Billionaire Stephen Cloobeck, who strongly backed Eric Swalwell’s gubernatorial campaign, announced that he has not only pulled his support from the former California congressman but is leaving the Democratic Party altogether.
Amid sexual assault allegations, Swalwell announced Sunday that he was leaving the governor’s race, and then on Monday, he resigned from Congress.
Fox affiliate KTTV reporter Matthew Seedorff asked Cloobeck on Monday if he was angry that Swalwell misled him when the allegations initially surfaced.
“Mad? I am no longer a Democrat! I’m now a Libertarian Republican, because that’s what a blue dog Democrat used to be,” said Cloobeck, who briefly ran for California governor last year before ending his campaign and backing Swalwell.
Seedorff noted that Swalwell had posted a video on Friday from Cloobeck’s Beverly Hills mansion, pushing back on the allegations against him.
Cloobeck later kicked the congressman out of his home, telling him, “Pal, you busted the trust. I am disappointed and disgusted. Get the f*** out of here!”
WARNING: The following post contains vulgar language that some may find offensive.
🚨 WOW! California billionaire Stephen Cloobeck LEAVES the Democrat Party because of Eric Swalwell
“I am NO LONGER a Democrat! I’m now a Libertarian Republican!”
The billionaire ENDORSED Swalwell for governor, but has rescinded it
Cloobeck banished Eric Swalwell from his $26… pic.twitter.com/76lB2DMrcI
— Eric Daugherty (@EricLDaugh) April 14, 2026
Cloobeck told LA affiliate KNBC on Sunday, “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.”
“I was very concerned for his mental health,” Cloobeck said. “… I was very concerned for his mental health, and I made sure he was OK. He is not here. He has left. I have no idea where he went.”
The New York Post reported that Cloobeck, a hedge-fund manager-turned-environmentalist, spent more than a $1 million supporting Swalwell’s gubernatorial run, including direct contributions to the campaign and supporting a SuperPAC.
“On top of letting the deeply-in-debt congressman frequently stay at his 9,700-square-foot mansion, Cloobeck gave the maximum $39,200 to Swalwell’s campaign and gifted the congressman a $31,000 trip to France in 2024,” the outlet reported.
Regarding his decision to leave the Democratic Party, Cloobeck told the New York Post, “I’m going to change my Godd*** party affiliation, because I cannot stand this Democratic Party at all.” He added, “I am done. Finito.”
The San Francisco Chronicle first publicized allegations last week against Swalwell, reporting that a former aide said he sexually assaulted her twice when she was too intoxicated to consent.
At a Tuesday press conference Tuesday, another accuser, Lonna Drewes of Southern California, told reporters that in 2018, Swalwell subjected her to a violent sexual assault.
“He raped me, and he choked me. And while he was choking me, I lost consciousness. And I thought I died,” she said.
BREAKING: “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.”
“I would never have engaged in a consensual sexual encounter with Eric Swalwell.” – Lonna Drewes pic.twitter.com/DiLBy1lA5c
— Fox News (@FoxNews) April 14, 2026
“I did not consent to any sexual activity,” Drewes added. “Although I did not undergo a rape kit at the time, I disclosed the assault to the people closest to me. I also recorded these events in my handwritten calendar. The assault and its impact were later documented during my therapy sessions at a sexual assault center in Connecticut.”
According to the San Francisco Chronicle, Drewes described meeting Swalwell on three occasions in 2018. On the third occasion, she said, he must have spiked her drink, for she sank into extreme intoxication despite consuming only one glass of wine. Then, she said, he took her to his hotel room and raped her.
Swalwell was a leading Democratic candidate in the crowded California governor’s race. An average of the three recent polls conducted before Swalwell exited the race showed Republican Steve Hilton in front of the field at 18 percent, followed by Democrat billionaire Tom Steyer at 14.7 percent, Swalwell at 11.7 percent, GOP Riverside County Sheriff Chad Bianco at 11.3 percent, and Democrat Congresswoman Katie Porter at 9.7 percent, among other candidates in single digits.
California has a jungle primary, in which the top two finishers, regardless of party, advance to the general election.
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