NEWS

These Wealthy Donors Are Starting to Turn Their Backs on Joe Biden



After spending days hoping that President Joe Biden would abandon his re-election campaign on his own, wealthy Democratic donors are now trying to take the bull by the horns. reports the New York Times.

Wielding their fortune “as both a carrot and a stick, they are actively seeking to incentivize Biden to step down and prepare the ground for another candidate to replace him”. These initiatives reveal “a growing divide between big Democratic donors and the party’s standard-bearer”which will impact the November elections, whether or not Joe Biden decides to step down.

Discontent that is becoming less and less muted

A small group of donors, for example, is trying to raise a hundred million dollars. “to establish an escrow fund, called Next Generation PAC, to support a replacement candidate,” reports the newspaper.

Supporters of potential replacements, such as those of Vice President Kamala Harris, are seeking to position their favorite. Other donors are threatening to withhold contributions. “not only to Joe Biden’s campaign, but also to other Democratic causes, unless the current occupant of the White House steps down”.

Still others are trying to get other Democratic lawmakers to pressure Biden to step down, promising to support their re-election campaigns.

Some donors have even begun to make their discontent public, the New York daily notes. This is the case of Gideon Stein, who declared that his family was withholding the $3.5 million in donations planned for Democratic political organizations active in the presidential race, unless Joe Biden withdraws. He points out in the columns of the daily that practically all the major donors with whom he spoke “think that to beat Donald Trump a new Democratic presidential ticket would be needed.”

Abigail E. Disney, heiress to the Disney fortune, told the New York daily that the president’s re-election campaign and the political committees that support it “will not receive another cent from me until they replace it,” adding: “Joe Biden is a good man who has served his country well, but the stakes are too high”.

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