Disney heir withholds donations, backs Harris over Biden

In the aftermath of the first debate of the 2024 presidential campaign, Democratic circles are grappling with heightened concerns following calls for President Joe Biden to withdraw from the race. As reported by The Guardian, the pivotal moment, as described by CNN's John King, sparked what he termed a "deep, wide and aggressive" panic among Democrats.

The unease among top donors has escalated since last week, when prominent figures such as Abigail Disney, heir to the Disney fortune and a significant party contributor, publicly announced her intention to withhold further donations unless Biden relinquishes his candidacy. In a statement to CNBC, Disney underscored the urgency of a change, warning that failure to replace Biden could lead to dire electoral consequences for the Democrats.

"While I respect President Biden's service, realism dictates that we need a candidate who can decisively defeat Trump," Disney remarked, suggesting Vice President Kamala Harris as a viable alternative if the party addresses her perceived shortcomings with the same leniency shown towards Biden.

Despite efforts from Biden's campaign to assuage concerns, including hastily arranged calls with major donors, tensions persist. Reports indicate that during these sessions, donors posed pointed questions about Biden's viability through a grueling campaign and potential second term.

Screenwriter Damon Lindelof echoed Disney's sentiment with a proposal to halt donations—a "DEMbargo"—until Biden steps aside, likening the strategy to economic sanctions aimed at inducing change.

Other notable figures, including philanthropist Gideon Stein and Netflix co-founder Reed Hastings, have also joined the chorus for Biden's withdrawal, reflecting a growing sentiment among Democratic megadonors.

In response, Biden's campaign has emphasized its fundraising resilience, citing record grassroots support in the days following the debate. Despite these financial victories, opinion polls reveal Biden's standing has faltered, with a significant portion of Democrats questioning his age and suitability for continued governance.

Financially, Biden maintains a substantial war chest, though recent figures show a narrowing gap with the Trump campaign, prompting analysts to underscore the critical need for sustained donor enthusiasm heading into the Democratic convention.

Amidst the uncertainty, Reid Hoffman, co-founder of LinkedIn and a steadfast Biden supporter, has rallied donors to focus on countering Trump's vulnerabilities rather than internal party debates.

As the Democratic race intensifies, Biden's ability to retain donor confidence amidst calls for change will prove pivotal in shaping the party's strategy moving forward.

[Information sourced from The Guardian]