Top Democrat donor Reid Hoffman backs Harris after election shakeup

Major Democratic donor Reid Hoffman has thrown his support behind Kamala Harris as the party’s presidential candidate, saying the vice president is “the right person at the right time.”

The entrepreneur – who co-founded LinkedIn and whose net worth is estimated as $2.5bn by Forbes – said the decision by Joe Biden to end his reelection bid was “one of the most selfless acts we’ve seen from a politician in modern American history.”

It comes as other major donors including Abigail Disney, who had previously threatened to stop donations to the party should Biden continue with his campaign, also confirmed she would be resuming support.

Hoffman, a venture capitalist and one of Silicon Valley’s most prominent investors, said he believed Americans would make “the right decision” between Harris and Trump.

“Joe Biden is a leader who acts with the best interests of America in mind,” he wrote on X.

“Not seeking re-election is one of the most selfless acts we’ve seen from a politician in modern American history. This is what’s right for our country—and our democratic future.”

He continued: “Kamala Harris is the right person at the right time. Donald Trump and JD Vance are promising an agenda that will wreak havoc on the American people.

“Harris’s background and leadership growing the economy, fighting for bodily autonomy, and protecting our democracy uniquely position her to push back against Trump’s extremism.

“The Democrats are the party of policy, progress, and action. When presented with the choice between Kamala Harris and Donald Trump, I believe in the American people to make the right decision for our country.

“The Biden-Harris administration has put this country on the right track. It’s time for us to unite. I wholeheartedly support Kamala Harris and her candidacy for President of the United States in our fight for democracy in November.”

It comes as other high-profile donors, including Disney and Hollywood A-Lister George Clooney, all called for Biden to end his campaign.

Disney, the granddaughter of Roy O Disney who founded the company with his brother Walt, confirmed to CNBC on Monday that she would be resuming support for the party, in light of Biden’s shock announcement on Sunday.

In a previous statement shared with the outlet, she described Harris as “an excellent vice president,” and urged the party to rally around her.

“If Democrats would tolerate any of her perceived shortcomings even one tenth as much as they have tolerated Biden’s (and let’s not kid ourselves about where race and gender figure in that inequity) and if Democrats can find a way to stop quibbling and rally around her, we can win this election by a lot.”