In the wake of last week’s terrible presidential debate by President Joe Biden, a growing chorus of high-profile Democratic donors are calling for Biden to withdraw from the 2024 race — led by heiress Abigail Disney.
The debate sent shockwaves through the Democratic Party and is threatening to reshape the landscape of the upcoming election.
Abigail Disney, a significant Democratic Party donor, made headlines Thursday by announcing her intention to halt donations unless Biden is replaced as the presidential candidate.
“This is realism, not disrespect,” Disney told CNBC. “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.”
Disney isn’t alone. Reed Hastings, co-founder of Netflix and a major Democratic donor, told The New York Times that “Biden needs to step aside to allow a vigorous Democratic leader to beat Trump and keep us safe and prosperous.”
Billionaire Ari Emanuel has also voiced concerns about Biden’s age and debate performance, drawing a stark analogy to taking away his elderly father’s car keys.
“I had a father who died at 92, but at 81 I took away his car, and it was a very simple test for me,” Emanuel said. “If you were driving from downtown Beverly Hills to Malibu, would you want Biden to do it at night?”
The anger among major donors represent a significant shift in the narrative surrounding Biden’s capacity as leader. For years, the mainstream media and the White House have denied reports that Biden is suffering from serious cognitive decline.
But the president’s debate performance, widely criticized as sluggish and unfocused, seems to have been a tipping point for the media and Democratic Party insiders.
Despite the mounting pressure, Biden’s campaign has stated he isn’t going anywhere. His campaign has highlighted record “grassroots” fundraising in the days following the debate, with more than $27 million raised across two days.
Not all major donors are jumping ship. Billionaire Reid Hoffman continues to support Biden, urging Democrats to focus on attacking Trump’s flaws rather than worrying about Biden’s weaknesses.
The impact of this donor revolt extends beyond mere finances. Recent polling shows Biden’s standing with voters has taken a hit, with 59% of Democrats admitting that the president is too old to work in government, and 32% saying he should give up his reelection bid, according to a Reuters/Ipsos poll.
As the Democratic National Convention approaches, the party faces a critical juncture. The coming weeks will likely determine whether Biden will withdraw or if his handlers will forge ahead.
For now, Biden’s team is pushing ahead.
The president is scheduled for a prerecorded and edited interview with ABC News star George Stephanopoulos, airing this Friday, with an extended version coming Sunday, as part of a strategy to reassure the public — and party faithful — that Biden is still mentally competent.