Mike Novogratz Among Donors Pushing for Risky Plan to Replace Biden
- Donors devise novel process to pick a candidate they prefer
- Biden team says he is running as pleas for him to quit grow
The DNC is scheduled to begin Aug. 19 in Chicago, and a change in candidates after that would run into problems with state ballot deadlines.
Photographer: Stefani Reynolds/BloombergThis article is for subscribers only.
Democratic donors looking to replace President Joe Biden as their candidate are advocating for an open selection process to find an alternative, a gambit rife with political risks and logistical unknowns.
“The Democratic donor base will be re-energized if there’s a fair process to pick the next candidate,” said Mike Novogratz, the billionaire founder of Galaxy Digital Holdings. If Democrats pick a centrist through a nomination process, “there are a tremendous amount of donors who will cut checks,” he said in an interview.