Billionaire Investor Robert Mercer To Step Down From Firm, Selling Stake In Breitbart : NPR

Robert Mercer and his daughter Rebekah Mercer attend the 2017 TIME 100 Gala. He introduced that he’s stepping down from the hedge fund he co-heads and is promoting his stake in Breitbart News to his daughters.

Sean Zanni/Patrick McMullan through Getty Images


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Sean Zanni/Patrick McMullan through Getty Images

Robert Mercer and his daughter Rebekah Mercer attend the 2017 TIME 100 Gala. He introduced that he’s stepping down from the hedge fund he co-heads and is promoting his stake in Breitbart News to his daughters.

Sean Zanni/Patrick McMullan through Getty Images

Updated at 5:22 p.m. ET

Wealthy donor Robert Mercer, whose cash helped elect President Trump, is stepping down from the enormous hedge fund he co-heads and is promoting his stake within the conservative web site Breitbart News to his daughters.

In a letter despatched Thursday to his traders at Renaissance Technologies LLC, Mercer, 71, defended his model of libertarian politics, but additionally expressed remorse for his help of controversial former Breitbart editor Milo Yiannopoulos.

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Mercer didn’t step down quietly. Instead, he reaffirmed his political opinions, saying persons are higher off once they “badume responsibility for their own actions, and spend the fruits of their own labor as they see fit.”

He wrote that people will “advance society much more effectively than will a collection of experts who are confident in their knowledge of what is best for everyone else.”

But Mercer additionally modified his thoughts on one factor, saying he was unsuitable to help Yiannopoulos who has been linked to white nationalist causes.

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Initially, Mercer supported Yiannopoulos due to “his expression of views contrary to the social mainstream and his spotlighting of the hypocrisy of those who would close down free speech in the name of political correctness” on faculty campuses, he wrote.

But subsequently, Yiannopoulos “caused pain and divisiveness undermining the open and productive discourse that I had hoped to facilitate. I was mistaken to have supported him, and for several weeks have been in the process of severing all ties with him,” Mercer wrote.

On his Facebook web page, Yiannopolos responded, “Another round of press declaring me dead! It’s getting sad for the media. They are so desperate to see me fail. And I keep on succeeding. Poor lambs. I am grateful for Bob’s help in getting me this far in my career. I wish him and the family all the best.”

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Mercer and his daughter Rebekah Mercer have change into highly effective figures within the Republican Party, donating some $25 million to conservative candidates and causes in 2016 alone, in line with the Center for Responsive Politics. They embrace right-wing organizations such because the Media Research Center and the Heritage Foundation.

“Even though he is very private, he has very deep pockets and he cuts a wide swath in conservative politics,” Sheila Krumholz, the manager director of the Center for Responsive Politics, informed NPR.

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The Mercers take pleasure in shut ties to the Trump White House. They reportedly launched Trump to Breitbart News govt chairman Steve Bannon, who served as White House chief strategist till August, and to Kellyanne Conway, counselor to the president.

They additionally personal a part of Cambridge Analytica, the data-mining agency that performed a task in Trump’s victory.

Mercer, who very not often speaks to the press, recommended the media had misrepresented his views on quite a few subjects, together with his relationship with Bannon.

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“The press has also intimated that my politics marches in lockstep with Steve Bannon’s. I have great respect for Mr. Bannon, and from time to time I do discuss politics with him. However, I make my own decisions with respect to whom I support politically. Those decisions do not always align with Mr. Bannon’s,” Mercer wrote within the letter.

He added that he was promoting his stake in Breitbart News to his daughters “for personal reasons.”

Trained as a pc scientist, Mercer joined Long Island-based Renaissance in 1993. He grew rich serving to design complicated pc fashions that made inventory buying and selling dramatically sooner. He later grew to become co-CEO of the corporate.

Effective January 1, 2018, he’s stepping down as co-CEO and from the corporate’s board of administrators, his letter additionally stated. But he’ll proceed on as a part of the agency’s “technical staff, focusing on the research work that I find most fulfilling.” Mercer additionally stated within the letter that Peter Brown, presently co-CEO with Mercer, will proceed on as the corporate’s CEO after the primary of subsequent yr.


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