(Washington) The Democratic Party’s ever-nervous donor class sank into a deep malaise Friday as some of America’s wealthiest people rued President Joe Biden’s weak debate performance and wondered what they could do — if anything — to change the course of the race.
Discussions reportedly took place with political advisers about arcane rules under which Biden could be removed from the ticket against his will and replaced at or before the Democratic Party national convention, according to a person with knowledge of those discussions.
In Silicon Valley, some megadonors, including Ron Conway and Laurene Powell Jobs, were calling, texting and emailing each other about a situation they described as a possible disaster. Donors were wondering who in Biden’s entourage they could contact to reach Jill Biden, the first lady, who could in turn persuade her husband not to run, according to a person familiar with those conversations.
A Silicon Valley donor who had planned to host an intimate fundraiser with the president this summer decided against it because of the debate, according to a person briefed directly by the potential host.
Another big California donor left a debate viewing party early and sent an email to a friend with the subject line “Total Disaster,” according to a copy of that email.
In group discussions and in hushed tones, some wealthy Democrats proposed interventions, others hoped that Joe Biden would have an epiphany and decide to step down on his own, and still others strategized to funnel funds to candidates lower down the electoral ladder. The most optimistic donors wanted to wait for the polls to know the extent of the impact.
The donor class crisis — outlined in interviews with nearly two dozen donors and fundraisers, many of whom insisted on anonymity to discuss their private conversations — couldn’t come at a worse time for Biden . Former President Donald Trump has outraised him on funding in each of the past two months, erasing the president’s once-yawning advantage and opening another.
By Friday night, many donors were realizing that finding another viable option was unlikely, though some acknowledged a decline in enthusiasm and complained about the Biden team’s lack of communication with major fundraisers in the 24 hours after the debate.
PHOTO JIM WILSON, THE NEW YORK TIMES
The debate between Donald Trump and Joe Biden has shaken the Democratic campaign, especially its major donors.
Compared to small online donors, large donors are more high-maintenance, but these personal relationships can pay off big in crucial moments, like the one Biden faces as he faces a wave of concern from donors. Democrats regarding its political strength. His team is closely monitoring the donor class to determine whether Biden will be able to overcome doubts.
As Joe Biden’s campaign briefed some members of its state finance committee Friday morning in Atlanta, other members were dismayed that they had been virtually uncontacted by campaign headquarters.
Reid Hoffman, one of the Democratic Party’s most influential donors, wrote in an email to friends Friday evening that he had been overwhelmed.
“I have received numerous emails over the past 24 hours asking whether we should launch a public campaign to pressure President Biden to step down after his (very) poor performance in last night’s debate,” he wrote in the email, which read: New York Times had knowledge. “This has certainly been a blow to the mood of donors and organizers. »
Crucial funds
Money is a sudden priority for Joe Biden’s campaign.
After taking a $100 million lead over Trump a few months ago, the Biden campaign and the Democratic National Committee entered June with $212 million in the bank, compared to $235 million for the Trump campaign and the Republican National Committee.
Joe Biden’s campaign hoped to close the gap with a major fundraising campaign in the 72 hours after the debate. The effort coincided with the end of the typically lucrative second quarter period, when campaigns rush to raise money and build momentum.
Joe Biden’s team held a series of fundraisers Friday and over the weekend, featuring the president and first lady, as well as Vice President Kamala Harris and celebrities, in wealthy enclaves including as Manhattan, the Hamptons and Park City, Utah.
The shaky performance at the debate cast a shadow over the events and raised concerns about dwindling funds raised.
Joe Biden’s campaign defended itself from any financial concerns, announcing that between Thursday and Friday morning it had raised $14 million in online donations, which are generally smaller than those of large donors. The hour after the debate — from 11 p.m. to midnight — was the best hour of Biden’s re-election campaign, according to the campaign.
The grumbling and strategizing by major donors took the form of a series of conference calls, text debates and discussions on the encrypted messaging app Signal that began shortly after Biden opened his mouth on stage in Atlanta on Thursday night and continued through the end of the day Friday. Some described the communications as having a tone that resembled a virtual group therapy session.
“This is an immediate response to disappointment,” said Craig Kaplan, a lawyer and major Democratic donor in New York.
During a call Zoom weekly Friday morning with New York’s top donors, Mr. Kaplan urged participants to prioritize congressional and state races.
“The importance of the electorate at the bottom is increased,” he said in an interview, referring to the perception of weakness at the top of the team. He added that he had no plans to abandon Biden.
Stephen Cozen, a Democratic donor who considers the president a friend, said he had tried to dissuade donors who sought intervention from Biden.
[Joe Biden] deserves the opportunity to reflect and say, “I still think I can do it, I still think I’m the best choice,” or to conclude that he’s not the best choice. It’s his decision. And I will support him until he takes it.
Stephen Cozen, Democratic donor
In public, few were willing to criticize the president.
But privately, major donors were mulling over questions that seemed like fiction just days ago, asking among themselves which party elder — Barack Obama? Nancy Pelosi? Chuck Schumer? — could have the political clout to persuade Biden to step down.
They also debated which Democrat would be best suited to replace Biden, with Governors Gretchen Whitmer (Michigan) and Gavin Newsom (Calif.) among the most popular candidates.
A debate of overvalued importance?
Some donors felt the importance of the debate was overstated.
“He did poorly,” said Robert Wolf, former chairman of UBS Americas, “but a 90-minute debate doesn’t make up for three and a half years of his presidency, so I’ll fight for Mr. Biden.”
Chris Korge, finance chair of the Biden Victory Fund, said: “Now is the time to put our heads down and fight as hard as we can. » He added: “Donors will never abandon Biden. »
Mr. Hoffman, who effectively leads the Silicon Valley Democrats, said he thought it was a mistake to pressure Biden, in part because it wouldn’t work. “Joe is our nominee; any decision to step aside is up to him and his family, period,” he wrote. “A public effort could force the Bidens to try to prove skeptics wrong.”
Meanwhile, the president and first lady tried to project an image of normalcy to donors.
On Friday afternoon, Jill Biden was in New York for a reception titled “Writers, Wit and Wisdom,” while Kamala Harris was in Park City for his own high-profile event. Mark Gilbert, a Democratic fundraiser who hosted Kamala Harris in Park City, said the debate had not affected enthusiasm.
PHOTO HAIYUN JIANG, THE NEW YORK TIMES
President Joe Biden appeared in Manhattan with Elton John at the Stonewall Inn on Friday.
“Not only were there no cancellations, but we received numerous calls asking if it was too late to participate,” said Mr. Gilbert.
The president himself appeared in Manhattan on Friday with Elton John at the Stonewall Inn, ahead of a fundraiser focused on the rights of LGBTQ+ communities at the Hammerstein Ballroom at the Manhattan Center. On Saturday, he traveled to the Hamptons for an event at the home of billionaire Barry Rosenstein. Later in the day, Joe Biden participated at a fundraiser at the home of New Jersey Governor Phil Murphy.
“Nobody is backing down,” said Steve Phillips, a major Democratic donor from California. “Everybody is resigned to the situation.”
This article was published in the New York Times.
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