Billionaires Urge President Biden to Withdraw from Reelection Bid

In a significant development, prominent billionaires such as Walmart heiress Christy Walton and cryptocurrency investor Michael Novogratz have called on President Joe Biden to abandon his reelection campaign. These influential figures, previously staunch supporters of Biden, are now urging the 81-year-old president to step aside in the upcoming November presidential election.

Billionaires Advise Leadership Transition for President Biden

The Leadership Now Project group emphasized the importance of avoiding the “threats posed by a second term of Donald Trump.” They urged President Biden to “cement your legacy by passing the torch—just as George Washington did,” according to reports.

Wealth and Influence of Key Billionaires Urging President Biden

Christy Walton, ranked as the 129th-richest individual globally, possesses a net worth of $15.1 billion, largely inherited from her late husband John Walton’s estate. Their son, Lukas Walton, is the 54th-wealthiest person worldwide with a net worth of $31 billion, primarily derived from his inheritance of about one-third of his father’s estate. Michael Novogratz, with a net worth of $2.5 billion from his cryptocurrency investments, began his foray into bitcoin in 2013 when the value of one bitcoin was less than $200, a fraction of its current price of approximately $56,500.

Billionaires' Political Contributions and Concerns for President Biden's Reelection

Christy Walton is a notable donor to the anti-Trump Lincoln Project political action committee, contributing over $115,000 to the group in 2020 and 2021. Lukas Walton donated $5,600 directly to the Biden campaign in 2020 and an additional $360,600 to a Biden PAC that same year. Michael Novogratz has previously supported Representative Dean Phillips, D-Minn., in the Democratic primaries, positioning him as a challenger to Biden.

Other billionaires previously in Biden’s camp have expressed concerns about his potential reelection campaign following his performance in last week's debate. This group includes Netflix cofounder Reed Hastings, who conveyed to the New York Times that “Biden needs to step aside to allow a vigorous Democratic leader to beat Trump,” and Laurene Powell Jobs, who was reported by the Times to be part of a West Coast elite faction privately alarmed by Biden’s debate performance. Billionaire Mark Cuban also mentioned to CNN that it is “worth considering” another Democratic nominee, though he has stated he would still vote for Biden if he remains the only alternative to Trump.

News Source:- forbes.com