Michael Mortiz, a major Democratic donor, has joined the calls for President Biden to drop out of the presidential race against former President Trump.
With his public comment, Mortiz — a billionaire Silicon Valley venture capitalist — becomes one of the Democratic party’s largest contributors to pressure Biden to suspend his campaign.
“Sadly, President Biden has a choice — vanity or virtue,” Mortiz said in an email Friday to The New York Times. “He can either condemn the country to dark and cruel times or heed the voice of Father Time. The clock has run out.”
The Times noted that Mortiz has given $7.8 million to pro-Biden and anti-Trump initiatives in the 2024 election cycle so far. Most of it, about $6.8 million, went to American Bridge PAC, which runs anti-Trump advertisements in battleground states.
In another email to the Times, Mortiz said all of his donation to the Democratic Party, not just Biden, was now on hold.
“I would vote for Biden, but I would not give another penny to any fund-raising appeals from Democrats,” he said.
Mortiz joins a growing list of Democratic donors who have urged the president to suspend his campaign. Netflix’s co-founder and executive chairman Reed Hastings has also doubled down on his call for Biden to withdraw. Bill Harris, the former CEO of Paypal, recently said he thinks it's inevitable that the incumbent step aside.
Whitney Tilson, a major investor for Democrats, said it’s “highly unlikely” that Biden can beat Trump in November. Tilson told ABC News that “even the wealthiest people have limitations on money” and will hold his donation in order to support a new candidate.
Billionaire Rick Caruso also posted online saying it’s time for Biden to step aside. Damon Lindelof, the co-creator of “Lost” and a notable Democratic Party supporter, called on his fellow donors to stop giving money until the president makes the decision to withdraw.
Abigail Disney, the granddaughter of The Walt Disney Co. co-founder Roy O. Disney, also said she plans to stop giving money unless Biden drops out.
The donors are joining several congressional Democrats airing their frustration and calling on Biden to retire his campaign — which was sparked by a rocky debate performance between the party front-runners. The incumbent appeared to lack energy, had a raspy voice and struggled to finish his points, leading to concerns on the left of his ability to not only defeat Trump, but also serve another four years.
As of Friday evening, four Democratic senators and more than 30 House Democrats have asked him to pass the torch.
As the pressure mounts, well-connected insiders of the Democratic Party say a decision from Biden should be happening in the coming days, even though he’s publicly insisted he’s not backing down.
