Several prominent Democrat donors have withdrawn their support for President Joe Biden following his widely criticized performance in the first presidential debate of the current election cycle, Newsweek reported.
On June 27, Biden, the presumptive Democrat nominee, faced Republican contender Donald Trump in Atlanta. During the debate, Biden's responses were often incoherent, and he frequently trailed off without finishing his sentences, raising concerns among his supporters.
Since then, Biden has faced mounting criticism, with some calling for him to end his re-election bid to allow the Democratic Party to select a new candidate. Bookmakers have also noted a decline in his odds of winning the general election.
Significant donors who were crucial in funding his campaign are now reconsidering their support. George Conway, an attorney who had previously donated the maximum allowable amount of $929,600 to the Biden Victory Fund, expressed his concerns publicly.
"As I'm sure many of you have, I've been thinking a lot about the electoral choice we have in [2024] with more focus over the past few days, and I keep returning to a conclusion I reached a while back but felt was not realistic enough as a scenario to be worth expressing," Conway wrote on X. "And that is that, for the good of the country and their own good, both of the major-party presidential candidates should retire," he added.
Hollywood elites who previously supported Biden are also showing signs of withdrawal despite organizing and attending a March fundraiser in New York City that raised $25 million for Biden's 2024 campaign, Fox News reported.
Variety reported that "all eyes are on Jeffrey Katzenberg," the DreamWorks Pictures co-founder and former Disney executive who played a key role in the March event, to see how he will react. According to sources close to Katzenberg, he is adopting a wait-and-see approach regarding Biden's debate fallout.
Similarly, media mogul and major Democrat donor Haim Saban, who has recently voiced disagreements with Biden on issues such as the administration's policies regarding Israel's war with Hamas, is also reassessing his support.
Variety quoted one high-profile Hollywood donor as saying, "With all the text chains I'm on, people are basically like, If he doesn't drop out, we're not giving any more money to Democrats or the Democratic Party. It's like super intense."
Another prominent figure in Hollywood fundraising commented, "There is a sense that the money dried up last night about 10 minutes into the debate."
Financial implications loom large if Biden decides to exit the race. According to campaign finance experts cited by The Hill, Biden would retain control over the millions raised by his campaign. Questions are arising about the fate of the campaign's substantial funds if he steps aside for another nominee.
The Biden campaign reported having $240 million in its war chest, including contributions to the Democratic National Committee and joint fundraising committees, at the end of June. This includes nearly $91.6 million in cash on hand as of May 31, according to the campaign's most recent Federal Election Commission report, and almost $65.2 million reported by the DNC.