Vivek Ramaswamy
Vivek Ramaswamy | |
---|---|
Born | Vivek Ganapathy Ramaswamy August 9, 1985 Cincinnati, Ohio, U.S. |
Education | Harvard University (BA) Yale University (JD) |
Occupations |
|
Title | Co-founder of Strive Asset Management |
Political party | Republican |
Spouse |
Apoorva Tewari (m. 2015) |
Children | 2 |
Website | vivek2024 |
Vivek Ganapathy Ramaswamy (/vɪˈveɪk rɑːməˈswɑːmiː/;[1][2] vih-VAYK rah-mə-SWAH-mee; born August 9, 1985) is an American entrepreneur and politician. He founded Roivant Sciences, a pharmaceutical company, in 2014. In February 2023, Ramaswamy declared his candidacy for the Republican Party nomination in the 2024 United States presidential election. He suspended his campaign in January 2024, after finishing fourth in Iowa's caucuses.[3]
Ramaswamy was born in
Ramaswamy claims the United States is in the middle of a national identity crisis precipitated by what he calls "new
Early life and education
Vivek Ganapathy Ramaswamy was born on August 9, 1985, in
Ramaswamy was raised in Ohio.
Education
Ramaswamy attended public schools through eighth grade.
In 2007, Ramaswamy graduated from
In 2011, Ramaswamy was awarded a post-graduate fellowship by the Paul & Daisy Soros Fellowships for New Americans, which he used to attend Yale Law School.[31] Later, Ramaswamy said that by the time he attended Yale, he was already wealthy from his activities in the finance, pharmaceutical, and biotech industries; he said in 2023 that he had a net worth of around $15 million before graduating from law school.[27] At Yale he befriended fellow Ohio native and future U.S. Senator J. D. Vance.[32][26] He earned a Juris Doctor in 2013. In a 2023 interview, Ramaswamy said that he was a member of the campus Jewish intellectual discussion society Shabtai while a law student.[33]
Career
Early career
In 2007, Ramaswamy and Travis May co-founded Campus Venture Network, which published a private social networking website for university students who aspired to launch a business.[34] The company was sold to the nonprofit Ewing Marion Kauffman Foundation in 2009.[35]
Ramaswamy worked at the
Roivant Sciences and subsidiaries
In 2014, Ramaswamy founded the biotechnology firm Roivant Sciences; the "Roi" in the company's name refers to return on investment.[38] The company was incorporated in Bermuda, a tax haven, and received almost $100 million in start-up capital from QVT and other investors,[38] including RA Capital Management, Visium Asset Management, and the hedge fund managers D. E. Shaw & Co. and Falcon Edge Capital.[35] Roivant's strategy was to purchase patents from larger pharmaceutical companies for drugs that had not yet been successfully developed, and then bring them to the market.[38] The company created numerous subsidiaries,[39][42] including Dermavant (focused on dermatology), Urovant (focused on urological disease), and China-based Sinovant and Cytovant, focused on the Asian market.[39][43]
In 2015, Ramaswamy raised $360 million for the Roivant subsidiary
In September 2017, the company announced that intepirdine had failed in its large clinical trial.
In 2017, Roivant partnered with the private equity arm of the Chinese
While campaigning for the presidency, Ramaswamy called himself a "scientist" and said, "I developed a number of medicines."[38] His undergraduate degree is in biology, but he was never a scientist; his role in the biotechnology industry was that of a financier and entrepreneur.[38]
In January 2021, Ramaswamy stepped down as CEO of Roivant Sciences and assumed the role of
Ramaswamy remains the sixth-largest shareholder of Roivant,[38] retaining a 7.17% stake.[9] Roivant has never been profitable.[53]
Roivant Social Ventures
In 2020, when Ramaswamy was CEO of Roivant Sciences, the company established a nonprofit social-impact arm, Roivant Social Ventures (RSV), with his support.
Other ventures
In 2020, Ramaswamy co-founded Chapter Medicare, a Medicare navigation platform.[56] He served on the Ohio COVID-19 Response Team.[31]
He was chairman of OnCore Biopharma, a position he maintained at
Activism and Strive Asset Management
In early 2022, together with his high school friend Anson Frericks,[58] Ramaswamy co-founded Strive Asset Management, a Columbus, Ohio-based asset management firm.[59] The firm raised about $20 million from outside investors,[53] including Peter Thiel, J. D. Vance, and Bill Ackman.[8][60][61]
Strive has branded itself as "
Pension fund managers take account of ESG in the assessment of long-term risk, including climate risks, when making portfolio decisions.[8][64] Ramaswamy has crusaded against ESG[17][64] and emphasizes the doctrine of shareholder primacy, famously articulated by Milton Friedman.[8] In his book Woke, Inc.: Inside Corporate America's Social Justice Scam and elsewhere, he has depicted private corporations' socially conscious investing as simultaneously ineffective and the greatest threat to American society.[8] He published a second book, Nation of Victims: Identity Politics, the Death of Merit, and the Path Back to Excellence, in September 2022, a few months before announcing his presidential candidacy.[65]
Strive's flagship fund, the exchange-traded fund DRLL, launched in 2022 as an "anti-woke" energy sector index fund.[66][67] Ramaswamy said that Strive would push energy companies to drill for more oil, frack for more natural gas, and "do whatever allows them to be most successful over the long run without regard to political, social, cultural or environmental agendas."[68]
In October 2022, Ramaswamy held closed-door meetings with South Carolina lawmakers in a session arranged by
Ramaswamy was Strive's executive chairman[8][60][61] before resigning in February 2023 to focus on his presidential campaign.[59][70]
Presidential campaign (2023–2024)
Early political involvement
Ramaswamy said that he voted for
Ramaswamy has made political contributions to both Democrats and Republicans. In 2016, he donated $2,700 to the campaign of Dena Grayson, a Florida Democrat running for Congress.[71] From 2020 to 2023, he donated $30,000 to the Ohio Republican Party.[39] Ramaswamy considered running in the 2022 U.S. Senate election in Ohio.[73]
Campaign
On February 21, 2023, Ramaswamy declared his candidacy for the
During his campaign for the Republican presidential nomination, Ramaswamy sought to appeal to
While campaigning, Ramaswamy called himself an "unapologetic
In May 2023, Ramaswamy's campaign admitted that he had
After the 2024 Iowa caucuses, Ramaswamy ended his campaign and endorsed Donald Trump.[82]
Political positions
Although they were running against each other for the 2024 Republican nomination, Ramaswamy vocally supported Trump.
Executive power and social/economic policy
Ramaswamy opposed affirmative action,[90] and vowed to rescind Executive Order 11246.[91] He argued that American-style capitalism provides an antidote to India's caste system.[8] He asserted that critical race theory has indoctrinated students in public schools.[92]
Ramaswamy
Ramaswamy called the
Ramaswamy pledged, if elected, to rule by executive fiat
Ramaswamy favored raising the standard
Ramaswamy pledged to "use our military to annihilate the
Promotion of conspiracy theories
In Republican primary debates and campaign appearances, Ramaswamy often repeated and promoted an
Foreign affairs
Ramaswamy said he would not have used U.S. military force against Iran.[123] In November 2023, he condemned Azerbaijan's military operation against the Armenian population of Nagorno-Karabakh and said that the U.S. should block all its military aid to Azerbaijan.[124]
Ramaswamy said he favored "some major concessions to Russia, including freezing those current lines of control in a
After Hamas's October 7, 2023, attack on Israel, Ramaswamy said that Israel had "a right to defend itself" and to make its own decisions for its defense, while the U.S. should provide a "diplomatic Iron Dome" for Israel,[131] but also said that U.S. aid to Israel should be contingent upon Israel's plans for defeating Hamas and its actions in Gaza.[132]
Climate and energy
Although he said he was not a
Personal life
Ramaswamy's wife, Apoorva Tewari Ramaswamy, is a
Ramaswamy is a
In 2023, Ramaswamy's campaign advisor said his net worth was more than $1 billion;[144] Forbes estimated it at more than $950 million.[53] He lived in Manhattan as of 2016.[145] As of 2021, he owned a house in Butler County, Ohio,[20] but in 2023, the only real estate he reported owning was a house in Columbus, Ohio, in Franklin County.[144] A 2023 Politico profile of Ramaswamy mentions him living in a $2 million estate in the Columbus suburb of Upper Arlington.[146]
Published works
- Woke, Inc.: Inside Corporate America's Social Justice Scam. New York: OCLC 1237631944.
- Nation of Victims: Identity Politics, the Death of Merit, and the Path Back to Excellence. New York: OCLC 1546002960.
- Capitalist Punishment: How Wall Street Is Using Your Money to Create a Country You Didn't Vote For. New York: OCLC 1362864450.
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Ramaswamy, 37, formally launched his longshot bid by decrying what he called a "national identity crisis" that he claims is driven by a left-wing ideology that has replaced "faith, patriotism and hard work" with "new secular religions like COVID-ism, climate-ism and gender ideology."
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Ramaswamy, who has proposed increasing the standard voting age to 25...
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Vivek Ramaswamy, the millionaire entrepreneur whose campaign has dabbled in conspiracy theories
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External links
- Financial information (federal office) at the Federal Election Commission
- Vivek Ramaswamy on Politifact