Pressure is mounting on Biden from wealthy Democratic donors.

After his poor debate performance last week, US President Joe Biden said he is determined to remain the Democratic Party’s presidential nominee. However, wealthy donors from his party are looking for ways to persuade Biden to drop out, The New York Times reported.

The paper wrote, for example, that donors are urging representatives at all levels to publicly lobby Biden. Anyone who responds is promised financial support for his campaign. Some major donors, such as Netflix co-founder Reed Hastings, have even publicly called for Biden to resign.

Cryptocurrency billionaire Mike Novogratz and Hollywood filmmaker Andrew Jarecki are reportedly working on creating a $100 million fund called Next Generation PAC, according to the newspaper. The money is to be used to support an alternative candidate. The initiative has been well received on Wall Street and in Silicon Valley, according to four people familiar with the talks, according to the New York Times.