Veteran Investor Mike Novogratz Switches Sides to Fundraise for Biden’s Primary Opponent
Veteran investor and long-time Joe Biden supporter Mike Novogratz is changing his allegiance to fundraise for Rep. Dean Phillips, who is challenging President Biden in the primary election. Novogratz, the CEO of cryptocurrency-focused Galaxy Investment Partners, will co-host a campaign fundraiser for Phillips in New York City. The event will be held at the home of David Barry, the CEO of Urby, a real estate firm. Attendees are encouraged to contribute $3,300.
Novogratz’s Support for Biden and Donations
In 2020, Novogratz donated $200,000 to the Biden Action Fund and over $1 million to the super PAC Defeat by Tweet. However, Novogratz now believes that both Biden and former President Trump are too old for office and that fresh faces are needed in politics.
Novogratz’s View on Dean Phillips
Novogratz sees Phillips as a smart centrist with a strong business record. He also plans to meet with former U.S. ambassador Nikki Haley as he considers supporting her in defeating Trump.
Biden Campaign’s Response
The Biden campaign spokesman expressed unfamiliarity with Novogratz but appreciated his previous support. The spokesperson stated that they wish him well.
Concerns About Biden’s Age and Approval Ratings
Novogratz’s concerns about Biden’s age are shared by voters. An AP poll found that 77% of respondents believed Biden was too old for a second term. Additionally, Biden’s approval ratings are currently around 40% according to an NBC News poll.
Novogratz’s Criticism of the Biden Administration’s Stance on Cryptocurrency
Novogratz has been critical of the Biden administration’s stance on cryptocurrency, stating that they are not favorable towards it. He made these comments at a business summit in Miami.
Phillips’ Chances in the Primary Election
Despite Novogratz’s support, Phillips remains a long-shot candidate for president. A recent Morning Consult poll shows Biden leading Phillips by 69 percentage points.
Hot Take: Novogratz Switches Sides to Support Biden’s Primary Opponent
Veteran investor Mike Novogratz, a previous supporter of Joe Biden, is now fundraising for Rep. Dean Phillips, who is challenging President Biden in the primary election. Novogratz believes that both Biden and Trump are too old for office and that fresh faces are needed. He sees Phillips as a smart centrist with a strong business record. Despite Novogratz’s support, Phillips faces an uphill battle as shown by polling numbers. Novogratz has also been critical of the Biden administration’s stance on cryptocurrency. These developments highlight the shifting dynamics within political alliances and the importance of age and policy issues in shaping voter opinions.
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