A coalition of top business leaders has furthered its campaign to urge President Joe Biden to not seek reelection, sending him a letter signed by billionaires and top corporate executives.
Christy Walton, Michael Novogratz and Paul Tagliabue were among 168 people who signed the Leadership Now Project letter, a copy of which was seen by Bloomberg. “American democracy itself is at stake this November,” the letter states, and in an unsigned statement released Wednesday, the group of business leaders said they had “heard from many who share our deep concerns about the current situation but are afraid to speak up.”
The signatories of the letter praised Biden, 81, for “saving our democracy from its most serious threat since the Civil War,” but “to ensure that legacy is cemented, we urge him to stop seeking reelection and pass the torch of leadership to the next generation of Democratic leaders.”
The fact that business, government and philanthropic leaders have thrown their hats at the campaign to pressure the sitting president to drop out of the 2024 race reflects the crisis Democrats have found themselves embroiled in after Biden’s widely perceived dismal performance in last week’s debate. Polls in the days since have shown former President Donald Trump widening his lead and showing voters growing concerned about Biden’s age.
Walton, 75, has a net worth of about $14 billion, according to the Bloomberg Billionaires Index. The philanthropist is the widow of Walmart founder Sam Walton’s second son, John T. Walton. Novogratz, 59, is the billionaire founder of Galaxy Digital and previously supported Rep. Dean Phillips’ short-lived primary challenge to Biden. Tagliabue, 83, is a former commissioner of the National Football League.
Messrs. Novogratz and Tagliabue did not immediately respond to requests for comment, and a representative for Walton could not immediately be reached.
Still, it’s unclear how much influence Democratic donors will ultimately have on Biden’s decision, as he is reportedly relying on a small group of trusted advisers, including his wife, Jill, and son, Hunter.
The New York Times reported on Wednesday that Trump told key allies he could not afford any more missteps if he wanted to stay in the race, a claim the White House called “categorically false.”
Meanwhile, business leaders took advantage of America’s Independence Day to appeal to Biden’s patriotic side, invoking the first US president.
“At this critical moment for the nation, the time has come to cement your legacy by passing the baton, just as George Washington did,” the group wrote. “For the sake of our democracy and our nation’s future, we respectfully ask that you decline to run for reelection.”
