The Democratic Party’s ever-nervous donor class was thrown into deep unease on Friday as some of America’s wealthiest people bemoaned President Biden’s poor debate performance and wondered what, if anything, they could do to change the course of the race.
There have been discussions with political advisers about arcane rules under which Mr. Biden could be removed from the ticket against his will and replaced at or before the Democratic National Convention, according to a person familiar with the effort.
In Silicon Valley, a group of megadonors, including Ron Conway and Laurene Powell Jobs, were calling, texting and emailing each other about a situation they described as a potential catastrophe. The donors wondered who in the Biden group they could contact to get in touch with Jill Biden, the first lady, who in turn could persuade her husband not to run, according to a person familiar with the conversations.
A Silicon Valley donor who had planned to host an intimate fund-raiser with Mr. Biden this summer decided not to go ahead with the meeting because of the debate, according to a person directly briefed by the potential host. Another major California donor left a debate party early and sent an email to a friend with the subject line: “Total disaster,” according to a copy of the email.
In group chats and hushed discussions, some wealthy Democrats floated interventions, others hoped Mr. Biden would have an epiphany and decide to leave on his own, and still more strategized about directing dollars to down-ballot candidates. The most optimistic donors wanted to wait until the vote to see the full extent of the fallout.
The crisis in the donor class — outlined in interviews with nearly two dozen donors and fundraisers, many of whom insisted on anonymity to discuss their private conversations — could not come at a worse time for Biden. Former President Donald J. Trump has surpassed him in each of the past two months, erasing the president’s once-enormous financial advantage and opening one of his own.
By Friday night, many donors were coming to terms with the unlikelihood of finding a viable alternative, even as some acknowledged diminished enthusiasm and complained about the Biden team’s lack of communication with top fundraisers in the 24 hours after the debate. .
Compared with small online donors, big donors require more maintenance, but these personal relationships can pay big dividends at crucial moments, like the one Mr. Biden is facing as he confronts a wave of Democratic concern about his political strength. The donor class is being watched closely for signs that he can overcome the doubts.
Although the Biden campaign briefed some members of its national finance committee Friday morning in Atlanta, other members were horrified to have received almost zero contact from campaign headquarters.
Reid Hoffman, one of the Democratic Party’s most influential donors, wrote in an email to friends Friday night that he had been flooded.
“I have received many emails in the last 24 hours asking whether there should be a public campaign to pressure President Biden to step aside after his (very) poor performance in the debate last night,” he wrote in the email, which was seen by The New York Times. “It has certainly been a blow to morale among donors and organizers.”
Money is a sudden priority for the Biden campaign.
After opening a $100 million lead over Trump a few months ago, the Biden campaign and the Democratic National Committee entered June with $212 million in the bank, compared with $235 million for Trump’s operation and the Republican National Committee.
Biden’s campaign had hoped to close the gap through a massive fundraising effort in the 72 hours after the debate. The rush coincided with the typically lucrative end of the second-quarter filing period, when campaigns race to raise money and project momentum.
Biden’s team has planned a series of fundraisers on Friday and over the weekend featuring the president and first lady, as well as Vice President Kamala Harris and celebrities in wealthy enclaves including Manhattan, the Hamptons and Park City, Utah.
At the very least, the shaky debate performance cast a shadow over these events and raised concerns about diminished results.
Biden’s campaign dismissed any financial concerns, announcing that from Thursday to Friday morning it had raised $14 million in online donations, which are typically smaller than those from major donors. The hour following the debate — from 11 p.m. to midnight — was the highlight of Biden’s reelection campaign, the campaign said.
The complaints and strategies of major donors played out in a rolling series of conference calls, text debates and Signal chats that began shortly after Biden opened his mouth onstage in Atlanta on Thursday night and continued through late Friday. Some described the communications in tones that resembled a virtual group therapy session.
“This is an immediate response to a disappointment,” said Craig Kaplan, a lawyer and major Democratic donor in New York.
During a weekly Friday morning Zoom call with New York’s top donors, Mr. Kaplan asked participants to prioritize donations to state and congressional elections.
“The importance of the down vote is heightened,” he said in an interview, by the perceived weakness at the top of the ticket. He added that he did not intend to abandon Mr. Biden.
Stephen Cozen, a Democratic donor who considers the president a friend, said he tried to discourage donors who were calling for Biden to intervene.
“He deserves the opportunity to reflect and say, ‘I still think I can do this. I still think I’m the best choice,’” or conclude he’s not the best choice, Mr. Cozen said, recounting his advice. “That’s his decision. And I will stay with him until he takes it.”
At the top of democratic society, there was a gap between public and private communications.
Publicly, few were willing to tolerate any criticism of the president.
But privately, top donors were pondering matters that seemed like fan fiction just a few days ago, asking each other which party leader – Barack Obama? Nancy Pelosi? Chuck Schumer? – may have the political strength to persuade Biden to resign.
And they debated which Democrat would be best to replace Biden, with governors Gretchen Whitmer of Michigan and Gavin Newsom of California among the most popular candidates.
Some donors argued that the importance of the debate was being exaggerated.
“He performed poorly,” said Robert Wolf, former president of UBS Americas, “but a 90-minute debate doesn’t make up for 3 1/2 years of his presidency, so I’ll be there fighting for Biden.”
Chris Korge, the chief financial officer of the Biden Victory Fund, said “now is the time for us to put our heads down and fight as hard as we can.” He added: “Donors will never give up on Biden.”
Mr. Hoffman, effectively the leader of Silicon Valley Democrats, said he believed it was a mistake to pressure Mr. Biden, in part because it would not work. “Joe is our nominee; any decision to step aside is up to him and his family, period,” he wrote. “If anything, a public effort might compel the Bidens to try to prove the doubters wrong.”
Biden’s fundraisers were hearing from many people — one got a Facebook message from a business school friend he hadn’t heard from in more than a decade — but very little from the campaign itself. Around noon on Thursday, members of Biden’s financial brain trust descended on Atlanta for what was expected to be a farewell meeting, the summer meeting of the National Finance Committee, attended by hundreds of members.
Fundraisers at the Atlanta Ritz-Carlton were treated to presentations on campaign tactics and issues, according to materials distributed to donors in advance, as well as a debriefing of the debate. But many members of the finance committee — traveling on vacation, dissuaded by the inability to attend the debate without an audience or unable to attend on short notice — skipped the meeting altogether.
Meanwhile, the president and first lady tried to project normality to donors.
On Friday afternoon, Jill Biden was in New York for a reception titled “Writers, Wit and Wisdom,” while Ms. Harris was in Park City for her own high-dollar event. Mark Gilbert, a Democratic fundraiser who hosted her in Park City, said the debate didn’t dampen enthusiasm.
“Not only were there no cancellations, but we received numerous calls asking if it was too late to attend,” Gilbert said.
Biden himself appeared Friday in Manhattan with Elton John at the Stonewall Inn, followed by an LGBTQ-focused fundraiser at the Hammerstein Ballroom in the Manhattan Center. On Saturday, he was scheduled to travel to the Hamptons for an event at the home of billionaire Barry Rosenstein, who said he was preparing for more than 200 attendees, more than double his expectations. Later Saturday, Biden was scheduled to attend a fundraiser at the home of Gov. Phil Murphy of New Jersey.
Biden’s Pride Month fundraiser is packed with celebrity and LGBTQ-related cameos, including a garden party Saturday in Los Angeles featuring a performance by Idina Menzel.
Still, Friday ended without a clear sense of what exactly donors could make of Mr. Biden. The best some could muster was dark humor — a meme, a GIF, or a sense that things could always be worse.
“No one is giving up,” said Steve Phillips, a major Democratic donor in California. “Everyone is resigned to the situation.”
Lauren Hirsch, Liam’s Pile It is Olivia Bensimon contributed reports.
