A coalition of leading business leaders is going one step further in their campaign to stop President Joe Biden from running for re-election, writing him a letter signed by billionaires and top executives.
Christy Walton, Michael Novogratz and Paul Tagliabue are among 168 signatories to the Leadership Now Project letter, a copy of which was seen by Bloomberg, which says “nothing less than American democracy is at stake this November.” An unsigned statement followed on Wednesday saying the group of business leaders had “heard from many individuals who share our deep concerns about the current trajectory but are afraid to speak out.”
The letter’s signatories praise Biden, 81, for “saving our democracy from the worst threats it has faced since the Civil War,” but “to ensure that this legacy is cemented, we ask you to pass the torch of leadership to the next generation of Democratic leaders by ending your re-election campaign.”
That business, political and philanthropic leaders are willing to put their names behind a pressure campaign to get an incumbent president to drop out of the 2024 presidential race reflects the crisis that has gripped the Democratic Party following Biden’s debate performance last week, which was widely described as disastrous. Polls in the days that followed showed former President Donald Trump extending his lead and voters increasingly concerned about Biden’s age.
Walton, 75, is worth about $14 billion, according to the Bloomberg Billionaires Index. The philanthropist is the widow of John T. Walton, the second son of Walmart founder Sam Walton. Novogratz, 59, is the billionaire founder of Galaxy Digital and previously supported Rep. Dean Phillips’ short-lived primary against Biden. Tagliabue, 83, is a former commissioner of the National Football League.
Novogratz and Tagliabue did not immediately respond to a request for comment. A representative for Walton could not immediately be reached.
Still, it’s unclear what influence Democratic donors will ultimately have on Biden’s decision. He is reportedly leaning on a small group of trusted advisers, including his wife, Jill, and son, Hunter.
The New York Times reported on Wednesday that he told key allies he could not afford many more missteps if he wanted to stay in the race. The White House called this “absolutely false.”
Business leaders, for their part, appealed to Biden’s patriotic side around American Independence Day, citing the first US president.
“At this pivotal moment for our nation, it is time to cement your legacy by passing the torch – just as George Washington did,” the group wrote. “We respectfully ask you to withdraw from running for re-election in the interest of our democracy and the future of our nation.”