Biden Donors Withdrawing Rapidly
President Joe Biden’s bid for re-election in 2024 is facing an unexpected and significant challenge from within his own party. In the wake of his performance in the first debate against former President Donald Trump, several wealthy and influential Democratic donors have threatened to withhold crucial funding unless Biden withdraws from the race.
At the forefront of this donor rebellion is Abigail Disney, granddaughter of Disney co-founder Roy O. Disney and a longtime Democratic supporter. In a move that has garnered much attention, Disney has publicly declared her intention to cease all contributions to the Democratic Party until a new nominee replaces Biden. In a statement that has reverberated through political circles, Disney suggested Vice President Kamala Harris as a potential alternative, asserting that Harris could defeat Trump if the party unified behind her candidacy.
Disney’s stance has emboldened other prominent donors to voice similar concerns. Gideon Stein, president of the Moriah Fund and another major Democratic benefactor, has taken the dramatic step of suspending planned donations.
Karla Jurvetson, a Silicon Valley philanthropist known for her generous contributions to Democratic causes, has hinted at the possibility of pausing her substantial financial support as well. Jurvetson’s potential withdrawal from the donor pool would represent a major blow to the party’s fundraising efforts, given her history of multi-million dollar donations to various Democratic campaigns and initiatives.
The donor revolt extends beyond mere financial considerations, touching on deeper concerns about the party’s direction and leadership. George Conway, a prominent attorney and political commentator who previously donated the maximum permissible amount of $929,600 to the Biden Victory Fund, has suggested that both Biden and Trump should retire from the race for the good of the country. Conway’s statement reflects a growing sentiment among some Democrats that fresh leadership is necessary to energize the party’s base.
The internal dissent has even begun to manifest among elected officials. Representative Lloyd Doggett, a Democrat from Texas, has publicly called for Biden to withdraw from the race, becoming the first sitting member of Congress to do so.
The Biden campaign has sought to downplay the significance of the donor revolt, emphasizing the President’s long-standing relationships within the party and his record of legislative achievements. However, the persistence and growing volume of dissenting voices suggest that this issue is unlikely to fade away quietly.
This internal conflict also raises broader questions about the role of big-money donors in shaping party decisions and the potential impact on grassroots supporters who may feel their voices are being overshadowed.
The resolution of this conflict could have far-reaching implications not only for the upcoming presidential election but also for the future direction and identity of the Democratic Party as a whole.
