Major Democratic donors will stop giving money until Biden steps down

Several billionaire donors have announced that They will no longer donate to the Democratic Party until President Joe Biden decided to step down after his disastrous performance in last week’s debate against Donald Trump.

A New York Times report revealed that after days of behind-the-scenes complaints and a withdrawal announcement that never came, many millionaire Democratic donors are trying to take matters into their own hands. threatens to limit donations less than five months before general election.

“Using their wealth as both a carrot and a stick, donors have undertaken a number of initiatives to pressure Mr. Biden to step down as the front-runner and help lay the groundwork for another candidate,” the NYT reported, citing billionaire donors who will stop writing checks.

One of them is Gideon Steina Democratic donor and operator who is well connected in the upper echelons of the party.

Stein said his family will withhold $3.5 million in planned donations to nonprofits and political organizations active in the presidential race until Biden finally drops out of the race. The billionaire, according to the NYT, claimed that virtually every major donor he spoke to believes the most obvious way to beat Trump is to run again.

One of the most prominent donors who will stop writing checks is Abigail E. Disneya filmmaker and heiress to the Disney fortune, who said in an email that Biden’s campaign and all the committees that support him “I will not give them another cent until they make up their minds and replace Biden at the top of the ticket.”

Disney also said that “Biden is a good man who has served his country well, but the stakes are far too high to allow timidity to determine our course of action.”

In addition to these two major donors, other respectable donors, such as Damon LindelofA Hollywood producer who donated $115,000 to Democrats this election cycle has publicly called on Democrats to let go of Biden’s hand for good.

In an essay published in Deadline, Linfelof urged major donors to organize a “DEMbargo” against Biden and other Democratic candidates until the president resigns.

The situation demonstrates the deep divide that currently exists between major donors and Democratic Party figures, particularly President Biden, who is struggling with his advisers to keep his candidacy afloat in the aftermath of the Atlanta debate.

Meanwhile, Biden has shrugged off criticism while publicly declaring that he will remain in the race for president. A determination that was not evident in his last public appearance and that has not reassured his internal detractors.

In fact, the NYT reported that even There are already groups working hard to create a post-Biden reality.

Specifically, a group of fundraisers are seeking to bring together between $50 million and $100 million for an escrow fund called Next generation PACwho will financially support Biden’s potential replacement candidate.

“If Mr. Biden does not step down, the money could be used to help second-tier candidates,” the NYT reported, citing people familiar with the initiative.

The initiative is led by Mike Novogratz, the cryptocurrency billionaire who backed Dean Phillips in the Democratic primaries, his aides and Hollywood filmmaker Andrew Jarecki, the NYT reported.

The PAC, which had not yet filed federal paperwork as of Thursday, still does not plan to officially begin operations until it begins taking donations.