Disney Heiress, Wealthy Democrats Won't Fund Party Until Biden Drops Out

Wealthy Democratic donors, including Disney heiress, are withholding financial support from the party until Joe Biden steps down from the 2024 presidential race. They demand new leadership and threaten to cut off funds if Biden remains the nominee. This move could significantly impact the party's fundraising and campaign efforts as it prepares for the upcoming election.

‍KEY POINTS

• Abigail Disney, an heiress to the Disney family fortune, intends to withhold donations to Democrats until Joe Biden exits the race.
• Biden has stated that he has no intention of dropping out.
• Gideon Stein has announced his decision to pause planned donations amounting to $3.5 million.

Boston Brand Media brings you the latest news - President Joe Biden is facing opposition from some wealthy donors within his own party, including an heiress to the Disney family fortune, who say they will withhold funding for the Democratic Party until Biden exits the presidential race following his poor debate performance.

Abigail Disney, the granddaughter of Roy O. Disney, cofounder of The Walt Disney Company, told CNBC on Thursday that she plans to stop donations to the party she has long supported until Biden drops out. The president has stated he has no intention of withdrawing from the race despite these calls.

“I intend to stop any contributions to the party unless and until they replace Biden at the top of the ticket. This is realism, not disrespect. Biden is a good man and has served his country admirably, but the stakes are far too high,” Abigail Disney said in a lengthy statement to CNBC. “If Biden does not step down, the Democrats will lose. Of that, I am absolutely certain. The consequences of the loss will be genuinely dire.”

The Democratic Party has been in a state of panic since Biden struggled in the debate against former President Donald Trump last week. Rep. Lloyd Doggett, D-Texas, has called for Biden to drop out, suggesting his debate performance showed voters he is incapable of taking on Trump and overcoming his poll deficit.

A New York Times/Sienna College poll taken after the debate showed Biden trailing Trump by 6 percentage points among likely voters.

Representatives for the Biden campaign did not respond to requests for comment.

Abigail Disney has been a long-time supporter of Democrats. She gave $50,000 to the Jane Fonda Climate political action committee in April, according to a Federal Election Commission filing. The PAC has given $35,000 to Democrats running for congressional seats, according to data from OpenSecrets.

Disney donated $150,000 in 2014 to Planned Parenthood Votes, a PAC affiliated with the healthcare nonprofit, according to OpenSecrets. This PAC has spent over $400,000 supporting Democrats this election cycle, including $26,000 for Biden.

Boston Brand Media also found that, Disney pointed to Vice President Kamala Harris as a strong alternative to Biden, arguing she could defeat Trump.

“We have an excellent Vice President. If Democrats would tolerate any of her perceived shortcomings even one-tenth as much as they have tolerated Biden’s (and let’s not kid ourselves about where race and gender figure in that inequity) and if Democrats can find a way to stop quibbling and rally around her, we can win this election by a lot,” Disney said.

She’s not alone in pausing contributions until Biden steps down. Gideon Stein, president of the Moriah Fund, said he’s decided to pause planned donations of $3.5 million earmarked for nonprofits and political organizations aligned with the presidential race.

“Joe Biden has been a very effective president, but unless he steps aside my family and I are pausing on more than $3 million in planned donations to nonprofits and political organizations aligned with the presidential race, with the exception of some down ballot work,” Stein said. “Virtually every major donor I’ve talked to believes that we need a new candidate to defeat Donald Trump.”

Karla Jurvetson, a philanthropist and major Democratic donor, hinted as recently as Tuesday in a private donor call that she agrees with the sentiment of pausing donations until Biden steps down and may make such a move, according to a person familiar with her remarks. The person was granted anonymity to speak freely about a private conversation.

A spokesman for Jurvetson did not respond to repeated requests for comment.

Jurvetson is among the top 50 donors this cycle across the country, donating over $5 million to Democrats, according to OpenSecrets. She has given over $200,000 to the Biden Victory Fund this cycle, according to FEC records.

Jurvetson gave over $30 million to Democrats in 2020, according to the data.

For questions or comments write to writers@bostonbrandmedia.com

Source: CNBC‍