President Joe Biden acknowledges the group during an event on the creation of recent manufacturing jobs in Washington, D.C., April 25, 2023.
Jim Watson | Afp | Getty Images
President Joe Biden is heading to Latest York City next week for a potentially lucrative campaign fundraising swing as he amasses an early money pile for his reelection bid, CNBC has learned.
Former Blackstone executive Tony James will first host Biden for a campaign fundraiser at his Latest York apartment on May 10, in line with a memo to donors first reviewed by CNBC. Tickets for the gathering will go for $25,000 per person, in line with the memo. Transportation Secretary Pete Buttigieg can also be expected to attend, the memo stated.
After the James gathering, Biden will then head to a campaign fundraising dinner on the Upper East Side home of George Logothetis, the chief chairman of the worldwide conglomerate the Libra Group, in line with an individual with direct knowledge of the matter.
The fundraisers are Biden’s first events to boost campaign money within the Big Apple since he announced he would run for reelection next yr. They signal early support for the incumbent amongst wealthy Democratic donors, whilst among the party’s voters say they would like a substitute for the president.
The Biden fundraisers are scheduled to happen sooner or later after the president is ready to fulfill with congressional leaders on the White House to debate the debt ceiling.
A Biden campaign spokesman declined to comment. James and Logothetis didn’t return requests for comment.
James, who raised money for Biden during his 2020 presidential win over former President Donald Trump, announced he was retiring from Blackstone almost two years ago after serving because the private equity giant’s executive chairman. Biden announced this yr that he would appoint James to his intelligence advisory board.
James owns a two-story duplex off the swanky Fifth Avenue across from Central Park that he purchased for $24.9 million, Forbes reported. The previous Wall Street executive has a fortune at his disposal: The Financial Times reported that James sold $500 million price of Blackstone stock weeks before leaving the firm.
Logothetis and his wife reportedly bought an Upper East Side townhouse for $12.5 million, and have since hosted campaign fundraisers there, including a gathering in support of former President Barack Obama. Logothetis and his relations have been regular donors to the Democratic Party, in line with data from the nonpartisan OpenSecrets.
Wall Street executives played a key role for Biden during his 2020 victory over Trump. They spent over $74 million in support of his candidacy.
A few of the party’s wealthiest donors, including media mogul Haim Saban, tech executive Reid Hoffman and Wall Street titan Donald Sussman, all moved immediately to get into Biden’s corner in his reelection bid.
Biden is cobbling together key party financiers as polls show his rival Trump is the early favorite to be the Republican nominee for president again.
An NBC News poll shows 46% of the Republican primary voters support Trump over other declared and potential rivals, including Florida Gov. Ron DeSantis. DeSantis trails him with 31% of support.
The vast majority of those surveyed said they would like that neither Biden nor Trump run for president.
Trump and Biden combined to boost almost $2 billion throughout the 2020 election cycle, in line with data from OpenSecrets.
Biden raised just over $1 billion that cycle, while Trump brought in $773 million.
