Billionaires Urge Biden Not to Run

A group of influential U.S. business leaders is urging President Joe Biden to abandon his re-election campaign.

Their campaign involves a letter from 168 billionaires and executives, including Christy Walton, Michael Novogratz, and Paul Tagliabue, as reported by Bloomberg News.

The letter expresses deep concerns for American democracy. It praises Biden for his past contributions but suggests he step aside for younger Democratic leaders to ensure his legacy.

After Biden’s recent debate performance, many in the Democratic Party worry about his electoral viability.

Polls show former President Donald Trump gaining ground. Concerns about Biden’s age have also intensified.

Christy Walton ($14B philanthropist), Michael Novogratz (billionaire), and Paul Tagliabue (ex-NFL commissioner) haven’t donated to Biden’s campaign. Novogratz previously backed a different Democrat.

It’s uncertain how much sway these donors hold over Biden’s decision. Reports suggest Biden confides in a close circle, including his family.

Despite a New York Times report hinting at Biden’s doubts, the White House denies any change in his campaign plans.

The business leaders appealed to Biden’s patriotism on Independence Day, citing George Washington’s example of leadership transition.

They asked Biden to withdraw for the nation’s future, stressing the urgency as the 2024 election approaches.

Background

A Texas lawmaker recently became the first congressional Democrat to call for President Joe Biden to step down after his poor debate performance against Donald Trump.

This marked a turning point, with other Democrats publicly voicing their concerns.

Representative Lloyd Doggett’s criticism highlighted what Politico described as a “collective action problem” within the party. Many were reluctant to speak out despite growing dissatisfaction.

Former House Speaker Nancy Pelosi questioned Biden’s performance on MSNBC. She suggested it might not be an isolated incident but could indicate a more persistent issue.

A Reuters poll showed that one in three Democrats believes Biden should exit the race.