February 21, 2024

Not long after President Joe Biden announced on Tuesday that he will run for re-election next year, big donors from the business world came to support him.

Executives from tech to media to finance have made clear both publicly and behind the scenes that they are ready to help Biden overcome his soft approval ratings and fend off a stiff challenge from the Republican Party — possibly with former President Donald Trump rematch.

Meanwhile, several big Republican donors have been scrambling to find a replacement for Trump, while some are pinning their hopes on a potential candidate for Florida Gov. Ron DeSantis , he has yet to announce whether he will run.At DeSantis continue with disney. Former Vice President Mike Pence could also enter the Republican primary.

Regardless of the Republican nominee, Biden could raise a handsome sum for the 2024 campaign.

Billionaire LinkedIn co-founder Reid Hoffman has offered to Biden allies to host a fundraiser for him once he announces his re-election bid, according to a close adviser to the businessman.

Huffman has been allied with Biden for years. He co-hosted a virtual fundraiser for the Democratic National Committee in 2021, which the president attended.The adviser noted that Hoffman was invited to a meeting of Biden donors scheduled for Washington. this week, although he could not go due to personal reasons. The person noted that Hoffman visited the White House a few weeks ago.

“They know they can count on us,” the consultant said.

Some of the people cited in the story declined to be named in order to speak freely about private deliberations. A Biden campaign spokesman did not respond to a request for comment before publication.

Media mogul Haim Saban, who includes Power Rangers, told CNBC in an email that he “will do everything in my power to re-elect President Biden to a well-deserved second term.” He said he would host the event for Biden . Saban, who raised millions for Biden during the 2020 campaign, plans to “build on that” in 2024.

DreamWorks co-founder and veteran Democratic donor Jeffrey Katzenberg is one of the co-chairs of Biden’s presidential campaign.Katzenberg among Biden’s 2020 fundraisers Attend A state dinner at the White House last year.

In an exclusive interview with CNBC late Tuesday, Katzenberg said he believes the Biden campaign will raise more money this time around than in 2020. At the time, Biden raised more than $1 billion, while Trump raised more than $740 million, according to FEC filings.

For the past year, Katzenberg has been in touch with Biden and his team of longtime advisers about the president’s 2024 campaign.

“I’ve highlighted what he’s accomplished and his leadership and how important it is for him to get up and do it again in this moment,” Katzenberg said. “I’ve been as aggressive and ambitious as I can be in encouraging and supporting Biden’s re-election. I’ve been adamant about that for the last year.”

He added that he wanted to be useful as co-chair of the campaign. He also highlighted how small-dollar donors will play a key role in Biden’s 2024 re-election campaign, as they did in 2020.

Biden’s campaign has raised more than $400 million from donors who gave less than $200 during his last presidential campaign, according to OpenSecrets. Katzenberg said he has been contacted by donors large and small to ask how they can help.

Katzenberg said he was “inundated” with messages of support for the president from donors on Tuesday after Biden’s announcement.

“It took me a few days to get over the outpouring of support that came out in the 12 hours after the launch,” he said.

Charles Myers, former vice chairman of Evercore and founder of Signum Global Advisors, told CNBC he plans to donate and raise millions of dollars for Biden’s 2024 campaign.

“The stakes are higher than ever. Trump 2.0 will be devastating to this country and the world,” he said, noting that he plans to raise and contribute more money than ever before.

Veteran hedge fund executive Donald Sussman told CNBC after the report was published that he, too, was prepared to support Biden. “No one has accomplished so much for Americans since Roosevelt. I am delighted that his unique leadership will continue,” Sussman, a longtime Democratic financier, told CNBC in a statement.

In the 2022 election cycle, Sussman cut his campaign backing. Sussman’s donations throughout the cycle didn’t even land him on OpenSecrets’ top 100 donor list. In 2020, Sussman gave more than $20 million, all to Democrats, according to OpenSecrets. He was the 12th largest donor in that cycle.

Another Biden fundraiser said there are already two fundraisers in the pipeline in New York City. The events were organized at least in part by businessman Dennis Mehill, who endorsed Biden in 2020, according to the person. Chicago businessman John Atkinson is also planning a fundraiser in support of the president, the person said.

Trump is the favorite in the Republican primary. NBC News Poll programme Forty-six percent of Republican primary voters who participated in the survey backed Trump over other contenders and potential candidates, including DeSantis. Most of those surveyed said they would prefer that neither Biden nor Trump run for president.

Fifty-four percent of respondents said they disapprove of the job Biden is doing.other public survey Shows that Biden will favor Trump, albeit in a close race.

Trump’s dominance of the Republican field has prompted other big Democratic donors to step up their support for Biden. Venture capitalist Ron Conway has told friends he will help the presidential campaign, according to a person close to him.

Conway did not respond to multiple requests for comment.

Alexander Soros, the son of billionaire George Soros, said in a tweet that he was “walking with Biden.” His spokesman did not provide further details on how Soros Sr. or his son planned to help the president.

young soros in public Criticizing Trump, who has visited the White House at least 14 times since Biden became president, according to to the New York Post. George Soros donated more than $178 million to swing Democrats during the 2022 midterm elections, according to OpenSecrets.

Billionaire Tom Steyer, who has criticized Trump for years and backed Biden after his 2020 presidential bid, tweeted his support for the president’s stance on climate change.

“We need a leader who understands the urgency of the moment and will work with our allies to strengthen our global response – that’s @JoeBiden,” Steyer said.

Steyer’s team did not respond to a request for comment.