In a dramatic political fallout that underscores the growing turmoil inside Democrat ranks, billionaire businessman Stephen Cloobeck has publicly severed ties with embattled Congressman Eric Swalwell—and he’s not going quietly.
Cloobeck, who had previously backed Swalwell’s now-defunct gubernatorial campaign to the tune of $1 million, is reportedly demanding his money back after a series of explosive sexual misconduct allegations surfaced against the California Democrat. The accusations, brought forward by multiple women—including former staffers—have triggered investigations and sent shockwaves through Democratic circles.
At one point, Cloobeck had gone all-in on Swalwell, even allowing the congressman to stay at his sprawling Beverly Hills mansion. In March, he referred to Swalwell as his “little brother” and brushed off early rumors about inappropriate behavior. But in a stunning reversal, Cloobeck has now cut ties not only with Swalwell—but with the Democratic Party itself.
“I am no longer supporting Eric,” Cloobeck said bluntly, adding in frustration that he’s now identifying as a libertarian. The billionaire’s sharp pivot reflects a broader sense of disillusionment, as more details about the allegations continue to emerge.
The breaking point appears to have come after Swalwell recorded a video inside Cloobeck’s home defending himself against accusations of sexual assault and misconduct—claims that have since been amplified by reporting from major outlets. According to those reports, at least four women have come forward with serious allegations, prompting the Manhattan District Attorney’s Office to open an investigation into at least one incident.
The fallout has been swift and severe.
Dozens of former staffers—reportedly around 50—have called for Swalwell to resign, a remarkable development for a sitting congressman. Meanwhile, top Democrats, including House Minority Leader Hakeem Jeffries, have urged Swalwell to end his gubernatorial bid, citing the seriousness of the allegations.
Swalwell has since suspended his campaign, issuing a statement acknowledging “mistakes in judgment,” while continuing to deny the accusations. “I will fight the serious, false allegations that have been made,” he said, framing the matter as a personal legal battle rather than a political one.
But for Cloobeck, the damage is already done.
“I built a gorgeous place, my dream home,” Cloobeck said of his mansion, emphasizing his generosity in hosting guests—including Swalwell. Now, that generosity has turned into regret, as the billionaire distances himself from both the congressman and the party he once supported.
His frustration goes beyond one candidate. Cloobeck has made it clear he’s fed up with what he sees as deeper issues within the Democratic Party, signaling a broader political shift that could resonate with other disaffected donors.
The controversy surrounding Swalwell also raises uncomfortable questions for Democrats, particularly given their past rhetoric on accountability and conduct. Critics argue that the party’s response—while notable—comes only after significant public pressure and media exposure.
As investigations move forward, the political future of Eric Swalwell remains uncertain. But one thing is clear: the collapse of his campaign, coupled with the public rebuke from a major donor, marks yet another chapter in what has become a deeply damaging scandal.
And for voters watching closely, it’s a stark reminder that character—no matter the party—still matters.
