Wall Street Donors Sit Tight Just When Biden Needs Cash Most
- Biden, DNC already well behind Trump, GOP in fundraising
- Large donors focused on giving to pandemic-related targets
Supporters of former Vice President Joe Biden attend a watch party on Super Tuesday in Charlotte, North Carolina, on March 3.
Photographer: Logan Cyrus/AFP via Getty Images
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Big donors to U.S. presidential campaigns are feeling the economic pinch from the coronavirus pandemic and holding on to their money just when the candidates -- especially Democratic front-runner Joe Biden -- need it most.
With stocks falling, businesses shrinking and unemployment soaring, donors of all sizes are feeling the effects. Billionaires counted on to fuel super PAC spending have seen their net worth plummet by anywhere from 10% to as much as 75%.