The Democratic Party is not the happiest place right now. Mega-donors are withholding funds in the wake of President Joe Biden’s debate performance and they’re going public with their decision.
Those donors include Abigail Disney, a granddaughter of Disney co-founder Roy Disney, who said she intends to stop all contributions to the party until President Biden is replaced at the top of the ticket. She said Vice President Kamala Harris is a viable alternative.
“If Biden does not step down, the Democrats will lose,” Disney said in a statement to CNBC. “Of that I am absolutely certain. The consequences for the loss will be genuinely dire.”
Disney has made six-figure donations to Democrats and progressive causes during previous election cycles.
On Wednesday, July 3, Netflix founder Reid Hastings told The New York Times Biden needs to step aside.
Moriah Fund President Gideon Stein is also withholding more than $3 million in donations.
“Joe Biden has been a very effective president, but unless he steps aside my family and I are pausing on more than $3 million in planned donations to nonprofits and political organizations aligned with the presidential race, with the exception of some down-ballot work,” Stein told CNBC.
That aligns with Endeavor CEO Ari Emanuel’s view.
“I talked to a bunch of big donors and they’re moving all their money to Congress and the Senate,” Emaneul said at the Aspen Ideas forum. “I mean, I cannot believe we’re in this situation.”
Stein added that nearly every major donor he spoke to thinks they need to replace Biden in order to defeat Donald Trump. Others who have donated up to eight figures during this election cycle and previous ones have agreed to pausing donations.
On the Fourth of July, Biden said he isn’t going anywhere. His campaign had strong fundraising in June. Supporters gave $127 million, including $38 million in the three days after the debate.
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