Billionaires divided over whether Biden should withdraw

Topline

President Joe Biden’s shaky performance in CNN’s presidential debate Thursday night raised concerns among Democratic pundits and some donors, and at least one billionaire who has shown support for Biden is now wondering whether another Democrat should take his place to challenge former President Donald Trump. .

President Joe Biden’s donors are divided over whether the 81-year-old should stay in the race, … (+) after a lethargic debate performance.

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Key facts

Billionaire investor, minority owner of Dallas Mavericks and host of ‘Shark Tank’ Mark Cuban (worth $5.4 billion according to Forbes estimates), a Biden supporter who attended a Biden fundraiser in March told CNN on Saturday that he wants to see polls to “find out if there are potential replacements” who could outperform Trump in a hypothetical matchup.

Cuban, who previously supported former South Carolina GOP Gov. Nikki Haley in the GOP primaries, told the outlet it’s “worth considering” finding a replacement for Biden to “step in and change the race immediately.”

In a message on X Friday morning, Cuban added that Biden’s “performance was terrible” and that the 81-year-old appeared “weak,” though he also claimed that Trump “could not answer a single question directly and lied in every answer,” adding: “I will vote ethically every time.”

Reid Hoffman ($2.5 billion) — one of the largest pro-Biden donors — urged supporters to stay the course, calling it a “bad idea” to force Biden to resign and arguing that it could backfire if Biden decides to “prove the doubters wrong,” according to an email obtained by The New York Times that praised Biden’s “values, instincts, patriotism and courage” and said Biden could still win (Hoffman has donated $17.7 million to support Biden).

In the meantime, Avram Glazer ($1.7 billion), the billionaire who co-owns the NFL’s Tampa Bay Buccaneers, also didn’t shy away from reportedly hosting a fundraiser for Biden at his East Hampton, New York, home on Saturday.

Laurene Powell Jobs (together with her family worth $14.5 billion) was part of a group of Silicon Valley supporters who privately expressed concerns about Biden’s performance during the debate, according to the Times, although she has not spoken out publicly .

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Tangent

Billionaire Pershing Square Capital Management, founder Bill Ackman—a critic of Biden—has criticized Biden’s post-debate performance, claiming in a tweet that Biden’s shaky performance marked an “indictment on the Democratic Party for misleading party members and the country” about Biden’s mental acuity. Ackman, who has become an outspoken critic of Ivy League schools for their response to student-led protests critical of Israel, argued after the debate Thursday night that Trump “appeared strong and reasonable on the important issues” and said: “Trump knows that he will win. Everyone knows that.” Billionaire Elon Musk, meanwhile, mocked Biden on Friday morning by responding “Lmao” to

What we don’t know

Whether the debate will hurt Biden’s fundraising efforts. An anonymous Democratic donor told CNBC the debate was “terrible” and people close to him are saying “Biden should drop out,” while an unnamed Democratic campaign adviser complained “game over” about Biden’s White House hopes. The Times notes that another unnamed donor from Silicon Valley has decided to withdraw from organizing a Biden fundraiser. But even as donors express concerns, Biden has still raked in donations: On Friday morning, the Biden campaign said it had raised $14 million after the debate, and Biden attended a litany of fundraisers on Friday and Saturday. Some major lenders have continued to provide public support. Hedge fund manager Barry Rosenstein, who held another fundraiser for Biden on Saturday, praised the Biden administration’s “integrity and professionalism” to the Times. At the Rosenstein fundraiser, Biden acknowledged that he “didn’t have a great night,” but claimed that “neither did Trump.”

Who would replace Biden as Democratic candidate?

There is no indication that Biden will drop out, having fought his way through the Democratic primary over a thin field of longtime fans that included author Marianne Williamson and Minnesota Rep. Dean Phillips, who Ackman had backed in the primary. While no Democrats have since stepped forward to challenge Biden, several have been mentioned as possible alternatives, including Vice President Kamala Harris and California Gov. Gavin Newsom, though neither would be a likely candidate to replace Biden. Harris’s approval rating has fallen below 40%, according to FiveThirtyEight, while Newsom has repeatedly dismissed speculation about a presidential bid. Other possible choices include Illinois Gov. J.B. Pritzker, Colorado Gov. Jared Polis, Michigan Gov. Gretchen Whitmer and Pennsylvania Gov. Josh Shapiro.

Important background

CNN’s debate, the first of two scheduled ahead of the 2024 presidential election, descended into a series of personal jokes and multiple untruths spread by both candidates on Thursday night, though the biggest point that stood out to political pundits during the 90-minute affair was Biden’s shaky voice and rambling and sometimes incoherent responses. Biden’s poor performance was quickly derided by Trump supporters, adding to Democrats’ concerns about the 81-year-old’s advanced age and mental fitness. Biden appeared to acknowledge his slow performance in the debate at a news conference less than 24 hours later, admitting that he doesn’t “debate as well” or “speak as smoothly” as he used to, saying: “I know I’m not a young man , to state the obvious.” In that follow-up speech, Biden emphatically pledged to stay in the race, in a stronger tone that marked a big difference from just one night earlier.

What to look out for

Post-debate polls released Friday and Saturday found that a majority of Americans believe Biden is too old for the job, with just 42% of respondents in an Ipsos poll saying Biden is mentally fit (56% of respondents said Biden is mentally fit before the debate). Three in five respondents in a Morning Consult post-debate poll — including 47% of likely Democratic voters — said Biden should be replaced by another Democrat. But surprisingly, Biden’s rough night might not hurt him in a head-to-head matchup with Trump. Biden held a slim 46%-44% lead over Trump in an Ipsos post-debate poll, and a 45%-44% lead in Morning Consult’s post-debate poll, up from his 44%-44% lead pre-debate.

Read further

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