald J. Trump last month, questions remain about whether he has eliminated the financial edge held by Trump and the Republican Party since June.
A surge in donations following the debates was primarily driven by smaller online contributions, with Biden also attending a series of preplanned fundraising events with major donors. However, concerns about the pace of big-money fundraising persist. Joe’s fundraising schedule shows no events until a Denver fundraiser at the end of the month, leaving some donors worried about the campaign’s financial infrastructure. This anxiety has led some wealthy backers to reluctantly continue their contributions, while others seek to establish a financial framework for a post-Biden campaign.
Emergence of the Next Generation PAC and Its Implications
Among the various efforts by wealthy Democrats, the most ambitious is the formation of the Next Generation PAC. This group aims to create a holding account to support a successor to Biden at the top of the Democratic ticket. Spearheaded by cryptocurrency billionaire Mike Novogratz and Hollywood filmmaker Andrew Jarecki, the PAC plans to raise between $50 million and $100 million. However, it will not officially launch until some initial funds are secured. The group’s strategy involves withholding funds until either Joe steps down or the Democratic National Convention concludes. If Biden remains the nominee, the PAC will redirect its efforts to support other Democratic candidates.
The stealth nature of this project has not gone unnoticed by the Joe team, who have attempted to dissuade potential supporters. Despite this, the movement has gained traction, particularly among ultrarich donors and their operatives, who see potential in Vice President Kamala Harris as a viable alternative. Harris, who has faced skepticism from some major donors, is now garnering consolidated support from these wealthy backers. This shifting donor landscape reflects the broader unease within the Democratic Party as it grapples with its leadership and strategic direction heading into the 2024 election.
