Key Takeaways
- • Mike Novogratz, CEO of Galaxy Investment Partners and a $200,000 Biden 2020 donor, is co-hosting a campaign fundraiser for Rep. Dean Phillips on December 16, 2023, in New York City with suggested contributions of $3,300 per attendee.
- • Novogratz cited age concerns as the primary driver of his shift, stating "I think he's too old" regarding Biden (81) and Trump (turning 78), and views Phillips as a "smart centrist with a strong business record."
- • The cryptocurrency investor previously donated over $1 million to the super PAC Defeat by Trump in 2020 but is now exploring support for multiple Republican alternatives, including plans to meet with Nikki Haley.
- • Novogratz represents a small but notable cohort of wealthy Biden supporters defecting to seek primary alternatives, signaling donor frustration within the Democratic establishment over incumbent leadership.
- • Biden's campaign dismissed Novogratz's departure, with spokesman TJ Ducklo stating unfamiliarity with the investor while noting Biden's recent success raising over $15 million during a West Coast fundraising swing.
Summary
Mike Novogratz, the 59-year-old CEO of cryptocurrency-focused Galaxy Investment Partners, is defecting from President Joe Biden's 2020 donor base to co-host a campaign fundraiser for Representative Dean Phillips, a Minnesota Democrat mounting a long-shot primary challenge against the incumbent president. According to CNBC, Novogratz will co-host the event on Saturday (December 16, 2023) at the New York City home of David Barry, president and CEO of real estate firm Urby, with invitees encouraged to contribute $3,300 to attend.
The shift marks a significant reversal for Novogratz, who was a substantial early supporter of Biden's political operation. Federal Election Commission filings show Novogratz donated $200,000 to the Biden Action Fund, a joint fundraising committee benefiting both Biden's campaign and the Democratic National Committee, in 2020. That same year, he deployed over $1 million to the super PAC Defeat by Trump, which aimed to weaponize former President Donald Trump's public statements against him. His 2024 realignment reflects growing concerns among a select group of wealthy Democratic donors regarding the party's current leadership trajectory.
In justifying his support shift to CNBC, Novogratz articulated an age-centered rationale: "I worked hard in 2020" for Biden, but "I think he's too old. I think Trump is too old, too. We need fresh people." Biden turned 81 in November 2023, while Trump is approaching 78. Novogratz characterized Phillips as possessing intelligence and centrist positioning alongside a credible business record—attributes he views as necessary for the presidency. His exploratory posture extends beyond the Democratic primary; Novogratz indicated plans to meet with former U.S. Ambassador to the United Nations Nikki Haley in coming weeks as he evaluates Republican alternatives to Trump.
The Biden campaign's response was notably dismissive. Spokesman TJ Ducklo told CNBC: "I don't know who that is but we appreciate his support of the president and wish him the best." The statement came as Biden concluded a successful West Coast fundraising swing generating over $15 million in contributions within days. Despite Novogratz's defection, the campaign appeared unfazed, suggesting confidence in its fundraising apparatus. Nevertheless, Novogratz's departure exemplifies a broader pattern wherein historically loyal Democratic donors are quietly exploring alternatives—a phenomenon indicating potential fissures in incumbent support within the party's financial establishment ahead of the 2024 cycle.
The shift marks a significant reversal for Novogratz, who was a substantial early supporter of Biden's political operation. Federal Election Commission filings show Novogratz donated $200,000 to the Biden Action Fund, a joint fundraising committee benefiting both Biden's campaign and the Democratic National Committee, in 2020. That same year, he deployed over $1 million to the super PAC Defeat by Trump, which aimed to weaponize former President Donald Trump's public statements against him. His 2024 realignment reflects growing concerns among a select group of wealthy Democratic donors regarding the party's current leadership trajectory.
In justifying his support shift to CNBC, Novogratz articulated an age-centered rationale: "I worked hard in 2020" for Biden, but "I think he's too old. I think Trump is too old, too. We need fresh people." Biden turned 81 in November 2023, while Trump is approaching 78. Novogratz characterized Phillips as possessing intelligence and centrist positioning alongside a credible business record—attributes he views as necessary for the presidency. His exploratory posture extends beyond the Democratic primary; Novogratz indicated plans to meet with former U.S. Ambassador to the United Nations Nikki Haley in coming weeks as he evaluates Republican alternatives to Trump.
The Biden campaign's response was notably dismissive. Spokesman TJ Ducklo told CNBC: "I don't know who that is but we appreciate his support of the president and wish him the best." The statement came as Biden concluded a successful West Coast fundraising swing generating over $15 million in contributions within days. Despite Novogratz's defection, the campaign appeared unfazed, suggesting confidence in its fundraising apparatus. Nevertheless, Novogratz's departure exemplifies a broader pattern wherein historically loyal Democratic donors are quietly exploring alternatives—a phenomenon indicating potential fissures in incumbent support within the party's financial establishment ahead of the 2024 cycle.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.