Despite calls for him to withdraw from the presidential race, U.S. President Joe Biden seemingly has a different perspective. He affirmed his intention to continue the fight, emphasizing during Independence Day celebrations at the White House that he "isn't going anywhere." However, the president is facing demands from some wealthy Democratic donors to step aside, following what they view as a poor performance in the presidential debate. At least two donors have announced they will cease donations while he remains a candidate.
In response, Biden's campaign officials reached out to concerned donors after his debate with former President Trump. Yet this effort has not yielded results. Abigail Disney, granddaughter of Walt Disney co-founder Roy Disney, announced on Thursday that she would not donate to the Democratic Party while Biden is in the race. The long-time Democratic supporter stated in a statement to CNBC on Thursday that she would halt donations to the party "unless they replace Biden at the top of the ticket."
Disney acknowledged her respect for Biden, whom she described as a "good man" who has served his country remarkably, but added: "If Biden doesn't step aside, Democrats will lose. I’m absolutely sure of that. The consequences of losing will be truly severe." Gideon Stein, head of the Moria Fund, praised Biden but confirmed he would suspend $3.5 million in donations he had planned to give to nonprofit organizations and political groups aligned with the 2024 race, according to Axios.
Stein told CNBC that nearly all the major donors he has spoken with believe America needs a new candidate to defeat Donald Trump. Reid Hastings, another major Democratic donor and co-founder of Netflix, also remarked to the New York Times on Wednesday that Biden needs to step down to allow a strong Democratic leader to defeat Trump and ensure America’s safety and prosperity.
