In a significant turn of events, Democratic megadonors are reportedly pressuring President Joe Biden to withdraw from the 2024 presidential race, citing the growing belief that his candidacy is becoming untenable. The donors, ranging from Wall Street financiers to influential figures in Hollywood, have escalated their demands in recent days, even threatening to halt their financial support for Biden's campaign and the party itself.

Party insiders indicate that the pressure on Biden to step aside has reached an insurmountable level. Influential Democratic figures such as Chuck Schumer, Hakeem Jeffries, and Nancy Pelosi have been targeted by the donors, urging them to convince Biden to abandon his White House aspirations. These individuals claim that Biden's prospects are rapidly deteriorating, with one source close to Schumer predicting that the president will likely withdraw by Monday, though others suggest it may happen even sooner.

Sources reveal that the threat of a funding cutoff has had a substantial impact on Biden. A prominent Wall Street bundler, responsible for mobilizing financial support from other backers, stated that the president has come to realize that his campaign will not receive another dollar of fundraising. Furthermore, members of Congress are reportedly growing more aggressive in their calls for Biden to step aside, adding to the mounting pressure.

This surge in pressure on Biden has coincided with a split-screen moment on national television. While Republicans have rallied around former President Donald Trump after a near-assassination incident, Biden has defied his own party's pleas to quit. The visuals of Trump's support contrasted with Biden's struggles, seen grappling to board Air Force One after testing positive for Covid-19, have deeply concerned donors, business leaders, and senior Democrats.

Polling data further indicate a decline in Biden's popularity and electability. According to a recent CBS-YouGov poll, Trump has extended his national lead over Biden by five points since the incident. Additionally, other polls conducted following the President's lackluster debate performance against Trump have shown further regression for Biden. These numbers and the sentiment of congressional delegation and base voters who believe Biden should step aside have gravely impacted his ability to lead the Democratic party ticket.

Multiple donors have revealed that the campaign to force Biden off the ticket, which had lost some steam during his hosting of Nato leaders in Washington the previous week, has now regained momentum. Democratic donor Mohsin Meghji, the head of restructuring advisory firm M3 Partners, stated that the efforts to replace Biden are rapidly gaining traction and may now be irreversible.

The renewed energy behind this movement is exemplified by a tech industry donor who recently diverted their donations from Biden to Democratic House and Senate candidates. They express their belief that change is underway and that the president's departure from the race is imminent.

As pressure mounts and funding pledges hang in the balance, Joe Biden's future as a contender in the 2024 presidential race appears increasingly uncertain. With key party insiders, megadonors, and polling indicating growing discontent, the coming days could be decisive in determining the fate of his candidacy.