Pivotal Senate GOP race pits billionaire Ray Dalio’s former CEO against his friend Dr. Oz
Ray Dalio (hedge fund founder and billionaire Ray) finds himself accidentally in the middle a crucial congressional race which will determine how the Senate balances power during the November midterm elections.
Dalio, co-chairman for Bridgewater Associates is a friend of both Dr. Mehmet O and David McCormick who are running for Pennsylvania’s Senate spot.
Dalio described Oz and McCormick as “two of my good friends and two great men, who have lived the American Dream in their own ways.” LinkedIn postHe wrote in January about Pennsylvania Senate races. A recent Franklin & Marshall College pollThe race remains wide open with McCormick having a slight lead in the GOP primaries.
It is possible that the closely-watched primary on May 17, and the subsequent general election to replace retired Republican Senator Pat Toomey, could have a significant impact on the Senate’s power balance. Cook Political Report declares the race a toss-up. These contests, which are crucial in the determination of who will control the Senate in 2023 or beyond, come as a result of the Senate being split 50-50.
According to disclosures about campaign finances, Dalio has an estimated net worth $20 billion and has not donated to any political campaigns since 2016..Recently, he was criticized for not being a good role model. commentsCNBC reported on China’s human right abuses. Dalio compared their authoritarian government to a strict parent. Dalio tried clarifying his remarks. Twitter.
McCormick, Oz, and McCormick publicly distance themselves from Dalio’s pro–China comments. Instead of running for President Trump America First candidates. their own past ties to China.
McCormick, who quit in January. reportedlyWhile he was Dalio’s CEO, he told his staff that he didn’t agree with his boss on China. Bridgewater’s work in China has been the subject of campaign ads by Oz, a TV host and long-time doctor.
However, Oz has enjoyed the financial assistance of Dalio for his numerous charitable projects since long. A review on tax disclosures reveals that. Bridgewater representatives declined to comment on Dalio’s LinkedIn post.
Dalio, Oz, and Dalio worked closely together in their charitable efforts over the years. Although the physician does not agree with Dalio’s billionaire founder of the hedge fund, Brittany Yanick confirmed this to CNBC via a statement.
Dr. Oz supports philanthropic efforts of many people including Mr. Dalio. Yanick stated in an email that Dr. Oz does not agree with Mr. Dalio on China. However, Dr. Oz wouldn’t throw anyone under the bus because they have decided to run for office.” Yanick wrote Tuesday.
CNBC has reviewed 990 disclosure records and found that Ray Dalio’s Dalio Foundation donated more than $1.5 million annually to Oz’s HealthCorps Foundation since 2011. According to the website, Oz established it more than 10 years ago in order to “save lives through addressing health inequities within at-risk communities by educational leadership, programming and service learning.” Oz currently serves as the chairman emeritus.
According to tax filings, the latest contribution by HealthCorps to HealthCorps was made in 2019 and it cost $100,000.
Another document shows that HealthCorps got two checks, each worth $325,000, from Dalio’s Foundation in 2012. In some years the foundation donated more than $100 million to different charities.
Dalio’s friendship with Oz stems from a partnership Oz stated he formed with Reed Hastings (Hedge Fund Chairman), and Arianna Huffington, co-founder of Huffington Post. The charity partnership called TisBest also included McCormick’s wife Dina Powell McCormick who works at Goldman Sachs. Representatives for Netflix and Thrive Global, Huffington’s company, did not return requests for comment.
According to data from Center for Responsive Politics (nonpartisan), Hastings is a big donor to Democratic Party. In fact, Hastings donated $1 million to Senate Majority PAC for the 2020 election cycle. This super PAC supports Democrats seeking Senate seats.
Huffington was also involved with Oz’s and Dalio’s charity work. Huffington was seen with both men at at 2014 town hallDavid Lynch Foundation, an organization that utilizes transcendental mediation to eradicate stress and trauma in at-risk communities. Dalio, a participant in the event is quoted on the foundation’s website as saying that “If I feel stressed out, I will just stop and enter the meditation.” I will let it go.” The speakers included celebrity chefs Mario Batali, Huffington, and Oz.
Oz said he also partnered with Dalio, Huffington and others to give away 20,000 $50 TisBest Philanthropy Charity Gift Cards to people who could then donate those funds to the charity of their choosing, according to a Dec. 2020 post on Oz’s Facebook page.