A top advisor has warned President Joe Biden that his campaign donations are now at risk of drying up if he stays in the race.
According to several reports, film producer and Democratic insider Jeffrey Katzenberg informed the president that major donors were considering cutting funding due to doubts about the campaign's viability in a private meeting with senior advisers in Las Vegas, Nevada on July 17. (Related: Panicked Biden donors are asking for their money back after disastrous debate and cognitive catastrophe.)
Before Biden's lackluster performance at the CNN presidential debate, the Biden campaign had approximately $250 million. But now that campaign donors doubt the president's chances in November, Katzenberg warned Biden that they have significantly reduced their donations.
James Carville, a veteran of Democratic presidential campaigns and a respected voice among donors, confirmed the discontent.
"Donors are in revolt," Carville said. The funding freeze is affecting not only Biden’s campaign and the Democratic National Committee (DNC) but also the network of super PACs and external groups that support the DNC infrastructure.
"It's a crisis," said a top Democratic fundraiser. "The money isn't moving."
Katzenberg did not immediately respond to the allegations but disputed the claim later.
Instead, he insisted that their discussion covered a range of subjects from the convention to new advertisements and expressed confidence that they would secure the necessary funds to run a successful campaign.
"And by the way, we will raise the money we need to run a winning campaign," he stated.
Several major Democratic donors withdraw support from Biden's campaign
Katzenberg remains in denial, despite the obvious that several major Democratic donors are withdrawing their support from the Biden campaign.
A few days earlier, several major donors informed Future Forward, the largest pro-Biden super PAC, that they would withhold approximately $90 million in pledges if Biden remained on the Democratic Party's presidential ticket.
"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.
Even before this "threat," other Democratic donors had already withdrawn support from the campaign.
Barry Diller, chairman of IAC Inc., who previously donated $6,600 to Biden's campaign and $100,000 to a joint super PAC supporting Biden and the Democratic Party in September, confirmed that he and his wife, Diane von Furstenberg, would no longer support Biden financially. Similarly, Netflix co-founder Reed Hastings and his wife, Patty Quillin, who contributed $1.5 million to Biden’s 2020 campaign and $100,000 last summer, have also urged Biden to step aside for a more dynamic Democratic leader capable of defeating Trump.
In addition, producer and showrunner Damon Lindelof, media mogul Jeffrey Katzenberg and Abigail Disney have decided to withhold their donations until Biden steps down.
Ari Emanuel, CEO of Endeavor, which owns World Wrestling Entertainment and Ultimate Fighting Championship, also declared that Biden is no longer a viable candidate, predicting that his campaign will falter without substantial financial backing.
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