How Hollywood titans are turning against Biden as big donors say they have ‘immense respect’ for him but the risks are now too high piling even more pressure on ailing President

The Democratic Party’s usually reliable donors in Hollywood are holding back their money until President Joe Biden is replaced as president of the party after the aging commander-in-chief’s disastrous debate performance last month.

Biden, 81, frequently lost focus and paused mid-sentence when confronted with a typically strong performance from his Republican challenger, former President Donald Trump, during their showdown on CNN.

Last week, Netflix founder Reed Hastings, who has already donated $100,000 during this election campaign, and Disney heiress Abigail Disney, who has set aside donations totaling $635,000, made headlines as they were among the first to announce they would cut off funding until Biden withdraws.

Now, more big names in Tinsel Town are making similar moves. Lost co-creator Damon Lindelof, who also donated $100,000, wrote an op-ed for Deadline making it clear he would no longer fund a Biden-led campaign.

In an email to The Los Angeles Times, Lindelof reiterated his position that despite his “immense respect” for Biden, the risks posed by another Trump presidency mean the stakes are simply too high.

“For me it’s not about the ability to govern, it’s about the ability to WIN,” he told the newspaper.

Media mogul Barry Diller, who contributed about $150,000 this cycle, also said The ankle that he would not continue to fund the Biden campaign. Diller, known for his roles on Fox and USA Television, is married to designer Diane Von Furstenberg.

However, one key figure, Andy Spahn, who is known for his role in advising Hollywood’s wealthiest people on how to donate money to charity, is calling for calm.

“Everybody just needs to take a breath. This will work itself out soon enough,” he told The LA Times.

Hollywood superagent Ari Emanuel hinted at the trend last week at an event in Colorado.

Emanuel said most of his wealthy friends focus on the Senate and Congress when it comes to donations. He then blamed the Democratic Party for the mess that had been created.

‘[Biden] said he would run for one term, and he’s running to restore democracy. He’s running for a second term — that’s the first bit of nonsense, as he would say. He and his cohorts have told us that he [been] “Healthy for over a year,” Emanuel said via The Hollywood reporter.

“I had a father who died at 92, but at 81, I took his car away, and it was a very simple test for me. If you were driving from downtown Beverly Hills to Malibu, would you want Biden to do it at night? Would you want Trump to do it at night?”

“If the answer is neither, then you can’t let them run a $27 trillion company called the United States,” he railed.

In contrast, Trump’s campaign continues to raise money, reporting $331 million in revenue in the second quarter of 2024.

That amount surpasses the $264 million raised by Biden’s reelection campaign and the Democratic National Committee during the same period.

Trump’s total includes $111.8 million the campaign said it raised in June. That figure is less than the $127 million Biden reported raising last month, which includes more than $33 million raised on the day of the debate and in its aftermath.

But Trump’s campaign said it ended the quarter with $284.9 million in cash, compared to the $240 million Biden reported.

Meanwhile, the granddaughter of Roy Disney, co-founder of the Walt Disney Corporation, has often spoken out about her liberal political leanings despite her estimated fortune of $120 million.

“I intend to halt all contributions to the party unless and until they replace Biden at the top of the ticket. This is realism, not disrespect. Biden is a good man and has served his country admirably, but the stakes are far too high,” she said in a statement.

The 64-year-old Disney’s announcement comes just a day after Reed Hastings became one of the first liberal megadonors to turn off the money tap until the president leaves office.

“If Biden doesn’t leave office, the Democrats will lose. I’m absolutely certain of that. The consequences of losing will be truly devastating,” she continued.

Disney believes the ‘excellent’ Vice President Kamala Harris is more than capable of reaching the top.

“If Democrats would tolerate her perceived shortcomings even one-tenth as much as they have tolerated Biden (and let’s not kid ourselves about the role race and gender play in that inequality), and if Democrats can find a way to stop nitpicking and rally behind her, we can win this election by a wide margin,” she said.

Disney has donated generously to the party during the Trump and Biden eras.

According to The Guardian newspaper, she has donated at least $635,000 to PACs affiliated with Biden and Democrats over the past decade. CNBC.

However, a Biden campaign aide told DailyMail.com that Disney has not made any donations to the campaign or the Democratic National Committee since 2020.

Disney isn’t alone, as Biden continues to take a beating. He angered Democratic governors during an emergency meeting Wednesday night, where he claimed he wanted to stop working after 8 p.m. to preserve his waning energy. CNN.

A group of wealthy donors is also secretly planning to launch Next Generation PAC, a $50-100 million initiative to support a Democratic nominee not named Joe Biden, the New York Times.

Next Generation PAC — founded by crypto billionaire Mike Novogratz — will hold his money until Biden steps down and gives it to his replacement on the ticket. Should he not drop out of the race, they will target lower-level Democrats, but not Biden.

While the commission has not yet filed a complaint with the FEC, the Biden campaign is said to have heard about it and tried to convince its supporters to stop.