President Joe Biden’s net worth is nearly $10 million, according to Forbes.
But according to new reports, Biden may not have the cash on hand to help cement his legacy in the history books.
Here’s what’s happening:
According to a report published this past week by The Wall Street Journal (WSJ), Biden is reportedly struggling to raise the capital required to establish a presidential library.
Ever since FDR, former presidents have privately built libraries where their personal and presidential letters are stored.
But Biden’s group may not be able to accomplish that.
Biden is allegedly running into challenges raising between $200 million and $300 million, which his allies think will be necessary for him to establish his own, according to the WSJ report.
Insiders referenced in the report that the biggest roadblock to a Biden library is Biden’s weakness as a fundraiser, with the president reportedly unwilling to partake in fundraising tactics such as inviting mega-donors to spend the night at the White House.
The WSJ reported that some donors have stated they won’t make decisions until the result of the November election is clear, with some also noting continued animosity and confusion due to Biden’s early exit from the 2024 presidential race and his short-lived re-election campaign more broadly.
The WSJ reported that Biden is eying his alma maters Syracuse University and the University of Delaware as “competing” to be the chosen location of the library, along with several other institutions.
Officials from the University of Pennsylvania — the Ivy League university that four of Biden’s grandchildren and his deceased son Beau attended — purportedly have also had discussions about hosting the center, the WSJ also reported.
The fundraising challenges for his presidential library would not be the first time Biden has run into issues with winning over donors, with Democratic mega-donors like Abigail Disney pulling their financial support for the president after his disastrous June debate performance.
The White House did not immediately respond to a request for comment.