Democrats Now the Party of the Rich as Billionaires Line Up to Back Biden

AP Photo/Patrick Semansky

The Democrat party has traditionally been thought of as the party of the “working man” – the type of guy who carries a lunch pail to work and works with his hands was the guy who voted for Democrat candidates.


But the days of Democrats being seen as caring about the working man and Republicans being portrayed as elitists are appearing to come to and end. While both parties have high dollar donors, it is the billionaire heads of tech, finance, and media that are throwing their support behind President Joe Biden’s reelection campaign. It is making it pretty clear, which party the nation’s elites are behind.

Among some of the Biden campaign’s most lucrative supporters, Reid Hoffman, co-founder of LinkedIn, has offered to host fundraising events for Biden. In 2021, Hoffman hosted a virtual fundraiser for the Democrat National Committee, and although is unable to attend, was invited to a donor meeting in Washington scheduled for this week.

An advisor to Hoffman stated of the Democrats party, “They know they can rely on us.” Former vice chairman at Evercore and the founder of Signum Global Advisors Charles Myers stated that, not only will he be a major donor to the Biden reelection campaign, but will also do fundraising as well. He said, “Stakes are higher than ever. Trump 2.0 would be devastating for the country and arguably the world. Also from the world of finance, hedge fund executive Donald Sussman is eager to back the Biden campaign saying, “No one since FDR has accomplished as much for Americans. I am thrilled his unique leadership will continue.”


It is no surprise that Hollywood and media types are lining up behind Joe Biden. DreamWorks co-founder Jeffrey Katzenberg is a long-time Democrat donor, and is a co-chair of Biden’s campaign. Katzenberg stated that he was “inundated,” presumably by other names in Hollywood with messages of support after Biden’s announcement last Tuesday that he was officially running for reelection. In a recent interview, Katzenberg said he believed the Biden campaign will raise even more than the roughly $1 billion raised in 2020.

He also said, “I’ve emphasized what he has accomplished and his leadership, and how essential it is in this moment in time for him to, one more time, saddle up and go do this. I have been as active and ambitious as possible in encouraging and supporting Biden to run again. I’ve been at it pretty consistently now for the last year.” Media mogul Haim Saban is also all in on a second Biden run. Saban raised millions for the Biden campaign in 2020 and said that he will “improve on that” in the 2024 cycle. He also has offered to host fundraising events.

He stated that he, “will do all I can to have President Biden reelected for a well-deserved second term.”


Some other familiar high-dollar names include Alexander Soros, son of uber-left billionaire George Soros is also on board the Biden train. In 2022, the elder Soros donated roughly $178 million to national and state Democrat candidates. It was recently revealed that Alexander Soros has been a frequent visitor to the White House since Joe Biden has been president. Records show that the younger Soros has made at least 14 trips to the Biden White House.

Climate change enthusiast and former presidential candidate Tom Steyer tweeted out his support of Biden, particularly for his positions on climate change, “We need a leader who understands the urgency of this moment and will work with our allies to strengthen our global response – that’s @JoeBiden.”

The fact that America’s millionaires and billionaires are jumping in to support Joe Biden and the Democrats speaks volumes as to how in touch they are with the rest of their fellow Americans. In March, a U.S. Census Bureau Household Pulse survey showed that 38.5% of Americans said it had been “somewhat,” or “very difficult” to afford household items in the seven days prior to the survey.


While that is down from February’s number of 39.7%, the same poll showed that 94.7% said that they were feeling some level of stress by price increases, 46.7% said they were “very” stressed. A quick look at Open Secrets also reveals that more high dollar donations are coming from Democrats. It tells you everything you need to know about billionaires who continue to promote and fawn over disastrous Biden policies, as long as they think it will achieve their childlike liberal utopia, and be so horribly out of touch with the everyday plight of regular Americans under the Biden administration, and really just don’t care.


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