Some of Joe Biden’s top donors are reportedly looking to jump ship after he underperformed in both Iowa and New Hampshire.
Far from winning both states, Biden took fourth place in Iowa and fifth place in New Hampshire.
Now, as CNBC reports, some of his top donors are worrying their candidate may not win the Democratic nomination.
From the report:
Panic set in among some of Biden’s financiers on Wall Street and in other industries when it became clear Tuesday night that the one-time Democratic front-runner wouldn’t hit the 15% threshold to score any delegates from the New Hampshire vote.
Some Biden bundlers, who declined to be named due to concern about upsetting the campaign, told CNBC that members of their donor networks are already calling to say that the former vice president’s flop in the Granite State looks like an insurmountable hurdle. These donors are also saying that they will stop backing Biden’s campaign if he continues underperforming.
Biden is undoubtedly falling behind in a primary process that he was favored to win. Most nationwide polls before the first two primary contests had him comfortably in the lead, with only Bernie Sanders (who finished second in Iowa and won New Hampshire) and Elizabeth Warren (third in Iowa, fourth in New Hampshire) near him in the standings.
After these elections, Biden’s nationwide standing is likely to reflect the same doubt that some of these top donors have.
CNBC reports one “disappointed Biden fundraiser, who has known the former vice president for over a decade” said disaster is looming for Biden’s campaign if they are unable to quickly recover lost ground.
“Even if we stay active for the next two races after another big loss, I suspect the remaining air will leak out of the balloon before Super Tuesday,” the unidentified supporter said per the report.
However, some of Biden’s supporters are still remaining optimistic about his chances.
Despite this criticism within Biden’s donor ranks, some of his supporters see Iowa and New Hampshire as blips in the larger strategy.
Charles Myers, the founder of Signum Global Advisors and a co-host of an upcoming fundraising event for Biden in New York, said he hasn’t seen any negative impact as the New Hampshire primary comes to a close.
“It hasn’t had any real effect on fundraising for the two events here in New York on Thursday. We’ve had a very strong response for both events,” Myers said. “As far as I can see in my network, there’s been no impact on fundraising.”
Another Biden donor, who asked not to be named due to the sensitivity of the subject, said financiers didn’t expect Biden to win Iowa and New Hampshire – and that he’s in a strong position to pick up delegates in South Carolina.
“Biden is well positioned to move on to the more diverse states of Nevada and South Carolina, and have strong showings in both,” this person said.