How much of his own money did Vivek Ramaswamy spend on presidential bid?

Jan 16

Simone Del Rosario Business Correspondent

By Simone Del Rosario (Business Correspondent), Emma Stoltzfus (Editor), Brent Jabbour (Producer)

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Here’s the indisputable truth about Vivek Ramaswamy: He put his money where his mouth is. Running for president costs a lot of money, and Ramaswamy paid for most of his campaign out of his pocket.

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The entrepreneur effectively dropped out of the presidential race after a distant fourth-place showing at the Iowa caucuses. He scored just three delegates and less than 8% of the vote. He previously said he’d consider 10% support in Iowa a victory.

“As of this moment, we are going to suspend this presidential campaign,” Ramaswamy said in concession Monday night.

His departure from the race is a departure from what he said just before the caucuses, which is that he’d be in the race until the very end, fueled by his personal wealth.

About two weeks ago, an SEC filing shows he sold $33 million worth of shares of the biotech firm he founded. A campaign spokesperson confirmed at the time he would use the profits of the sale to make a significant investment in the campaign.

The latest Federal Election Commission filings show Ramaswamy himself contributed more than $17 million to his campaign through Sept. 30, which is 64% of total campaign contributions. Over the same period, fellow candidates Donald Trump, Ron DeSantis and Nikki Haley have personally contributed $0 to their campaigns.

The FEC told Straight Arrow News that candidates have until the end of January to file year-end reports, so Ramaswamy’s total contribution down the stretch is likely much larger.

It’s still a small fraction of his wealth. Forbes said he was worth $1 billion back in August, making him one of the 20 youngest billionaires in the country at age 38.

So what’s ahead for the young political outsider? On Monday, he offered a full-throated endorsement for Donald Trump.

This entire campaign is about speaking the TRUTH. We did not achieve our goal tonight & we need an America-First patriot in the White House. The people spoke loud & clear about who they want. Tonight I am suspending my campaign and endorsing Donald J. Trump and will do everything…
— Vivek Ramaswamy (@VivekGRamaswamy) January 16, 2024

“As I’ve said since the beginning, there are two America First candidates in this race. And earlier tonight, I called Donald Trump to tell him that I congratulate him on his victory. And now going forward, he will have my full endorsement for the presidency,” Ramaswamy said.

On Truth Social, Trump thanked Ramaswamy for his endorsement, calling it a great honor. Earlier the same day, he had told his followers, “A vote for Vivek is a wasted vote.”

Tags: 2024 Elections, Campaign funding, Donald Trump, Election, Federal Election Commission, Iowa, Iowa caucuses, Nikki Haley, Republican Primary, Republicans, Roivant, Ron DeSantis, Securities and Exchange Commission, Vivek Ramaswamy

[Simone Del Rosario]

One thing you can say about Vivek Ramaswamy: He put his money where his mouth is. Running for president costs a lot of money, and Ramaswamy paid for most of his campaign out of his own pocket. I’m about to tell you how much.

The entrepreneur effectively dropped out of the presidential race after a distant 4th-place showing at the Iowa caucuses. He scored just three delegates and less than 8% of the vote. He’d previously said he’d consider 10% support in Iowa a victory.

[Vivek Ramaswamy]

“As of this moment, we are going to suspend this presidential campaign.”

[Simone Del Rosario]

His departure is a departure from what he said just before the caucuses, which is that he’d use his personal wealth and be in the race until the very end. About two weeks ago, an SEC filing shows he sold $33 million in shares of the biotech firm he founded. A spokesperson confirmed he’d use the profits of the sale to make a significant investment in the campaign.

The latest Federal Election Commission filings show Ramaswamy himself contributed more than $17 million to his campaign through September 30th. That’s 64% of total campaign contributions. Over the same period, Donald Trump, Ron DeSantis and Nikki Haley have personally contributed $0 to their campaigns.

Candidates have until the end of January to file year-end reports, so Ramaswamy’s total contribution down the stretch is likely much larger. It’s still a small fraction of his wealth. Forbes said he was worth $1 billion back in August, making him one of the 20 youngest billionaires in the country. He’s 38.

So what’s ahead for the young political outsider? A full-throated endorsement for Donald Trump.

[Vivek Ramaswamy]

As I’ve said since the beginning, there are two America First candidates in this race. And earlier tonight, I called Donald Trump to tell him that I congratulate him on his victory. And now going forward, he will have my full endorsement for the presidency.

[Simone Del Rosario]

On Truth Social, Trump thanked Vivek for his endorsement, calling it a great honor, the same day he had told his followers a vote for Vivek is a wasted vote.