Why Some Donors Are Holding Back on Endorsing Harris (for Now)

Vice President Kamala Harris has secured the backing of most leading Democrats and big donors, but some worry that going too fast could backfire with voters. Credit…Erin Schaff/The New York Times

Why some big money is holding out for now

After just one full day of campaigning, Vice President Kamala Harris has a glide path to the Democratic presidential nomination. She has won endorsements from potential rivals and from powerful party figures like Representative Nancy Pelosi, the former speaker.

The Harris campaign also said it had raised more than $100 million between Sunday afternoon and Monday evening. But some major Democratic donors, including Mike Bloomberg and the venture capitalist Vinod Khosla, have yet to endorse her. DealBook hit the phones to find out why.

Big-ticket backers don’t want it to look like a coronation. The concern is that if they support Harris too soon, they would appear to be anointing their party’s presidential candidate, rather than her earning it through a full democratic process. That would be reminiscent of the old days of smoke-filled rooms — and, in their minds, risked backfiring politically.

In a post on X on Monday, Bloomberg stressed that the nominating process should play out:

And Khosla posted on X, “An open process will allow everyone a chance to make their case and express their views. Coronations are bad for democracy.”

It isn’t just donors holding back their endorsement: Senator Chuck Schumer, the majority leader, and Representative Hakeem Jeffries, the minority leader, have also stayed neutral in public.

But everyone could fall in line soon. Harris has already secured pledges from more than enough delegates to win the nomination. (Though these pledges are not binding, it’s unclear there is any other option.)