Netflix Co-founder Reed Hastings urges President Biden to step down

Investing.com - Netflix (NASDAQ:NFLX) co-founder Reed Hastings, known for his substantial contributions to the Democratic Party, has publicly urged President Biden to step down from the Democratic presidential ticket, according to the New York Times.

This notable call to action marks Hastings as one of the first major Democratic donors to openly express sentiments that many have been discussing privately.

Hastings, in an email to The New York Times, stated that he believes it's time for a dynamic Democratic leader to step up, defeat Trump, and ensure the safety and prosperity of the nation. This public call for change signifies a potential weakening in the president's foundation of support.

Hastings and his wife, Patty Quillin, have emerged as one of the most generous donor couples to the Democratic Party during the Trump era, collectively contributing over $20 million to support the party in recent years, including up to $1.5 million to back Mr. Biden during the 2020 presidential race.

They also donated $100,000 last summer to support Mr. Biden's potential 2024 campaign. The majority of their contributions have been directed towards super PACs intended to bolster House and Senate Democrats.

Hollywood leaders, who recently held a glamorous fundraiser for Mr. Biden, are also starting to voice their concerns publicly. Power agent Ari Emanuel expressed his frustrations earlier this week.

Hastings has a long-standing association with education reform, while Quillin is particularly focused on racial justice.

Hastings also maintains a close relationship with California Governor Gavin Newsom, who is being considered as a potential replacement for President Biden.