Veteran Investor Switches Sides: Mike Novogratz Fundraises for Rep. Dean Phillips

Renowned investor Mike Novogratz, a longtime supporter of Joe Biden, has made a surprising shift in his political alliances. Novogratz is now fundraising for Rep. Dean Phillips, who is challenging Biden in the Democratic primary. This unexpected move has caught the attention of many in the political sphere.

Novogratz, the CEO of Galaxy Investment Partners, will co-host a campaign fundraiser for Phillips in New York City. The event will take place at the home of David Barry, the president and CEO of real estate firm Urby. The invitation, reviewed by CNBC, encourages attendees to contribute $3,300 to support Phillips. This fundraising initiative highlights Novogratz’s dedication to his newfound candidate.

Novogratz’s decision to support Phillips comes as a surprise, considering his past support for Joe Biden. In 2020, Novogratz donated $200,000 to the Biden Action Fund, a joint fundraising committee for the Biden campaign and the Democratic National Committee. Additionally, he contributed over $1 million to Defeat by Tweet, a super PAC aimed at using former President Donald Trump’s tweets against him. Novogratz expressed his fatigue with both Biden and Trump, stating that he believes they are too old for the job. This prompted him to seek out fresh faces in politics.

The investor views Phillips as a smart centrist with a strong business record. Novogratz recognizes the need for new and innovative ideas in political leadership, and he believes that Phillips embodies these qualities. As he considers broadening his political involvement, Novogratz plans to meet with former U.S. ambassador to the United Nations Nikki Haley next month, indicating his interest in supporting candidates who can challenge Trump.

The Biden campaign spokesperson, TJ Ducklo, expressed unfamiliarity with Novogratz but appreciated his previous support. Ducklo stated, “I don’t know who that is but we appreciate his support of the president and wish him the best.” Despite Novogratz’s switch in allegiance, the campaign remains focused on Biden’s successful fundraising efforts.

Novogratz’s concerns about Biden’s age resonate with many voters. An August Associated Press poll revealed that 77% of respondents believed Biden was too old to be effective in a second term. Moreover, Biden’s current approval ratings stand at around 40%, according to a November NBC News poll. These statistics highlight the divisive opinions surrounding Biden’s presidency.

In addition to his change in political alliances, Novogratz has been critical of the Biden administration’s stance on cryptocurrency. At a recent business summit in Miami, he expressed his belief that the Democratic Party and the Biden administration hold unfavorable views on crypto. This raises questions about the intersection of politics and financial technology within the current administration.

Despite Novogratz’s support, Phillips remains a long shot candidate in the Democratic primary. A recent Morning Consult poll indicates that Biden holds a significant lead over Phillips, with a staggering 69% advantage. This discouraging poll result emphasizes the uphill battle that Phillips faces in securing the Democratic nomination.

Mike Novogratz’s change in allegiance has generated widespread interest and speculation. His decision to fundraise for Rep. Dean Phillips reflects his desire for fresh faces in politics and his belief in Phillips’ centrist approach. Novogratz’s criticism of Biden’s age and the administration’s stance on cryptocurrency further adds to the narrative. However, Phillips remains an underdog in the primary, facing significant obstacles in his bid to challenge Biden for the Democratic nomination. Only time will tell how Novogratz’s support and the upcoming meeting with Nikki Haley will impact the future political landscape.


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