A growing list of Democratic megadonors, including prominent figures such as Netflix co-founder Reed Hastings, Abigail Disney, Barry Diller, Damon Lindelof, and Gideon Stein, are pressuring President Joe Biden to drop out of the 2024 presidential race. These wealthy donors are using their financial leverage to push Biden to step aside, citing concerns about his ability to defeat Donald Trump and keep the country safe and prosperous.
Reed Hastings, who has donated over $20 million to various Democratic causes in recent years, believes that Biden should allow a more vigorous Democratic leader to take on Trump in the upcoming election. Abigail Disney, the daughter of a Disney co-founder, has vowed to stop all donations to Democrats until Biden exits the race, expressing certainty that the party will lose if he remains a candidate.
Barry Diller, a legendary Hollywood executive, has withdrawn his support for Biden, while Damon Lindelof, the creator of "Lost," is calling for a "DEMbargo" on donations to all Democrats until Biden steps aside. Gideon Stein, a donor and philanthropist, has announced that his family will withhold $3.5 million in donations related to the presidential election unless Biden drops out.
Despite this growing pressure from wealthy donors, only two congressional Democrats have publicly called on Biden to step aside. The combined weight of the party's monied class could pose a significant challenge for Biden and his allies as they seek to maintain financial support for the upcoming election.
As the pressure mounts on Biden to reconsider his candidacy, the Democratic Party is facing a critical moment of decision as it navigates the path towards the 2024 election. The outcome of these donor-driven calls for Biden to drop out remains uncertain, but the impact of their financial influence on the political landscape is undeniable.