Some of the Democratic Party’s biggest donors are pressuring President Joe Biden to step aside.
A growing list of Hollywood titans, powerful heirs, and staunch Democratic Party supporters are pledging to cut off their support until Biden drops out.
Others are so angry about the president’s standing after his disastrous debate performance that they have vowed to cut off all Democrats.
So far, only two congressional Democrats have called on Biden to drop out. However, the combined weight of the party’s wealthy backers could prove too much to bear.
Former President Donald Trump has already erased Biden’s cash advantage after a flood of donations spurred by Trump’s felony conviction. Biden and his allies simply can’t afford to lose much more ground.
Here are some of the donors calling for Biden to step aside:
Reed Hastings
Netflix co-founder Reed Hastings is one of the most significant megadonors urging Biden to step aside. Hastings told The New York Times that the president needs to bow out “to allow a vigorous Democratic leader to beat Trump and keep us safe and prosperous.”
According to The Times, Hastings and his wife, Patty Quillin, have given over $20 million to various Democratic causes in recent years. Last summer, Hastings donated $100,000 to the Biden Victory Fund, a joint committee that includes Biden’s reelection campaign, the Democratic National Committee, and state Democratic parties.
Abigail Disney
Abigail Disney, an heir to the co-founder of the entertainment giant, told CNBC that she would cut off donations to Democrats entirely until Biden steps aside.
“Biden is a good man and has served his country admirably, but the stakes are far too high,” Disney said. “If Biden does not step down, the Democrats will lose. Of that, I am absolutely certain. The consequences for the loss will be genuinely dire.”
Barry Diller
IAC Chairman Barry Diller also announced that he is done with Biden.
“No,” Diller told journalist Matthew Frank’s newsletter, The Ankler, when asked if he still supported the president.
Diller has already given the maximum $6,600 contribution to Biden. He also donated $100,000 to the Biden Victory Fund last year.
Damon Lindelof
Damon Lindelof, “Lost” creator and legendary showrunner, wrote a column urging fellow donors to stage a “DEMbargo” and cut off all Democrats until Biden steps aside.
“When a country is not behaving how we want them to, we apply harsh economic sanctions. It’s a give and take — short-term hurt for long-term healing,” Lindelof wrote in his Deadline column. “Is it misguided to punish the entire team for the stubbornness of the pitcher? Maybe. But it’s also common sense that if he stays in, they will also lose. A rising tide lifts all boats. A falling Biden sinks them.”
Gideon Stein
Gideon Stein, a donor and philanthropist whose late father founded the influential liberal donor group the Democracy Alliance, told The Times that his family is withholding $3.5 million to groups involved in the presidential race unless Biden steps aside.
“[A] new ticket is in the best interest of defeating Donald Trump,” Stein told The Times.
Christy Walton
Christy Walton, an heir to the Walmart fortune, co-signed a letter begging President Biden to drop out of the race. The letter, organized by the Leadership Now Project and signed by 168 business leaders, argues that “nothing short of American democracy is at stake this November,” according to Bloomberg. Signatories sincerely thank Biden for his service but ask that he “pass the torch of leadership to the next generation of Democratic leaders by ending your reelection bid.”
Walton, 75, is worth around $14 billion, making her the 10th-richest woman in the country.