President Joe Biden is facing increasing pressure from major Democratic donors to exit the 2024 presidential race following a disappointing debate performance. Despite Biden's public statements that he has no plans to drop out, several high-profile donors have announced they will withhold their campaign contributions until he steps aside. Among them are Disney heiress Abigail E. Disney, Hollywood producer Damon Lindelof, and politically connected donor Gideon Stein.
Disney expressed her concerns about the stakes being too high to allow timidity to determine the course of action and that a new ticket is in the best interest of defeating Donald Trump. Stein's family has pledged to hold back on $3.5 million in political donations unless Biden withdraws from the 2024 contest.
Representatives Lloyd Doggett and Raúl Grijalva have publicly called on Biden to step aside, while other House members are circulating a draft letter for the same. The Democratic National Convention is planning on holding a virtual call to formally nominate Biden as the Democratic presidential nominee earlier than August to avoid legal deadlines for ballot access in certain states.
Biden faces pressure not only from donors but also negative poll numbers, which have widened Trump's lead. The business community is also expressing concerns about Biden's age and performance during recent debates.
Christy Walton, Michael Novogratz, and Paul Tagliabue are among the 168 signatories of a letter from the Leadership Now Project urging Biden to not seek re-election in 2024. The group cites concerns about Biden's age and debate performance as reasons for their request.
Reed Hastings, co-founder and executive chairman of Netflix, called for Biden to step aside after the interview with ABC News on Friday night. Bill Harris, former PayPal CEO and major Democratic donor, believed Biden seemed old in the interview and that his stepping aside was inevitable. Whitney Tilson, investor and major Democratic donor, expressed doubt about Biden's ability to beat Trump in November based on his reading of the American people.
Rick Caruso, Los Angeles billionaire and real estate mogul, also called on Biden to step aside for the good of the party. Some Democratic donors have refused to donate any further until Biden steps down.