US billionaires who have donated thousands of dollars to the Democratic Party are worried about President Joe Biden continuing his reelection bid for this Nov. 5, when US voters are set to go to the polls.
The Democratic Party's Biden and his presumptive Republican rival, former President Donald Trump, duked it out on CNN in their first live TV debate for this election cycle on the night of June 27.
Biden's disappointing performance in the debate, falling short of alleviating concerns about his age, made him the target of intense criticism after the program.
Afterward, a growing number of Democratic lawmakers, liberal opinion makers, and media outlets called on Biden to withdraw from the race in favor of a younger candidate.
The number of people calling on Biden to withdraw from the race is rising, including among billionaire donors who have donated thousands of dollars to Democrats.
Although Biden admitted that his health is not what it used to be, he has insisted that he would not withdraw from the race, saying that he is the best candidate to beat Trump.
The big donors include Haim Saban, Reed Hastings, George Clooney, Gideon Stein, Abigail Disney, Karla Jurvetson, Bill Ackman, Ari Emanuel, Marty Dolan, Mark Cuban, Barry Charles Diller, Christy Walton, Michael Novogratz, Whitney Wilson, and Laurene Powell Jobs.
Media mogul Haim Saban, founder of the production company BVS Entertainment and a major donor to the Democrats, criticized Biden's Middle East policies.
Reed Hastings, a co-founder of Netflix, told the New York Times that Biden should allow a stronger Democratic contender to defeat Trump and called on him to withdraw from the race.
Hastings was the first among major donors to publicly tell Biden to drop out of the presidential race.
In a guest opinion piece in the New York Times, well-known actor George Clooney joined the group calling for Biden to withdraw.
Gideon Stein, head of the Moriah Fund, a private group dedicated to promoting human rights and social justice, announced that he decided to hold off on planned donations of $3.5 million to be made to non-profits and political organizations related to the presidential race.
Abigail Disney, the granddaughter of Roy Oliver Disney, who founded the Walt Disney Company, told CNBC that she plans to cut off donations to the party, which she has been financing for years, until Biden withdraws from the race.
Karla Jurvetson, a physician and philanthropist, said that she agreed with the idea of halting donations until Biden quits the race.
Jurvetson is among the top 50 donors nationwide during this period having donated more than $5 million to Democrats.
Bill Ackman, the founder of Pershing Square Capital Management, announced that he would vote for Trump if the election was between Trump and Biden, even though he was previously a donor to Biden's campaign.
Ari Emanuel, CEO of the Endeavor entertainment and media agency, criticized Biden's campaign team for not being "fully transparent about his mental and physical abilities."
Speaking to CNN, Marty Dolan, a former banker and executive, questioned the party's confidence in Biden.
Billionaire investor Mark Cuban criticized Biden, telling CNN that his performance in the debate with Trump was "terrible" and that he wanted someone "worthy of consideration" to replace Biden.
Barry Charles Diller, the billionaire chairman of IAC, an internet media and publishing company, and the husband of designer Diane von Furstenberg, announced that he no longer supported Biden's campaign.
Christy Walton, one of the heirs of major US retail chain Walmart, and crypto investor Michael Novogratz signed a letter with more than 100 people calling on Biden to pass the "torch to the next generation of democratic leaders."
Whitney Wilson, who has significant Wall Street investments, accused Biden of "deceiving the American people about his mental suitability for office" and demanded that he immediately withdraw his presidential candidacy.
Laurene Powell Jobs is among a group of Silicon Valley supporters who have privately expressed concerns about Biden's debate performance.
But there are some other donors who after the debate confirmed their support for Biden.
LinkedIn co-founder and Chairman Reid Hoffman stood behind Biden in the face of calls for him to step aside for another candidate.
Avram Glazer, the billionaire partner of the National Football League (NFL) team the Tampa Bay Buccaneers, also emphasized his continued support by hosting a campaign fundraiser for Biden at his home in New York.
