Donor Cloobeck leaves Dems

Stephen Cloobeck, a wealthy California donor who backed Eric Swalwell for governor, said this week he is leaving the Democratic Party. (forbes.com) Cloobeck told the New York Post, as reported by Forbes, that he was “done” with Democrats and now considered himself “a libertarian now” after breaking with Swalwell. Forbes reported Cloobeck said he spent more than $1 million supporting Swalwell through a super political action committee and may ask for the money back. (forbes.com) The split came days after at least four women accused Swalwell of sexual misconduct. NBC Los Angeles reported on April 12 that Cloobeck said he could not support Swalwell anymore, and CNBC reported on April 13 that Swalwell then resigned from Congress after suspending his gubernatorial campaign. (nbclosangeles.com, cnbc.com) Swalwell has denied the sexual assault allegations and said in his resignation statement that he would “fight the serious, false allegation” against him while taking responsibility for other “mistakes in judgment.” CNBC also reported that the House Ethics Committee opened an investigation on April 13. (cnbc.com) Cloobeck’s break is notable because he was not a casual supporter. In November 2025, he ended his own California governor campaign, endorsed Swalwell on CNN, and folded his effort into Swalwell’s race. (therealdeal.com) The Real Deal reported Cloobeck had raised $13.6 million for his own bid before dropping out. Forbes later reported he also gave Swalwell the maximum $39,200 allowed directly in the California governor’s race, on top of broader support through outside groups. (therealdeal.com, forbes.com) Cloobeck is best known in business as the former chief executive of Diamond Resorts, and he had also donated to Swalwell’s federal campaigns for years. Forbes reported Federal Election Commission data shows $23,400 in contributions to Swalwell’s congressional campaigns since 2017, with the last donations in 2023. (forbes.com, fec.gov) NBC Los Angeles reported Cloobeck said Swalwell had stayed at his Los Angeles-area home after the allegations surfaced, and that by April 12 he had left. Forbes reported Cloobeck later said Swalwell had filmed a denial video inside his home before Cloobeck demanded he go. (nbclosangeles.com, forbes.com) The immediate question now is whether Cloobeck’s exit remains a personal rupture tied to Swalwell’s collapse or becomes a broader donor break with Democrats in California. For now, the public record shows a onetime Democratic candidate and donor who merged his campaign with Swalwell’s has now walked away from both the man and the party. (therealdeal.com, forbes.com)