Major Democratic Donors Ask Themselves: What to Do About Biden?

The Democratic Party’s perennially nervous donor class descended into deep unease on Friday, as some of the wealthiest people in America commiserated over President Biden’s weak debate performance and puzzled over what, if anything, they could do to change the course of the race.

There were discussions with political advisers about arcane rules under which Mr. Biden might be removed from the ticket against his will and replaced at or before the Democratic National Convention, according to a person familiar with the effort.

In Silicon Valley, a group of megadonors, including Ron Conway and Laurene Powell Jobs, were calling, texting and emailing one another about a situation they described as a possible catastrophe. The donors wondered about whom in the Biden fold they could contact to reach Jill Biden, the first lady, who in turn could persuade her husband not to run, according to a person familiar with the conversations.

A Silicon Valley donor who had planned to host an intimate fund-raiser featuring Mr. Biden this summer decided not to go through with the gathering because of the debate, according to a person told directly by the prospective host. Another major California donor left a debate watch party early and emailed a friend with the subject line: “Utter disaster,” according to a copy of the email.

In group chats and hushed discussions, some wealthy Democrats floated interventions, others hoped Mr. Biden would have an epiphany and decide to exit on his own, and still more strategized about steering dollars to down-ballot candidates. The most optimistic donors wanted to wait for polling to see the scope of the fallout.

The crisis in the donor class —outlined in interviews with almost two dozen donors and fund-raisers, many of whom insisted on anonymity to discuss their private conversations — could not come at a worse moment for Mr. Biden. Former President Donald J. Trump has outraised him in each of the last two months, erasing the president’s once gaping financial advantage and opening one of his own.