Joe Biden to Spend Thanksgiving at Home of Billionaire Businessman

President Joe Biden will spend Thanksgiving at the home of a private equity billionaire on Nantucket Island, Massachusetts, in a revival of a family tradition of spending the holiday on the island.

The president and first lady Jill Biden will have Thanksgiving dinner at the home of David Rubenstein, a billionaire and co-founder of the Carlyle Group, a global investment firm.

Forbes estimates that Rubenstein is worth $4.5 billion, but he won't be in attendance because he's reportedly traveling abroad. He also served as a White House official under former President Jimmy Carter before going into private equity.

The Bidens and members of their extended family, including grandhchildren, will spend the holiday in Nantucket, according to a White House pool report on Tuesday.

The White House told reporters: "The First Family will stay at the home of their friend, David Rubenstein, as they have done previously." The family landed in Nantucket on Tuesday.

Their trip is a revival of a longstanding tradition of traveling to Nantucket for Thanksgiving, which began in 1975.

At the time, Biden was a senator and had received several invitations to attend Thanksgiving dinner.

According to his 2017 memoir, Promise Me, Dad, Biden took the advice of his then chief of staff Wes Barthelmes to have a "nuclear Thanksgiving"—meaning one involving just his family.

The Biden family has spent almost every Thanksgiving since 1975 in Nantucket, with the exception of 2015 after Biden's son, Beau Biden, passed away, and then in 2020, due to the COVID-19 pandemic.

The president's decision to spend the holiday at the home of a private equity billionaire is likely to become a source of criticism as Americans struggle with high prices and record inflation.

The Thanksgiving meal is set to cost 14 percent more this year due to inflation. According to the American Farm Bureau, a holiday meal for 10 people will cost around $53.31 this year.

That statistic may be particularly troubling for consumers considering the price of a Thanksgiving meal had previously been falling since 2015. The price of turkeys has also risen 21 percent on last year, according to the Department of Agriculture.

Writing in Promise Me, Dad, Biden said that despite having a good or bad year "we put it all aside and celebrated Thanksgiving in Nantucket."

He described the trip as "a constant in our grandchildren's lives from the time they were aware, and they made it clear how much it meant to them."

Joe Biden Pardons a Turkey
U.S. President Joe Biden pardons Peanut Butter the turkey during the 74th annual Thanksgiving turkey pardoning in the Rose Garden of the White House on November 19, 2021 in Washington, DC. Biden will spend Thanksgiving at the home of billionaire David Rubenstein. Anna Moneymaker/Getty Images