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Nervousness Among Democratic Party’s Wealthiest Donors

The Democratic Party’s donor class is filled with unease following President Biden’s lackluster debate performance, leading some to question what actions they could take to alter the race’s trajectory. The wealthiest individuals in America engaged in discussions about ways to potentially remove Mr. Biden from the ticket against his desires and substitute him at or before the Democratic National Convention. This uncertainty prompted a group of megadonors in Silicon Valley, including Ron Conway and Laurene Powell Jobs, to communicate with one another about the situation, even pondering reaching out to Jill Biden to influence her husband’s decision not to continue.

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Deliberations and Strategies Amid Donor Class Crisis

Within the donor class, various discussions and private exchanges unfolded, with some considering interventions, others speculating on whether Mr. Biden might voluntarily step down, and others focusing on supporting down-ballot candidates. Despite the ongoing crisis, some donors expressed optimism, waiting for polling data to gauge the impact on the race. This crisis poses a significant challenge for Biden, especially as former President Trump has been outpacing him in fundraising, narrowing the financial gap between the two campaigns.

Role of Major Donors and the Biden Campaign

Major donors grappled with the growing unlikelihood of finding an alternative candidate, while also expressing concerns about the lack of communication from the Biden team following the debate. Building and maintaining relationships with major donors remains crucial for the campaign, as these connections can yield substantial benefits at critical junctures, such as the current wave of uncertainty surrounding Biden’s political viability.

Financial Concerns and Fund-Raising Efforts

Financial concerns loomed large as the Biden campaign sought to bridge the funding gap with Trump’s campaign by intensifying fundraising efforts immediately after the debate. While some donors expressed doubts and reservations, the campaign reported significant online donations in the aftermath of the debate, underscoring the continued support for Biden’s reelection bid amid the fundraising push.

Resilience and Unity Among Donors

Despite the challenges and uncertainties, donors such as Craig Kaplan and Chris Korge emphasized the importance of supporting Biden and down-ballot candidates, emphasizing the need for unity and perseverance within the Democratic donor community. While discussions of potential replacements and pressure on Biden surfaced in private conversations, prominent donors like Reid Hoffman urged against such actions, highlighting the need to stand behind the nominee.

Biden’s Fund-Raising Efforts Amidst Debate Fallout

Mr. Biden and his team continued with fundraising events in major cities, projecting a sense of normalcy and determination. The support and enthusiasm from donors remained evident, with receptions and events proceeding as planned despite the debate’s shadow. Biden’s campaign remains focused on leveraging his fundraising capabilities, especially in key donor communities and high-profile events featuring notable celebrities and public figures.

Looking Ahead with Hope and Humor

As the week concluded, donors grappled with uncertainties about the path forward, with some resorting to gallows humor and a sense of resignation amidst the ongoing challenges. The resolute stance of donors like Steve Phillips exemplifies the commitment and determination within the Democratic donor base to navigate through turbulent times and support their chosen candidates.

By Lauren Hirsch, Liam Stack, and Olivia Bensimon.

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