Topline
Walmart heiressChristy Waltonand crypto investor Michael Novogratz headlined a high-profile group calling on President Joe Biden to end his reelection bid in a letter to the White House,multipleoutletsreported Friday, asbillionairespreviously solidly in Biden’s camp join the growing chorus for the 81-year-old Biden to step aside in November’s presidential election.
Christy Walton is among the ultra-rich calling for Biden to bow out.
Key Facts
Walton, the 10th-richest woman in the U.S. according to Forbes’calculations,was among the 168 prominent figures who signed the letter calling for Biden to “pass the torch of leadership to the next generation of Democratic leaders by ending your reelection bid,” according toBloomberg.
The note, organized via the Leadership Now Project group, was delivered to senior White House officials Friday, an anonymous source told theWashington Post.
Other signatories of the letter to Biden include at least one other billionaire,Novogratz,CEO of $5 billion cryptocurrency firm Galaxy Digital, along with former NFL Commissioner Paul Tagliabue and Scott Galloway, the New York University professor and host of the popular “Prof G Pod” podcast.
Forbes has reached out to the Leadership Now Project for a copy of the letter.
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Crucial Quote
To prevent the “threats posed by a second term of Donald Trump,” the Leadership Now Project group called on Biden to “cement your legacy by passing the torch — just as George Washington did,” according to the Post.
Forbes Valuations
Walton is the 129th-richest person in the world with a $15.1 billion net worth, a fortune largely coming from the inheritance of about one sixth of her late husband John Walton’s estate following his 2005 death. Their son Lukas Walton is the 54th-wealthiest person on the planet with a $31 billion net worth, similarly coming mostly from his inheritance of about one-third of his father’s estate. Novogratz is worth $2.5 billion thanks to his crypto investments, havingfirstbought bitcoin in 2013, when one bitcoin was worth less than $200, a fraction of its roughly $56,500 price Friday.
Key Background
Christy Walton isamongthe most prolific donors to the anti-Trump Lincoln Project political action committee, donating over $115,00 to the group in 2020 and 2021. Lukas Waltondonated$5,600 directly to the Biden campaign in 2020 andanother$360,600 to a Biden PAC that year. Novogratzpreviouslysupported Biden challenger Rep. Dean Phillps, D-Minn., in the Democratic primaries. Several other billionaires previously in Biden’s corner havereportedlyexpressed concerns about Biden running for reelection following his rocky showing in last week’s debate. That group includes Netflix cofounder Reed Hastings, whotoldtheNew York Times“Biden needs to step aside to allow a vigorous Democratic leader to beat Trump,” and Laurene Powell Jobs, who the Times reported was among a West Coast elite group privately alarmed about Biden’s debate performance. Billionaire Mark Cuban alsotold CNN last weekit’s “worth considering” another Democratic nominee, though he has said he’ll still vote for Biden if he remains the only option against Trump.
Further Reading
