Vice President Kamala Harris has secured the support of some of the Democratic Party’s top donors, strengthening her position as the front-runner to win the party’s nomination after Joe Biden announced he was dropping out of the presidential race.
Biden’s decision came after several party leaders and donors made clear their support for Harris, according to three people who spoke with Senate Majority Leader Chuck Schumer, House Minority Leader Hakeem Jeffries and former House Speaker Nancy Pelosi.
Michigan Gov. Gretchen Whitmer endorsed Harris on Monday, as did Illinois Gov. J.B. Pritzker and Kentucky Gov. Andy Beshear, who are seen as possible vice presidential candidates.
LinkedIn co-founder Reid Hoffman, George and Alex Soros and several Wall Street donors voiced their support for Harris within hours of Biden’s announcement.
“Kamala Harris is the right person at the right time,” wrote Hoffman, who has donated more than $8.6 million to boost the Biden-Harris ticket.
Brad Karp, a prominent Wall Street fundraiser and chairman of the New York-based corporate law firm Paul, Weiss, who supported Harris in the 2020 presidential race, quickly endorsed her.
“Kamala Harris is a great candidate and she’ll be a great president,” Karp told the Financial Times, adding that Harris is a “dynamic, decisive leader and bridge-builder. I believe she can help unite our country, heal our divisions and build a better future for all Americans.”
The donor support came just hours after Biden succumbed to a weeks-long pressure campaign from within his party to drop out of the 2024 presidential race due to concerns about his age.
Biden endorsed Harris as his new nominee shortly after announcing his decision on Sunday.
The dollar and Treasury yields edged lower on Monday as Trump’s actions prompted investors to reassess the so-called Trump trade — bets on stocks and bonds based on the likelihood of a Republican victory in November.
Harris’ challenge to win the nomination, which will be formally decided at the Democratic National Convention in August, was strengthened when California Gov. Gavin Newsom, who was high on Biden’s list of potential successors, endorsed her on Sunday night.
Harris has already begun selecting a running mate, including Beshear and Pennsylvania Gov. Josh Shapiro, according to two people close to her.
Shapiro tweeted Sunday that he will “do everything in my power to ensure Kamala Harris is elected the 47th President of the United States.”
“Kamala Harris would be the easiest choice to pair with someone like Shapiro. [Arizona senator Mark] “Mr. Kerry, Mr. Beshear for vice president,” said George Krupp, a Boston real estate investor who hosted a fundraiser for Biden in May. “This is a positive development. Biden is an honorable man and he did the right thing.”
Former President Donald Trump trounced Biden’s fundraising efforts in the second quarter of the year, according to figures released this week: Trump-aligned fundraisers outraised Biden-backed groups by about $100 million between April and June, and Biden’s fundraising was expected to worsen in July.
But Harris raised more than $46.7 million in the first seven hours of her campaign on Sunday, according to fundraising platform ActBlue – more than the entire Biden-Harris 2024 campaign raised in a single day.
You’re seeing a snapshot of an interactive graphic. This may be because you’re offline or have JavaScript disabled in your browser.
Other Democrats may be interested in running, but having a member of the Biden-Harris team remain on the shortlist would provide important financial benefits, including easier access for Harris to her $96 million war chest.
Harris has garnered key endorsements from the Clintons, followed by support from the Congressional Black Caucus and the Congressional Hispanic Caucus, making it unlikely that any mainstream Democrats will run against her, West Coast Democratic fundraisers said.
But President Barack Obama’s statement on Sunday announcing Biden’s decision to drop out of the race made no mention of Harris.
“In our party, if Obama didn’t support it, it’s kind of entrenched. [Harris]”If someone [other potential candidates] “She’s marshaled these institutional forces and now she’s out. This is the end. I can’t see any reasonable scenario in which it won’t end.”
Roger Altman, founder of investment bank Evercore and an influence fundraiser, said he thinks Harris is the best option for Democrats.
“President Biden made a courageous decision today,” Altman said Sunday. “He defeated President Donald Trump and improved the chances of defending American democracy and the rule of law.”
“Harris has the political savvy, talent and infrastructure to raise significant amounts of money and provide Democrats with the resources they need to win the presidential election in November,” said Clayton Cox, a former Democratic Party finance director. “As donors flock to Vice President Harris, we will see a significant increase in giving at all levels.”
Marc Coltale, a Broadway producer who co-hosted a fundraiser for the vice president in Provincetown, Massachusetts, on Saturday, said watching the Biden-Trump debate had been a “nightmare” but that he now felt “hopeful for the first time in weeks.”
“The time has come for Kamala Harris to become the first woman president of the United States,” Coltare said. “I truly believe she can do it. I’m very excited about it.”
You’re seeing a snapshot of an interactive graphic. This may be because you’re offline or have JavaScript disabled in your browser.
Harris was seen as the favorite to win the Democratic nomination in the market on Sunday, but she is starting the week with less support than Biden, at 39%, according to FiveThirtyEight, and Trump’s popularity has been growing in recent weeks in national and battleground state polls.
West Coast fundraisers said Harris needs to act quickly to choose a running mate.
“With 106 days left, we know it’s time for everyone to pitch in,” he said. “She’s probably [running mate] “Hopefully that person can start campaigning by the end of this week. It’s a sprint at the moment.”
Some major Democratic donors favor an open race and believe battleground state governors like Shapiro and Whitmer would be better choices.
“If I were a delegate right now, I would support Governor Whitmer,” said Stewart Bynum, a major Democratic donor and former Maryland delegate.
Vinod Khosla, a venture capitalist and major Democratic donor, called for an open convention for X, where “more moderate candidates” like Shapiro could be “disowned by MAGA extremists.” [diversity, equity and inclusion] “Extremism.”
“Democrat delegates need to pick the winners of battleground states,” posted Netflix Chairman Reed Hastings, who donated more than $3 million to help Democrats take control of Congress in this election.
Additional reporting by Lauren Fedor and Steph Chavez
