Vivek Ramaswamy bases his conservative orthodoxy on his background as an “anti-woke” fighter against corporations like Disney — even before he ran for president. As much as it had conservative legitimacy – it has made it up.
Ramaswami has demanded that Disney be “held accountable” and used the company as a user. A Cudgel Against Top Republican RivalsFlorida Governor Ron DeSantis.
The problem is that Mr. Ramaswamy has not actually mentioned his money.
Despite speaking out harshly against Disney in his book and writing a strongly worded shareholder letter to then-CEO Bob Chapek in September 2022, Ramaswamy and his hedge fund, Strive. Asset management has had little influence on the company, despite very public claims to the contrary.
In late November 2022, when Mr. Chapek was fired by a unanimous vote of the board, Strive, of which Mr. Ramaswamy was chairman at the time, stated that Mr. Chapek’s dismissal was “in line with the mission of Strive’s shareholders.” “I am doing so,” he claimed.
Politicians like to claim credit for whatever they can, but the “mandate from Strive’s shareholders” was no great command at all.
Ramaswamy and his fund may have been telling the big picture, but the Disney stock they owned was minuscule compared to the value of the company as a whole. According to shareholder information shared with The Daily Beast, Strive owned $850,000 in Disney stock in the $167 billion company on the day Chapek was fired — meaning Strive owned 0.0005 of a Disney stock at the time. This means that he owned %.
But that didn’t stop Mr. Ramaswamy from acting victorious over the decision and acting like he was bossy about Disney.political agendawas instrumental in ousting Mr. Chapek.
The race to determine who is most anti-Disney among the Republican presidential candidates is heating up. Mr. Ramaswamy touted his investment firm’s role in Mr. Chapek’s ouster as a significant achievement. But like much of Ramaswamy’s record, his claims don’t quite match reality.
Much of Ramaswamy’s Republican origins go back to his investment funds. Lawsuit from former employee An issue in which management allegedly pressured employees to violate securities laws.
The candidate mentioned the company 30 times in his 2021 book, Woke, Inc.: Inside Corporate America’s Social Justice Scam, which launched his upstart presidential bid. Ramaswamy’s lane on the field was a treat for Trumpworld, as he could potentially outsmart DeSantis on the right side of the House of Mouse.
The problem is, according to information shared by The Daily Beast, the closest Mr. Ramsawamy ever came to fighting Disney was a misguided warning shot at the company that owns 1/20,000th of the giant corporation. .
This is very different from Mr. Strive’s bragging. December 2022 Press Releasetouted the various ways the company held Disney accountable.
Mr. Ramaswamy touted Mr. Strive’s “engagement” with Disney, publicly identified Disney as a target in the upcoming voting season, and promoted a letter he sent to shareholders in September.
In fact, the letter criticized Disney for opposing Florida’s Parental Rights in Education Act (more commonly known as the “Don’t Tell Me I’m Gay” bill). “We believe that with appropriate board oversight and governance, the harm to Disney’s business interests resulting from this decision could have been mitigated, and we would like to understand the board’s level of involvement in this matter… We remind Disney’s Board of Directors that it has a fiduciary duty only to Disney’s actual owners.” not to the major financial institutions that promote it,” Strive said in the letter.
However, as far as the “actual owners of Disney” are concerned, Strive was not, according to shareholder information.
Mr. Ramaswamy relies heavily on his experience as a politically motivated investor and less on his experience as a pharmaceutical company founder. While his days as a pharmaceutical tycoon have been very lucrative for him personally, he doesn’t have the same level of cultural cachet as Republican voters, and in fact could be a political liability.
Eight in 10 Americans, regardless of party, believe that the profits made by pharmaceutical companies aremain factor” Prescription drug prices, and even two-thirds of Republicans He says there aren’t as many regulations on prescription drug prices as there should be.
As one Republican strategist put it, in his own words, is he better known as the mentor and “friend” of the infamous Martin Schulkeli, or as the guy who took the fight to Disney? Is it better?
“It’s very important for voters to see Vivek’s track record here,” said the strategist, who asked not to be identified. “The root of everything is a community of scammers.”
Ramaswamy’s campaign did not respond to a request for comment.
a new york times report According to the September 2022 DealBook newsletter, Ramaswamy’s new business is described as “harnessing the power of shareholder voting to help large companies refocus on maximizing profits.” , Ramaswamy says the board has strayed from this goal.It also said the same thing shareholder letter Strive told Disney in a press release that it took credit for part of Chapek’s firing.
Of course, this was in the early stages of Strive’s promised growth as a major player, with the lofty goal of rivaling the likes of BlackRock and Vanguard as leading funds capable of influencing corporate governance. But it came from the right wing.
Mr. Ramaswamy certainly acts as if he has accomplished that mission, but it is unclear whether he actually accomplished it.
“What you did before you ran for president is effectively your career,” the Republican strategist said.
But Mr. Ramaswamy, who only owns about $850,000 worth of stock, was not the solid, well-funded superhero he portrayed on Fox News.
“This is a big issue, and the more Republican voters know about this, the more they might like what he’s saying. He’s still unknown, but the more they learn about his background, the more Republican voters may like what he’s saying. , I think it’s going to raise some eyebrows and cause some concern for voters,” the Republican strategist said.