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Mike Novogratz said he will support Rep. Dean Phillips in the Democratic primary
“I worked hard in 2020” for Biden, Novogratz told CNBC. This time, “I think he’s too old.” I think Trump is too old too. We need new people’
Phillips trails Biden in polls for Democratic presidential nomination
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A billionaire crypto investor and longtime Joe Biden supporter is switching his allegiance to Dean Phillips in the 2024 White House election, citing the president’s advanced age.
Mike Novogratz, CEO of GalaxyInvestment Partners, a cryptocurrency-focused firm, said the country needs “new people.”
‘I worked hard in 2020’ for Biden, Novogratz said CNBC. This time, “I think he’s too old.” I think Trump is too old too. We need new people.’
Biden turned 81 in November. Donald Trump, who leads the polls for the Republican presidential nomination, will turn 78 next June.
Mike Novogratz, CEO of GalaxyInvestment Partners, a cryptocurrency-focused firm, said he will support Rep. Dean Phillips in the Democratic presidential primary.
Novogratz donated $200,000 to support Biden’s campaign and the Democratic National Committee in 2020, and more than $1 million to Defeat By Tweet, a super political action committee that opposed Trump.
On Saturday he will co-host a campaign fundraiser for Phillips in New York at the home of David Barry, chairman and chief executive of Urby, a real estate company.
Novogratz, 59, a former partner at Goldman Sachs, has a net worth of $1.5 billion.
He told CNBC that he sees Phillips as a smart centrist with a strong business background.
In October, Phillips, a representative from Minnesota not well known nationally, launched his long-shot bet against Biden.
Meanwhile, Novogratz also said he plans to meet with Republican candidate Nikki Haley next month as he weighs whether or not to help her defeat Trump in the race for the Republican nomination.
A spokesperson for the Biden campaign said he did not know Novogratz.
“I don’t know who he is, but we appreciate his support of the president and wish him the best,” Biden campaign spokesman TJ Ducklo told CNBC in a statement.
President Joe Biden, 81, has faced questions about his age; He is the oldest elected president in United States history.
Rep. Dean Phillips was 69 points behind Joe Biden in a November poll.
Biden, who is the oldest president in US history, has faced questions about his physical and mental health. His doctor has declared him healthy and fit to be president.
But polls show that Americans are concerned about their age in a way that they are not concerned about Trump, who is only three years younger than Biden.
An Associated Press poll in August found that 77% said Biden was too old to be effective in a second term.
Phillips also referenced Biden’s age when announcing his decision to challenge the president in the Democratic primary. He has a steep climb. A Morning Consult poll from November showed him 69 points behind Biden.
He pointed to the Washington Examiner that both Biden and Trump would be over 80 years old by the end of their terms if elected.
He also noted that numerous polls show significant concerns among the public about both men, adding: “They don’t want either of them in the White House.”
“There is an immense appetite for change,” Phillips said. ‘A substantial desire to move on and what I call the exhausted majority’s frustration with the arguments, the dysfunction and the nonsense, and the search for someone who hasn’t been a part of it, isn’t causing it, and they want someone new. ‘