Two billionaire Democratic donors have publicly pressured Vice President Kamala Harris to replace the F.T.C. chair, Lina Khan. Wall Street insiders are worried that could backfire.

Wall Street Democrats have spent the last eight years complaining about their relationship with Washington. They found former President Donald Trump’s presidency unpredictable, and then became estranged from the Democratic Party as President Biden hired the most aggressive antitrust regulators in recent memory. But now that Vice President Kamala Harris is the party’s presumptive presidential nominee, they see a chance to regain influence.

Some have returned to a long tradition of writing checks, scheduling fund-raising dinners and orchestrating subtle campaigns. But others, embracing the public lobbying welcomed by Trump and employed by outspoken C.E.O.s like Elon Musk and Bill Ackman, are openly calling for Harris to oust Lina Khan, the chair of the Federal Trade Commission: “I think she’s a dope,” Barry Diller, the chairman of

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