Blackstone Alum Hosts Biden in NYC for $25,000-a-Ticket Fundraiser

(Bloomberg) -- President Joe Biden will be tapping Wall Street donors at a pair of events Wednesday as he steps up fundraising for his 2024 reelection campaign, according to a person familiar with his plans.

Tony James, the former vice chairman of Blackstone Inc., is hosting donors at his New York apartment, an event that will also feature Transportation Secretary Pete Buttigieg. Tickets cost $25,000. At a second event, Biden will join Libra Group Chairman George Logothetis for a dinner with a smaller group of deep-pocketed contributors, said the person, who sought anonymity to discuss aspects of the president’s schedule that are not yet public.

The money will support both Biden’s campaign, which can accept a maximum of $3,300 from individuals per election, and the Democratic National Committee, which can take as much as $413,000.

The two fundraising events were first reported by CNBC.

The influx of cash will help Biden and the DNC finance early advertising intended to bolster his slumping poll numbers. His approval rating slid to a career low of 36% in a recent ABC News/Washington Post poll. That survey also showed him trailing predecessor Donald Trump 44% to 38% in early voter preferences for the 2024 election.

Trump currently leads in polls to snag the Republican nomination.

So far, the DNC has spent $1.6 million on broadcast and cable ads backing Biden, according to data from AdImpact, which tracks political spending. That’s an unusual outlay so early in a presidential contest. Three Democratic super political action committees have chipped in another $1 million on the president’s behalf.

Biden tapped Wall Street people heavily for his 2020 campaign, raising $79 million from them, according to OpenSecrets.

James, a billionaire as well as a longtime Democratic donor and fundraiser, gave $150,000 to the president’s 2020 effort, and was among the bundlers the campaign disclosed who raised at least $100,000 for it.

Logothetis, a member of a Greek shipping family who founded Libra Group, a closely-held entity with investments in aviation, energy, hospitality and shipping, donated $2,800, the maximum donation at the time.

--With assistance from Devon Pendleton.

(Updates with detail on Logothetis, in final paragraph.)

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