High-profile Hollywood donors have threatened to withdraw their financial support from the Democratic Party if President Biden does not end his re-election bid, following his much-criticized debate performance against former President Trump.
Fox News reported that concerns among Democratic supporters and strategists about Biden’s capability as a nominee are rising, reflecting a broader disillusionment within the party.
The fallout from President Biden's debate performance on Thursday has ignited widespread panic among Democratic strategists and commentators.
Hollywood's most influential donors, who had been staunch supporters, are now voicing their discomfort and reconsidering their financial commitment.
The debate performance of President Biden against former President Trump has led to significant disillusionment among major liberal donors.
Several Hollywood insiders and Democratic strategists are now calling for Biden to be replaced as the Democratic presidential nominee to save the party from potential electoral disaster.
An anonymous Hollywood donor stated, "With all the text chains I’m on, people are basically like, 'If he doesn’t drop out, we’re not giving any more money to Democrats or the Democratic Party.' It’s like super intense."
Previously, Biden enjoyed massive support in Hollywood. Notable industry figures such as Steven Spielberg, Kate Capshaw, and J.J. Abrams contributed significantly in the last quarter of 2023 and during a major fundraiser in New York City in March 2024.
However, numerous donors are now reconsidering their stance. One high-level fundraising industry person remarked, "There is a sense that the money dried up last night about 10 minutes into the debate."
The industry's focus is now on Jeffrey Katzenberg, who played a pivotal role in the significant March fundraising event.
Katzenberg is reportedly taking a wait-and-see approach in terms of his support following Biden’s debate performance.
In addition to Katzenberg’s cautious stance, media mogul Haim Saban has voiced disagreements with Biden on various issues, including his policies concerning Israel.
Among the growing calls for Biden to step aside, Hannah Linkenhoker commented, "It’s just really hard to see how we keep supporting him. He needs to dig deep about whether he can in good conscience be our nominee."
She further emphasized, "We need a champion who can properly hold Trump accountable and articulate what’s going on and be crisp on this issue above all else."
Despite the rising pressure, Biden campaign spokesperson Michael Tyler has made it clear that there are no discussions about replacing Biden.
Tyler acknowledged Biden’s poor debate performance, stating, "But you’d rather have one bad night than a candidate with a bad vision for where he wants to take the country."
The reaction among Hollywood donors represents a broader shift in the Democratic Party, highlighting an urgent need for leadership that can effectively challenge former President Trump. The decision of whether to continue backing Biden could significantly impact future Democratic fundraising efforts.
In summary, the fallout from President Biden's recent debate performance has led to growing discontent among Hollywood’s most influential donors. This development may play a vital role in shaping the direction of the Democratic Party as it navigates an election year fraught with challenges. The potential financial repercussions underscore the importance of reassessing candidate viability to maintain robust support within the party.
