Major Donors Halt Support for Biden Campaign

Despite calls for him to drop out of the presidential race, US President Joe Biden appears to have other ideas.

He has reiterated his intention to continue the fight, insisting during an Independence Day celebration at the White House that he is “not going anywhere.”

But the White House occupant is facing calls to step down from the presidency from some wealthy Democratic donors, following his poor performance in the presidential debate, they say.

At least two donors have said they will halt donations while he is still a candidate.

In response, Biden campaign officials held a phone call with concerned donors after his debate with former President Trump.

That did not help, however, as Abigail Disney, the granddaughter of Walt Disney Co. co-founder Roy Disney, announced on Thursday that she would not donate to the Democratic Party while Biden is in the race.

The Disney heiress and longtime Democratic supporter said in a statement to CNBC on Thursday that she would withhold donations to the party “unless they replace Biden at the top of the ticket.”

Disney said it respects Biden, whom it called a “good man” who has served his country admirably, but added: “If Biden does not step down, Democrats will lose. I’m pretty sure of that … the consequences of losing will be really severe.”

Gideon Stein, chairman of the Moriah Fund, also praised Biden while confirming that he would suspend $3.5 million in donations he had planned to make to nonprofits and political groups aligned with the 2024 race, according to Axios.

Stein told CNBC that nearly every major donor he spoke to believes America needs a new candidate to defeat Donald Trump.