Jeffrey Katzenberg's promise to fund Joe Biden's re-election campaign is unraveling as top Hollywood donors abandon ship following the president's poor debate performance and mounting concerns about his age.
Jeffrey Katzenberg once vowed to secure all necessary funds for Joe Biden's re-election campaign. However, following the president's disastrous debate performance, Katzenberg appears to be struggling to keep that promise as donors are increasingly withdrawing their support.
In an emergency meeting held Wednesday in Las Vegas, Katzenberg, Biden’s campaign co-chair, warned the 81-year-old president that donations are dwindling due to persistent concerns about his age, according to a report from Semafor.
The former Hollywood executive reportedly told Biden that the path to a second term now seems very challenging. Katzenberg later refuted the report, stating it was a "misread of a private meeting" and that their discussion covered everything from the convention to new ads. He confidently added, "We will raise the money we need to run a winning campaign."
Despite Katzenberg's denial, Democratic strategist James Carville confirmed the report to Semafor, stating, “This I can confirm. Donors in revolt.”
Amid growing calls for Biden to end his re-election bid, concerns about his cognitive decline persist. On Wednesday, Rep. Adam Schiff (D-CA) became the latest Democrat leader to urge Biden to step down.
CNN Presidential Debate coverage highlighted the exodus of Hollywood donors from Biden's campaign. High-profile names such as George Clooney, Endeavor CEO Ari Emanuel, Netflix co-founder Reed Hastings, veteran studio boss Barry Diller, and "Lost" creator Damon Lindelof have distanced themselves. Even Rob Reiner, one of Biden’s staunchest Hollywood supporters, has called for the president to "step down."
Last year, Katzenberg pledged to provide all the resources needed for Biden’s re-election. Now, facing backlash from donors he had reassured of Biden’s mental fitness, Katzenberg is under intense pressure. “Everyone is furious,” a leading Hollywood Democratic insider reportedly said. “People are pissed – they feel betrayed.”
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