Some of Biden’s wealthiest donors are privately turning on the president

Democratic money class closely follows elected Democrats for signs that Biden’s support may be weakening

Some of Joe Biden’s biggest donors are privately turning their backs on him - but most of them are keeping their powder dry, worrying that any move against the president may backfire, according to The New York Times.

Late on Tuesday, donors were monitoring the most recent polls following Biden’s dismal debate performance last week against Trump, where he mumbled and appeared to lose his train of thought at times.

The Times reported on Wednesday that Biden has told an ally that he may end his re-election campaign if he cannot convince voters over the next few days that he’s up to the job.

Biden is set to take part in an interview with George Stephanopoulos of ABC News on Friday followed by campaign events in Pennsylvania and Wisconsin, both key swing states.

Joe Biden pictured on July 2 in Washington DC. Some of his wealthiest donors are now looking for other options (Copyright 2024 The Associated Press. All rights reserved)

“He knows if he has two more events like that, we’re in a different place” by the end of the weekend, the ally said in reference to the debate, speaking anonymously to The Times.

Both the White House and the Biden campaign rejected the notion that the president is considering ending his re-election effort in statements to The Independent.

The money class of the Democratic Party has been closely following the actions of elected Democrats for signs that Biden’s support may be weakening.

In Aspen, Colorado, the morning after the debate, almost 50 Democratic donors gathered for a meeting planned by the super PAC, American Bridge. When asked how many thought Biden would step aside, almost everyone put up their hands, according to The Times.

Members of the Democracy Alliance network even suggested issuing a public statement calling on Biden to give up the nomination, prompting a debate within the organization. But ultimately, the group’s board chose to remain supportive of Biden, the paper said.

Members of the donor group, Way to Win, shared their frustration with the Democrats unifying behind Biden on a private email list and pushed the idea that Vice President Kamala Harris should be considered for the top spot.

In a private poll shared with liberal donors and advisors after the debate, more than 70 percent of the dozens of respondents said they were “ready to explore plan B.”

Some of Biden’s wealthiest supporters on Wall Street have also privately talked about looking beyond the president.

American Bridge and the Democracy Alliance held calls on Tuesday with worried donors. More than a dozen spoke on the American Bridge call and only one spoke in favor of sticking with Biden.

Wealth management firm owner and Women Donors Network board member Maggie Kulyk told The Times that the party’s defense of Biden has stopped donors from publically calling for the president to go.

“Toeing this line makes us look almost, but not quite, as morally bankrupt as the Republican Party,” she told the paper. “I mean, c’mon, man! Know when to say when.”

Democratic donors have discussed possible replacements for Biden, such as Michigan Governor Gretchen Whitmer or California Governor Gavin Newsom.

A number of political operatives and company leaders have also made calls to the chief executive of JPMorgan Chase Jamie Dimon to assess his willingness to possibly replace Biden, but Dimon has said on numerous occasions that he’s not running.