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.
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.
“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.”
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