In a significant blow to President Joe Biden's reelection campaign, many of his top donors, including influential billionaires, have announced they will no longer support his bid for a second term. This development comes as discussions within the Democratic Party intensify over whether Biden should step aside, given mounting concerns about his ability to defeat former President Donald Trump in the upcoming election.
Several prominent donors who have been staunch supporters of the Biden-Harris campaign are now expressing their frustration and questioning the delay in party leadership's efforts to persuade Biden to withdraw from the race. According to sources, there is a growing chorus of voices among the president's financial backers who are becoming increasingly vocal and critical of his decision to continue his campaign.
A significant number of these contributors, who have collectively provided substantial financial support, are now reconsidering their involvement. Entrepreneur and philanthropist Gideon Stein, for instance, has publicly stated that he will not contribute any further funds to Biden's campaign, even if the president secures the nomination at next month's convention.
"If the president refuses to acknowledge the reality that he's now trailing worse in even more battleground states, and continues to dig in, we will focus our funding entirely on the House, Senate, and election machinery," Stein told TMZ. "I've heard the same message from a lot of others."
The discontent among Biden's donors is not limited to financial concerns. George Clooney, a longtime Democratic supporter, recently penned an opinion piece in The New York Times urging Biden to consider stepping down. This comes just weeks after Clooney helped raise millions for the president's reelection campaign, highlighting the deepening rift within the donor community.
Despite the growing calls for Biden to reconsider his candidacy, the Biden campaign reported raising $127 million in June, with $240 million in cash on hand across its committees as it entered July. A campaign spokesperson emphasized the campaign's plans to increase its footprint and continue its efforts to secure victory in November.
However, the frustration among donors is palpable. Many are questioning why it is taking so long for party officials to convince Biden, 81, of the necessity to consider suspending his campaign. This sentiment is echoed by virtually all major donors, who are united in their belief that Biden cannot defeat Trump in the general election.
The potential financial fallout from this donor exodus could have significant implications for the Biden campaign. If these influential contributors redirect their funding to other Democratic efforts, such as the House and Senate races or election infrastructure, it could weaken Biden's ability to compete effectively against Trump.
The Democratic Party now faces a critical juncture. The next few weeks will be crucial as party leaders and campaign strategists grapple with the growing donor discontent and the broader implications for the 2024 presidential election. With the GOP convention looming, the Democratic Party must navigate this internal turmoil while presenting a unified front to voters.