Democratic billionaire donors rally behind Kamala Harris after Biden’s withdrawal

In the wake of President Joe Biden's withdrawal from the 2024 presidential race, Democratic donors have swiftly rallied behind Vice President Kamala Harris as their party’s likely nominee, according to a New York Times (NYT) report. 

On Sunday, major Democratic donors and advisers reported a surge in enthusiasm and financial pledges for Harris. The response has been overwhelming, with many previously despondent contributors now eager to support her candidacy. 

A notable example includes a Silicon Valley bundler who raised over USD 1 million in just 30 minutes following the announcement.

Alexandra Acker-Lyons, a Democratic donor-adviser, highlighted the flood of support she has received, describing an influx of emails, texts, and calls from individuals keen to contribute to Harris’s campaign. 

“People who hadn’t given at all are now asking where to donate,” she said.

Gretchen Sisson, a top Democratic bundler in California, reported similar enthusiasm. “My phone is exploding,” she noted, with many supporters eager to contribute and support Harris’s campaign. “People who were committed but worried are now excited and energized.”

Reid Hoffman, a prominent Democratic mega-donor, and Alex Soros, heir to the Soros philanthropic legacy, both voiced their support for Harris. 

Additionally, Emily’s List and Way to Win, major Democratic groups, also threw their weight behind Harris, praising her as the ideal successor to Biden.

Jen Fernandez Ancona, a co-founder of Way to Win, emphasized the importance of Harris’s candidacy: “She embodies the passing of a torch to a new generation at a time when that is desperately needed to shore up our diverse, winning coalition.”

 However, not all Democratic donors are immediately unified in their support for Harris. 

Vinod Khosla, a billionaire venture capitalist, expressed a desire for an open convention and suggested alternative candidates such as Governors Josh Shapiro and Gretchen Whitmer. 

“Time to have an open convention and get a more moderate candidate who can easily beat Donald Trump,” he posted on X.

Reed Hastings, CEO of Netflix and an early advocate for Biden to step aside, remained cautious, expressing hope but not explicitly backing Harris. 

“We have hope now. Dem delegates need to pick a swing state winner,” Hastings said in an email.

Others reflected on Biden’s decision with a sense of nostalgia. 

Gideon Stein, a leading donor pushing for a new nominee, lauded Biden as “a true American hero” and predicted that his withdrawal would pave the way for a Democratic victory. Daniella Ballou-Aares, CEO of Leadership Now Project, likened Biden’s decision to George Washington’s choice to forego a third term, calling it “a historic precedent for selfless leadership” and a testament to the strength of American democracy.