Billionaire Donors Withhold Cash from Ineffectual DNC Amid Fundraising Crisis

Following President Donald Trump's decisive 2024 victory, the Democratic National Committee (DNC) faces significant financial challenges as several high-profile billionaire donors, including Barry Diller and Michael Bloomberg, have paused or reduced their contributions, citing the party's perceived ineffectiveness and lack of clear leadership. Diller criticized President Biden's administration in his memoir for failing to fulfill its promises and described the DNC as decentralized and ineffectual, sentiments echoed by other donors like hedge-fund manager Marc Lasry. Reports indicate the DNC is cash-strapped, borrowing money, and struggling with internal conflicts and leadership issues, including the fallout from David Hogg's departure as vice chair. This financial strain and donor withdrawal occur amid broader concerns about the party's direction and fundraising strategy ahead of the 2026 midterm elections. The Democratic Party's difficulties contrast with the Republican Party under Trump's leadership, which has maintained stronger financial footing. These developments highlight ongoing challenges for the Democrats in rebuilding donor confidence and organizational cohesion post-2024 election.