Current Conditions

Partly Cloudy
6.2°C

Bob Mercer, a prominent Trump backer, leaving hedge fund

November 02, 2017 - 11:03 AM

NEW YORK - Republican mega-donor Robert Mercer, a billionaire with close ties to President Donald Trump, is stepping down from his position as chief executive officer of the New York investment firm Renaissance Technologies. The 71-year-old Mercer is also selling his stake in the pro-Trump website Breitbart News to his daughters.

He announced his decision in a Thursday letter to investors that also condemned white supremacists and distanced himself from former Trump strategist Steve Bannon. He said he's speaking out "to correct some of the misinformation that has been published about me."

Mercer will formally step down from Renaissance Technologies on Jan. 1.

The development comes as another Mercer-backed company, the data firm Cambridge Analytica, faces new scrutiny for possible links to the federal probe into Russia's meddling in the 2016 presidential election.

News from © The Associated Press, 2017
The Associated Press

  • Popular penticton News
  • Comments
View Site in: Desktop | Mobile