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Global markets are on alert and repositioning portfolios in anticipation of President Biden potentially dropping out of the 2024 presidential race. Speculation is mounting that Biden could exit after his disastrous debate performance against Trump, with betting markets giving him less than 50% chance of remaining the Democratic candidate.
This market upheaval comes as several of the Democratic Party's biggest donors are refusing to provide further funding until Biden steps aside. The Disney heiress Abigail Disney stated she won't donate any more money to Democrats until Biden is replaced. Investment banker Gideon Stein said he's pausing $3.5 million in planned donations, citing doubts Biden can win re-election.
Even long-time Biden supporter Robin Vaughan-Stein, a California real estate mogul who has donated seven-figures, admitted she is reconsidering her financial commitments if Biden's poll numbers continue sliding.
The coordinated donor revolt is creating major fundraising challenges for Democrats already bracing for an uphill money battle against Trump's re-election juggernaut. With just four months until Election Day, talk is swirling about potential replacement candidates at the Democratic convention.
But for disgruntled mega-donors, nothing short of Biden's immediate exit will re-open their wallets. As global markets reposition for that possibility, it signals the massive financial and political turmoil that could ensue.
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