In the wake of the first debate of the 2024 presidential campaign, a significant shift has occurred within the Democratic Party. President Joe Biden’s performance has sparked a wave of concern among major Democratic donors, leading some to withhold their financial support until Biden steps down from the race. This movement has gained notable traction with the involvement of Abigail Disney, an heir to the Disney family fortune.
Abigail Disney, a long-time supporter of the Democratic Party, announced her decision to halt donations unless Biden withdraws from the race. Speaking to CNBC, Disney emphasized that her stance is rooted in realism rather than disrespect. She expressed certainty that if Biden remains the candidate, the Democrats will lose the election, with dire consequences. Disney suggested that Vice President Kamala Harris could be a viable alternative, capable of defeating Donald Trump if the party rallies around her.
Disney’s decision has been echoed by other prominent donors. Media tycoon Barry Diller, who has previously supported Biden and the Democratic Party, also indicated that he and his wife, designer Diane von Fürstenberg, would no longer back Biden’s campaign. Diller, who contributed over $100,000 to Biden and the Democrats, expressed his concerns about Biden’s ability to lead the campaign and serve another term.
The Biden campaign has been working to reassure donors and mitigate the growing panic. A hastily arranged call with top Democratic donors aimed to address concerns and promise increased visibility for Biden through town halls and interviews. Despite these efforts, the campaign faced pointed questions about Biden’s capacity to endure the rigors of a campaign and another term in office.
Hollywood powerbroker Ari Emanuel, a significant Democratic donor, voiced his frustration, comparing the situation to taking away his father’s car keys at the age of 81. Emanuel suggested that the only way to resolve the issue might be for the money to start drying up, with some donors diverting funds to congressional races instead.
The sentiment of withholding donations has been gaining momentum. Screenwriter Damon Lindelof proposed a “DEMbargo,” urging donors to pause funding until Biden steps aside. Philanthropist Gideon Stein announced his decision to pause nearly $3 million in planned donations, citing the need for a new candidate to defeat Trump. Reed Hastings, co-founder of Netflix and a major Democratic donor, also joined the call for Biden to step down.
Despite the growing dissent, the Biden campaign has highlighted its fundraising strength, particularly from small-dollar donors. The campaign reported record grassroots fundraising in the days following the debate, raising over $27 million across two days. However, Biden’s standing in opinion polls has taken a hit, with a significant portion of Democrats expressing concerns about his age and ability to govern.
Biden’s campaign and the Democratic National Committee entered June with $212 million in the bank, compared to $235 million for Trump’s campaign and the Republican National Committee. Analysts predict that if Biden can continue to attract donations leading up to the Democratic convention, he may still have a chance to solidify his position as the candidate.
Reid Hoffman, co-founder of LinkedIn and an influential donor, has continued to support Biden, urging his donor network to focus on Trump’s flaws rather than Biden’s. However, the pressure on Biden to step aside remains intense, with some donors feeling that their influence is limited in this situation.
As the Democratic Party navigates this turbulent period, the question of Biden’s candidacy remains a critical issue. The involvement of high-profile donors like Abigail Disney underscores the urgency and gravity of the situation. With the stakes higher than ever, the party must address these concerns and find a path forward that ensures a strong and united front against Donald Trump in the upcoming election.
Source: CNBC, Reuters, Associated Press, New York Times, BBC News
