Several of Biden’s major donors have begun to withdraw their financial support from his campaign after his performance in the June 27 debate and television interview on July 5.
The Wall Street Journal reported that several donors said the interview confirmed their doubts—planted by the debate—that Biden is capable of another term.
Biden had previously been supported by Los Angeles developer and Democratic donor Rick Caruso, Netflix co-founder Reed Hastings, and Abigail Disney, an heiress to the Disney fortune. Each has said that they will no longer donate to the Democrat presidential campaign until a new nominee is procured.
The question is not only can you be a viable candidate, but also do you have the ability to be the president of the United States,” Caruso said, according to the Wall Street Journal.
Caruso, who co-hosted a multimillion-dollar fundraiser for Biden in December, called for Biden to step aside in a post on X following the interview.
One anonymous donor said he and his spouse have donated over $3 million, but their donations going forward will be reduced after their confidence in his ability to serve a second term was shaken during the interview.
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Another former donor said he is “puzzled at this point as to what the right thing to do is.”
The Wall Street Journal called supporting Biden a “political game of chicken,” as Democrat donors withholding funds from his campaign will eventually need to decide if they’re going to donate to him in order to stop Donald Trump from winning or continue their boycott in protest of the current Democratic candidate.
While some donors have chosen the second option, others are choosing the first even after the July 5 interview. Billionaire philanthropist Amy Goldman Fowler reportedly made a donation of more than $400,000 to the campaign on July 5, while co-founder of venture-capital firm Primetime Partners Alan Patricof said on July 6 that he intends to continue donating to Biden in order to stop Trump from being elected once more.
Many donors viewed the interview as confirmation that Biden cannot serve a second term, but others said it showed that he just had a bad night on July 27, the night of the debate.
“President Biden’s interview tonight showed that his debate performance was, indeed, just a very bad night,” Michael Kempner, a public-relations executive and donor to the Biden campaign, said on July 5, according to the Wall Street Journal. “My concern is that it may be too little too late, and the American public may have already rendered their opinion.”
Democratic strategist for mega-donors Dmitri Mehlhorn was optimistic, saying that the interview “will stop the bleeding” from the wounds dealt to Biden during the debate.
Nevertheless, the Wall Street Journal reported that the withholding of financial support from major donors could cause issues for the campaign going forward.
“It is unclear how many top donors, if any number, could be enough to push the president to ultimately withdraw,” the Wall Street Journal reported. “The Biden campaign has said that nearly all of its donations in the second quarter of 2024 came from contributions less than $200, which campaign officials said is a reflection of Biden’s resilient small-dollar donor base.”
Since the debate, Biden has reportedly raised over $38 million, with roughly $30 million from grassroots donation.
LifeNews Note: Joshua Mercer writes for CatholicVote, where this column originally appeared.
