Several major donors have informed Future Forward, the largest pro-Biden super PAC, that they will withhold approximately $90 million in pledges if President Joe Biden remains on the Democrat Party's presidential ticket.
The frozen pledges, including multiple contributions of $10 million or more, come as donors express their dissatisfaction with Biden's lackluster debate performance on June 27 against presumptive Republican nominee Donald Trump. At that time, Biden froze and spoke hoarsely, with difficulty getting through his prepared closing statement.
According to one prominent donor, who, along with other dissenting donors remains confidential, he had repeatedly refused requests for contributions from Future Forward since the debate. Two other anonymous sources familiar with the conversations revealed that several "eight-figure commitments" were among the frozen donations.
"The two people briefed on the frozen pledges declined to say which individual donors were pulling back promised checks, which were estimated to total around or above $90 million. It was not clear how much of the pledged money was earmarked for Future Forward’s super PAC versus its nonprofit arm, which has also been running advertising in key battleground states. The super PAC has been shying away from making major strategic decisions until it gets clarity on who will be atop the ticket," said a person close to the group.
Moreover, Biden's press conference on July 11 triggered the news of the frozen donations. During the press conference, he mistakenly referred to Vice President Kamala Harris as Trump and mistakenly introduced Ukrainian President Volodymyr Zelensky as Russian President Vladimir Putin.
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Major Democratic donors withdraw their support from Biden's campaign
Before this "threat," several Democratic megadonors already confirmed their withdrawal from Biden's presidential campaign.
Barry Diller, chairman of IAC Inc., who previously contributed $6,600 to the Biden campaign and provided $100,000 to a joint super PAC supporting the president and the Democratic Party in September, confirmed that he and his wife, Diane von Furstenberg, would no longer support Biden financially. (Related: Two more Democrat megadonors confirm they are no longer supporting Biden’s presidential campaign.)
Similarly, Netflix co-founder Reed Hastings and his wife, Patty Quillin, who donated $1.5 million to Biden’s 2020 campaign and $100,000 last summer, have also called on Biden to step aside to make way for a more dynamic Democratic leader capable of defeating Trump.
Meanwhile, producer and showrunner Damon Lindelof, media mogul Jeffrey Katzenberg and Abigail Disney all decided to withhold their donations until Biden stepped down.
"I intend to stop any contributions to the party unless and until they replace Biden at the top of the ticket," she said in her statement to CNBC. "This is realism, not disrespect. Biden is a good man and has served his country admirably, but the stakes are far too high. If Biden does not step down the Democrats will lose. Of that I am absolutely certain. The consequences for the loss will be genuinely dire."
Ari Emanuel, CEO of entertainment holding company Endeavor, which owns World Wrestling Entertainment and Ultimate Fighting Championship, also declared that Biden is no longer a viable candidate, predicting his campaign will falter without substantial financial backing.
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Watch InfoWars founder Alex Jones predicting that Joe Biden will drop out of the presidential race.
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