It’s one of many questions top Democratic donors have posed to campaign staff in recent days, according to Reuters. Since President Joe Biden’s debate performance last week was widely derided, anxiety among the donor class has grown over whether he can defeat former President Donald Trump in the tight race.
According to NBC News, senior campaign officials quickly organized conference calls with donors on Sunday and Monday to calm their concerns. One of the calls turned tense when a donor inquired about a possible refund.
According to NBC, Biden campaign manager Julie Chavez Rodriguez responded that Biden planned to continue running. When pressed further, she said campaign funds (approximately $91 million) would be donated to Vice President Kamala Harris if the president withdraws.
During a conference call with about 500 members of the State Finance Committee on Monday, Chris Korge, the committee’s finance chairman, implored donors to “breathe through your nose for a minute.” While Biden’s campaign chairwoman Jennifer O’Malley Dillon acknowledged Thursday’s debate was difficult for the president, she stressed that it had a relatively small impact on voter confidence. The 5.38 and Ipsos poll found that while voters criticized Biden’s performance, the debate did little to dent support among his core base.
‘Ridiculous manipulation and denial’
Jeffrey Sonnenfeld, known to some as the “CEO whisperer,” was one of the business leaders on Monday’s call. He said wealth He was “frustrated and insulted” by the call, which he said was like a pep rally full of “clichés.” He said there was no public chat feature and questions typed into the forum seemed to go nowhere. Within 15 minutes, 50 business leaders hung up; within 40 minutes, 100 people had left, Sonnenfeld added, “disgusted” by the Biden campaign’s reluctance to address the debate directly.
“This is ridiculous manipulation and denial,” Sonnenfeld told wealthAnd added that he still plans to vote for Biden. Sonnenfeld added that among business leaders, confidence in Biden’s campaign has been severely damaged and pressure is now growing to call a public convention to allow another person to become the party’s presidential nominee. Without fundamental changes this week, he believes tensions among donors will begin to rise.
Privately, Democratic financiers have been flooding their networks with messages and conference calls wondering whether their investments will be wasted. New York Times reported. One Silicon Valley donor canceled an intimate fundraiser because of the debate, while another told NBC they would reallocate funds to outside voting groups if Biden remains in the race.
“I’m not going to sit back and watch, but in their judgment it’s hard and getting harder to donate directly to the campaign,” said the donor, who called his loyalty to Biden “Trumpian.”
Other donors also endorsed Biden. Craig Kaplan, a prominent New York Democratic fundraiser, said wealth While donors were initially alarmed by Biden’s performance, they now understand “this is not October.” Caplan said with the election still months away, Biden has every opportunity to prove he is the Democratic choice. Additionally, he said glaring weaknesses at the presidential level heightened the importance of the next election cycle, explaining that if Trump wins, the Democratic House of Representatives can prevent Trump from implementing his worst policies.
“I think some donors think [Biden’s chance at winning] has disappeared, but when you talk to them about the importance of other races, the panic subsides,” Kaplan said.
He also added that Biden doesn’t necessarily need donors: He already has enough money. And, Kaplan claimed, as a working-class kid who grew up “without a silver spoon,” Biden is not the type to be easily influenced by wealthy donors.
While Biden entered the race with a sizable cash advantage, Trump has outraised Biden so far ($232 million to $212 million, according to OpenSecrets). Money is an important predictor of campaign strength, but as Trump’s surprise election in 2016 showed, the best-financed campaigns don’t always win.
Representatives for the Biden campaign did not immediately respond. of wealth Request for comment.
“Support their seniors”
Still, some donors took it upon themselves to comfort their Democratic colleagues.
Dmitri Mehlhorn, a Democratic strategist and fundraiser who works closely with LinkedIn co-founder Reid Hoffman wealth Both still support Joe Biden.
“We have disagreed with the consensus of other Democratic donors many times over the past eight years,” Melhorn said. “This is one of them. For all his shortcomings, Joe Biden remains the most popular candidate this fall.” Someone who could possibly defeat Donald Trump.
“Joe Biden is our nominee,” Huffman, known as the leader of Silicon Valley Democrats, wrote in an email to a friend, according to CNN. Pressuring Biden, he said, His ouster would be a mistake because it might strengthen the president’s determination to prove himself by staying in the race.
He also contrasted Democrats’ current panic with growing Republican support for Trump, despite Trump being convicted of 34 felonies during May’s hush-money trial.
“They ruthlessly and instantly rallied together because they understood that at this stage of the game they had to spend every minute and dime either supporting their old men or tearing down our old men,” Hoffman wrote.
Concerns about replacing Biden stem in large part from concerns that supporting a candidate untested on the national stage is too late and too risky. Additionally, Biden, as the current president, may have a better chance of attracting voters seeking stability. Others thought Biden was fine and just had a bad night.
Another Democratic donor, Michael Kempner, may fall into that last camp. In a recent Instagram post, he expressed his support for the president.
“I just met President Biden. Everyone, relax, he’s working hard.
Rosenstein told CNN that the event was very successful and was part of a two-day campaign in New York that brought in more than $27 million. However, CNN reported that the environment during one of the events, a bash hosted by Elton John on Friday night, was tense.
“There was a very strange atmosphere in the room,” one Democratic strategist who attended the event told CNN. “You’re having a great time, the drinks are flowing, Elton John is there – but you’re waiting for a gaffe, you’re waiting for a gaffe – amplified by the horror of the night before.”
Another donor in the room, Charles Myers, told CNN the negative coverage was wrong.
“Yes, donors are nervous after this very poor debate performance but are still very supportive and some want to do more,” Myers said.
Sonnenfeld agrees wealth His conversation with the CEO of a prominent financial firm. According to Sonnenfeld, “As long as Joe Biden has a pulse, I will vote for him.” “Maybe if he didn’t.”
