A top Democrat donor issued a statement on Friday urging President Joe Biden to end his re-election campaign as he continues to fall further behind former President Donald Trump in polling.

Billionaire Silicon Valley venture capitalist Michael Moritz — who has given nearly $8 million to pro-Biden and anti-Trump political action committees thus far during the 2024 cycle — said that he will not give any more money to Democrats this cycle if Biden remains the nominee.

“Sadly, President Biden has a choice — vanity or virtue,” he said in a statement to The New York Times. “He can either condemn the country to dark and cruel times or heed the voice of Father Time. The clock has run out.”

“I would vote for Biden, but I would not give another penny to any fund-raising appeals from Democrats,” he added.

Major Democrat donors informed the pro-Biden political action committee Future Forward earlier this month that they will freeze $90 million in donations if the president remains in the presidential race.

The Times, citing “two people who have been briefed on the conversations,” reported that the frozen contributions include eight-figure donations from multiple people. According to the Times, one donor said Future Forward approached him multiple times about a contribution following Biden’s disastrous debate, but the donor said he and others are “holding off.”

A Future Forward adviser reportedly said the Super PAC expected donors who had paused contributions to unfreeze them once the Democrats resolved the uncertainty surrounding Biden’s nomination. The potential blow to Biden’s campaign comes just hours after Biden sought to assuage fears surrounding his mental and physical capabilities by holding a rare solo press conference on Thursday.