Following President Biden's underwhelming performance in the recent debate, high-profile donors from the entertainment industry are reportedly threatening to withhold further campaign contributions. The donors believe Biden no longer represents the best interests of the Democratic Party and are calling for a different candidate to lead the 2024 race.
Hollywood's support for President Biden is waning following his lackluster performance in Thursday's debate, with major donors threatening to cut off funding if he doesn't withdraw from the race. According to Variety, several industry insiders have expressed disillusionment with Biden's performance, citing a need for a more articulate and forceful leader to challenge former President Trump.
Hollywood Donors Threaten to Cut Funding if Biden Remains Presidential Candidate
Hannah Linkenhoker, an advisor to prominent donors, told Variety, "It's really hard to see how we keep supporting him. He needs to dig deep about whether he can in good conscience be our nominee."
The shift in sentiment echoes the concerns raised by Democratic strategists and commentators following Biden's debate performance. Some have even called for Biden to be replaced as the party's presidential nominee, sparking panic among party members.
Hollywood Donors Threaten to Cut Funding if Biden Remains Presidential Candidate
An anonymous Hollywood donor revealed that many individuals within their network are declaring they will withhold donations unless Biden is removed as a candidate. "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,'" the donor said.
Another industry source, described by Variety as "plugged in at the highest level of Hollywood fundraising," said, "There is a sense that the money dried up last night about 10 minutes into the debate."
Hollywood Donors Threaten to Cut Funding if Biden Remains Presidential Candidate
Linkenhoker emphasized that the party needs "a champion who can properly hold Trump accountable and articulate what's going on and be crisp on this issue above all else," expressing doubt that Biden possesses these qualities.
Until recently, Biden enjoyed substantial support in Hollywood. During the last quarter of 2023, he received significant six-figure donations to the Biden Victory Fund, including $929,600 each from industry titan Steven Spielberg and his wife Kate Capshaw, and $500,000 from filmmaker J.J. Abrams.
Celebrities also organized and attended a Biden fundraiser in New York City in March, raising $25 million in a single night. However, the recent debate performance has cast a shadow over Biden's candidacy.
All eyes are now on Jeffrey Katzenberg, co-founder of DreamWorks Pictures and a key organizer of the March fundraising event, to gauge his response to Biden's debate performance. Sources close to Katzenberg indicate he is adopting a wait-and-see approach to assess the fallout from the debate.
Media mogul and major Democrat donor Haim Saban has also voiced his disagreement with Biden on other issues, such as the administration's policies regarding Israel's war with Hamas.
Biden campaign spokesperson Michael Tyler stated there are "no conversations" about replacing Biden, acknowledging that the president "didn't have the best night on the debate stage." However, he emphasized that "you'd rather have one bad night than a candidate with a bad vision for where he wants to take the country," contrasting Biden to Trump.
