Megadonors Are Plotting How Best to Change Biden’s Mind
President Joe Biden is hearing calls to withdraw from the presidential race from a new source: major Democratic Party donors.
The New York Times reports that several of the richest contributors to Democrats around the country are trying to use their money to leverage support against Biden staying in the race.
“If you don’t publicly call for Biden to step aside, you are not getting a dime from me,” said Tom Strickler, the founder of Hollywood talent agency WME, to New Mexico Senator Martin Heinrich’s team last Thursday. Strickler said he had been planning to financially support seven of the most vulnerable Democratic senators, but would not be doing so because they still backed Biden’s candidacy.
“It’s a message that I’ve encouraged my friends to send as well,” Strickler said. “If you back Biden, you will lose our support. Over and out.”
Strickler is one of the few donors willing to oppose Biden publicly, including Hollywood banker Joe Ravitch. Other high-profile Democratic donors, including Henry Laufer, Marilyn Simmons, and Haim Saban all wouldn’t comment to the Times.
According to the Times, many of these donors, while committed to replacing Biden, aren’t sure about the best way to do so. While Strickler is holding back on donations, others are leery about bringing on a backlash against wealthy elites. They also aren’t sure who to reach out to in Biden’s inner circle, and whether money is even the best means of persuasion.
“I can’t figure out who—if anyone—has influence over this, but donors certainly don’t, regardless of what we do,” said Ravitch. “And to speak out publicly against the president only helps undermine him. It’s a catch-22.”
Prior to Saturday’s assassination attempt against Donald Trump in Pennsylvania, several Democrats were calling for Biden to drop out of the race. Those calls had paused after Saturday but now are back in earnest with Representative Adam Schiff becoming the latest to join the movement. Efforts to fast-track Biden’s nomination are also facing a backlash. Biden is now being asked to drop out from multiple sources—but will any of them persuade him?