Dozens of high-power business leaders, including Walmart Inc. (NYSE:WMT) heir Christy Walton, have signed a letter to President Joe Biden asking him to give up his re-election bid, while praising his time in the Oval Office.

The letter, which was obtained by Bloomberg and signed by 168 executives and billionaires, credit Biden, 81, with "rescuing our democracy from the deepest threats it has known since the Civil War."

But the letter, which came from the Leadership Now Project, also encouraged Biden to step aside by telling him, "to ensure that legacy is cemented, we ask that you pass the torch of leadership to the next generation of Democratic leaders by ending your reelection bid," Bloomberg reported.

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Other signatories include Michael Novogratz, CEO of Galaxy Investment Partners, and Paul Tagliabue, former commissioner of the National Football League.

Walton, 75, is worth about $14 billion, according to the Bloomberg Billionaires Index. The philanthropist is the widow of John T. Walton, the second son of Walmart Inc. founder Sam Walton.

Walton, Novogratz and Tagliabue haven't donated to Biden's re-election campaign, Bloomberg reported.

The letter, which also told Biden that “nothing short of American democracy is at stake this November,” has come after Leadership Now published an unsigned statement on Wednesday that said business leaders have “heard from many individuals who share our deep concerns about the present course but fear speaking out.”

“But speaking out is our duty in a democracy and the time to do it is now,” Leadership Now said in its statement.

“We call on others to join us in making this urgent call.”

Leadership Now pointed to Biden’s performance in his June 27 debate with former President Donald Trump in requesting that the president give up his campaign for a second term.

“What we witnessed Thursday night in the presidential debate was deeply concerning,” the organization said.

“Donald Trump repeatedly lied, preyed on our worst fears and grievances, and refused to commit to accepting the 2024 election results. Unfortunately, President Biden failed to effectively make the case against Trump, and we now fear the risk of a devastating loss in November.”

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