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Democratic megadonor and Netflix co-founder urges Biden to resign

Reed Hastings, co-founder of Netflix and a prominent Democratic party donor, recently made headlines by calling for Joe Biden to withdraw from the presidential race following a lackluster performance in a debate against Donald Trump. Hastings emphasized the need for a strong Democratic leader to challenge Trump effectively and ensure the country’s safety and prosperity.

The statement from Hastings marks a significant stance among major Democratic donors, as pressure mounts on the 81-year-old president to consider stepping down due to concerns about his ability to lead effectively. Despite reports suggesting that donors and allies within the Democratic party are urging Biden to drop out, the White House has denied such claims.

However, the pressure on Biden escalated when two House Democrats publicly voiced their support for his withdrawal from the race, with a third expressing “grave concerns” about his capability to defeat Trump. A post-debate poll revealed that one in three Democrats believes Biden should exit the race. In response to criticism about his debate performance, Biden attributed his lackluster showing to his busy international travel schedule leading up to the event, admitting he “nearly fell asleep on stage.”

Reports have surfaced that some Democratic party officials have suggested Vice President Kamala Harris as a potential replacement for Biden. Hastings, known for his role in revolutionizing the streaming industry, stepped down as Netflix CEO last year. Alongside his wife, Patty Quillin, Hastings has been a significant supporter of the Democratic party, contributing over $20 million in recent years, including substantial donations to Biden’s 2020 campaign.

Additionally, Hastings has donated to historically Black colleges and universities and recently made a substantial contribution of over $1 billion worth of Netflix shares to a Silicon Valley charity. Reid Hoffman, another influential billionaire donor, reaffirmed his support for Biden post-debate, urging donors to focus on organizing against Trump rather than critiquing Biden’s flaws.

Despite the challenges, the Biden campaign reported raising $38 million in donations following the debate, indicating ongoing support for his candidacy. The evolving dynamics within the Democratic party underscore the importance of strong leadership and strategic decision-making as the 2024 presidential race continues to unfold.