President Biden’s recent debate performance has left many major Democratic donors feeling uneasy and concerned about the future of his presidency. After announcing a successful fund-raising period following the debate, with $14 million in online donations, it seemed like things were looking up. However, big donors were alarmed by his shaky showing, leading to a wave of uncertainty among the donor class.
Some wealthy donors have even discussed potential interventions, while others have pondered the idea of President Biden voluntarily stepping down from the race. There were talks with political advisers about the rules that could potentially remove Mr. Biden from the ticket against his will, raising questions about what could happen at the Democratic National Convention.
In Silicon Valley, influential donors like Ron Conway and Laurene Powell Jobs have been in communication, expressing concerns over what they see as a potential catastrophe. They have even wondered about how to reach out to Jill Biden, the first lady, in hopes that she could persuade her husband to reconsider his decision to run for re-election.
The unease among the donor class has led to canceled fundraisers and early departures from debate watch parties. Some Democrats are considering focusing their financial support on down-ballot candidates, while others are waiting for polling data to gauge the extent of the fallout from President Biden’s debate performance.
The crisis among major Democratic donors comes at a critical time for President Biden, as former President Donald J. Trump has been outpacing him in fundraising efforts. This has narrowed the financial gap between the two politicians, putting additional pressure on President Biden to secure support from his donor base.
Overall, the uncertainty and anxiety among major Democratic donors highlight the challenges that President Biden faces as he navigates his presidency and prepares for the upcoming election. The outcome of these discussions and interventions could have significant implications for the future of the Democratic Party and the 2024 presidential race.