Netflix co-founder and major Democratic donor Reed Hastings has suggested that President Joe Biden should step aside from his re-election campaign to allow another candidate a better chance to defeat former President Donald Trump. Hastings expressed his concerns in an email to The New York Times, stating, “Biden needs to step aside to allow a vigorous Democratic leader to beat Trump and keep us safe and prosperous.”
Hastings’ call for Biden to step down comes after the president’s lackluster performance in a recent debate against Trump. This debate performance has raised concerns among some Democratic donors about Biden’s ability to effectively campaign and win against Trump. Hastings is one of the first major Democratic donors to publicly voice these concerns, although he is not alone in his apprehensions.
Ari Emanuel, CEO of Endeavor, also expressed frustration about Biden’s age and ability to run for president during a talk at the Aspen Ideas Festival. Emanuel criticized the Founding Fathers for not setting an upper age limit for presidential candidates, highlighting the challenges of having an 81-year-old president.
Hollywood supporters have played a significant role in Biden’s campaign, with a star-studded fundraiser in Los Angeles raising over $30 million in June. However, it remains unclear if more Hollywood donors will follow Hastings’ lead in calling for Biden to step aside.
Hastings and his wife, Patty Quillin, have been major supporters of the Democratic Party, donating over $20 million in recent years. They contributed at least $1.5 million to Biden’s 2020 campaign and $100,000 last year for his 2024 campaign. Despite their significant financial support, Hastings’ recent comments reflect a growing unease among some Democratic donors about Biden’s ability to lead the party to victory in the upcoming election.
Biden’s debate performance has been a point of concern for many. Multiple donors, who chose to remain anonymous, told The Washington Post that Biden’s debate performance mirrored his interactions at recent donor events, where he struggled to communicate effectively. One business executive recounted an event where Biden’s team refused to let donors ask the president questions, raising further doubts about his ability to engage with supporters.
In response to these concerns, Biden’s campaign team has been working to reassure donors and voters of the president’s fitness for the job. The campaign recently announced a $127 million fundraising windfall in June, including $38 million raised within four days of the debate. Vice President Kamala Harris and Press Secretary Karine Jean-Pierre have emphasized Biden’s commitment to the race, with Harris stating, “We will not back down. We will follow our president’s lead. We will fight, and we will win.”
Not all donors share Hastings’ concerns. Noah Mamet, a former ambassador to Argentina and a major donor to Biden’s campaign, expressed steadfast support for the president. Mamet described the attacks against Biden as “self-destructive” and emphasized the importance of rallying around the president to defeat Trump and preserve democracy.
Despite this support, some major donors remain unconvinced that Biden is the best nominee. In phone conversations with top Democratic leaders Nancy Pelosi and Chuck Schumer, multiple donors have urged for Biden to step aside in favor of another candidate. These calls reflect a broader concern within the party about Biden’s ability to lead a successful campaign against Trump.
Hastings’ public call for Biden to step down has added to the pressure on the president. While the White House has denied reports that donors and allies are urging Biden to drop out, the debate performance and subsequent reactions have highlighted the challenges facing his campaign.
Hastings, who stepped down as Netflix CEO last year, has been a significant figure in the Democratic Party’s fundraising efforts. In addition to his political contributions, he has donated to historically Black colleges and universities and recently gave over $1 billion worth of his Netflix shares to a Silicon Valley charity.
Reid Hoffman, another influential billionaire donor, has continued to support Biden despite the debate performance. Hoffman urged his donor network to focus on organizing around Trump’s flaws rather than musing on Biden’s shortcomings.
The Biden campaign remains focused on its re-election efforts, with a recent fundraising boost following the debate. However, the concerns raised by Hastings and other donors highlight the ongoing challenges and uncertainties facing the campaign as it prepares for the 2024 election.
Source: The New York Times, The Washington Post, Business Insider, Variety
