These business leaders have called on Biden to drop out of presidential race

As President Biden continues to insist he will be the Democratic Party’s presidential nominee for 2024, the list of business leaders calling for him to bow out is still growing nearly two weeks after his performance debating former President Trump sparked a frenzy of concern over Biden’s mental acuity.

Following the June 27 debate, Netflix executive chair and co-founder Reed Hastings was among the first high-profile business leaders to publicly call for Biden to withdraw from the race. The Democrat megadonor told The New York Times in an email, “Biden needs to step aside to allow a vigorous Democratic leader to beat Trump and keep us safe and prosperous.”

On July 3, pro-Democracy business group Leadership Now issued a statement of its own calling for Biden to pass the baton and allow another Democrat to run for the nomination, citing fears of a “devastating loss” to Trump in November. 

The initial statement from Leadership Now was not signed, but the group sent a letter directly to Biden on July 5, urging him to drop out “for the sake of our democracy and the future of our nation,” and its signatories – nearly 400 and growing – include some big names from the business world.


To name a few, the signors include former chairman and CEO of Proctor & Gamble John E. Pepper; billionaire CEO of Galaxy Investment Partners Mike Novogratz; retired NFL commissioner Paul J. Tagliabue; billionaire Walmart heir Christy Walton; and CEO of footwear company Weyco, Tom Florsheim.

rick caruso speaks at an event

Billionaire real estate tycoon Rick Caruso took to X the same day, saying that “In this critical time, in this vital election, stepping aside is the right and honorable thing for President Biden to do.”


The same week, Walt Disney Company heiress and liberal megadonor Abigail Disney vowed she would stop donating to the Democratic Party until Biden is swapped out for another candidate.

“I intend to stop any contributions to the party unless and until they replace Biden at the top of the ticket,” Disney told CNBC in an interview July 4. “This is realism, not disrespect. Biden is a good man and has served his country admirably, but the stakes are far too high.”

President Joe Biden departs White House

FOX Business’ Charles Gasparino shared an anecdote Tuesday about the sentiment some in the business world have toward Biden’s ability to run the country following the commander in chief’s debate performance.


“Just spoke to a top Wall Street executive with very close ties both to the Dem Party powers that be and the White House,” Gasparino wrote. “Here’s his assessment of the hat @JoeBiden faces: ‘No one is turning on him. It’s just accepting the reality of his infirmities. If a CEO presented a speech or was in a meeting and exhibited similar behavior the board would be meeting in hours to find a new leader. These are hard, grueling jobs.’”


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