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Billionaire Donor Quits Democratic Party, Evicts Swalwell from Mansion
Stephen Cloobeck rescinds support for Swalwell's gubernatorial campaign amid sexual assault allegations.
Apr. 14, 2026 at 9:25pm
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The dramatic fallout from sexual assault allegations against a prominent California politician has sent shockwaves through the state's political landscape.Beverly Hills TodayBillionaire Stephen Cloobeck, a major donor who backed Eric Swalwell's California gubernatorial campaign, has announced that he is leaving the Democratic Party and has evicted Swalwell from his Beverly Hills mansion. Cloobeck cited his disappointment and disgust with Swalwell following the emergence of sexual assault allegations against the former congressman.
Why it matters
Cloobeck's withdrawal of support and dramatic party affiliation change is a significant blow to Swalwell's political future, coming at a critical juncture in the California governor's race. The allegations against Swalwell have raised serious questions about his character and fitness for office.
The details
Cloobeck, a hedge fund manager-turned-environmentalist, had spent over $1 million supporting Swalwell's campaign, including direct contributions and funding a Super PAC. He had also allowed Swalwell to frequently stay at his 9,700-square-foot mansion. However, after the sexual assault allegations surfaced, Cloobeck kicked Swalwell out of his home, telling him, 'Pal, you busted the trust. I am disappointed and disgusted. Get the f*** out of here!'
- On April 14, 2026, Swalwell announced he was withdrawing from the California governor's race.
- On April 15, 2026, Swalwell resigned from Congress.
The players
Stephen Cloobeck
A billionaire hedge fund manager-turned-environmentalist who was a major donor and supporter of Eric Swalwell's California gubernatorial campaign.
Eric Swalwell
A former Democratic congressman from California who was a leading candidate in the state's gubernatorial race before withdrawing amid sexual assault allegations.
What they’re saying
“Mad? I am no longer a Democrat! I'm now a Libertarian Republican, because that's what a blue dog Democrat used to be.”
— Stephen Cloobeck, Billionaire Donor
“You know, I live in the world of integrity, morals, ethics. I want what's best for California, and I am disturbed, and I cannot support Eric Swalwell anymore.”
— Stephen Cloobeck, Billionaire Donor
“He raped me, and he choked me. And while he was choking me, I lost consciousness. And I thought I died. I did not consent to any sexual activity.”
— Lonna Drewes, Accuser
What’s next
Swalwell's political future remains uncertain as the sexual assault allegations against him continue to unfold. Cloobeck's dramatic departure from the Democratic Party and withdrawal of support for Swalwell's campaign could have significant ripple effects in the California governor's race.
The takeaway
The fallout from the sexual assault allegations against Swalwell highlights the importance of accountability and integrity in political leadership. Cloobeck's decision to leave the Democratic Party and rescind his support for Swalwell underscores the gravity of the situation and the potential consequences for those accused of misconduct.
