Seen this way, Ramaswamy’s otherwise quixotic-seeming presidential run makes perfect sense. Whether or not it wins him elected office, running for the White House is the ultimate rise and grind, and it probably offers far more upside than down. Incessant, glad-handed striving has already made Ramaswamy a wealthy man. According to a report in Politico this year, his campaign said he’s ready to put more than $100 million into his presidential bid, but because this latest side hustle feeds so neatly into his other projects, it’s hardly clear that the run will be so costly. Measured in name recognition, the expansion of his network or future moneymaking opportunities, running for president could well add to his riches.
Take Strive, the management company he co-founded. In “Woke, Inc.,” Ramaswamy lamented what he saw as the pollution of capitalist principles with social justice activism. Rather than focus on the bottom line, he argued, the leaders of America’s largest corporations had allowed their employees and other elites to goad them into adopting what he said are costly political stances on race, gender, climate and other charged issues.
This isn’t exactly a groundbreaking position on the right — combating corporate wokeness is basically Ron DeSantis’s whole thing. But whereas DeSantis’s fixation on all things woke is primarily a vehicle for his political ascent, Ramaswamy saw in wokeness a larger opportunity. He would write a book and guest essays assailing corporate E.S.G. (environmental, social and governance) practices, and he was also considering a political run, but to really “move the needle,” he told me, would also require taking on “the asset management ideological cartel.” And backed with a reported $20 million from billionaire investors and tech entrepreneurs he’d courted, among them Bill Ackman and Peter Thiel, he started Strive.
That’s not a lot of money with which to take on the giants of asset management — BlackRock and Vanguard each manage trillions in assets — but Ramaswamy’s hustle was unceasing. Three months after it opened for business, Strive announced that it had already attracted $500 million in investments for its anti-woke E.T.F.s, or exchange-traded funds. In June it reported $750 million in assets under management, and this week it reported crossing the $1 billion mark. That’s minuscule compared with the giants, but its growth is significant; in July, Semafor’s Liz Hoffman noted that it took J.P. Morgan two years to reach $1 billion in assets after it started offering E.T.F.s in 2014.
“It is a rare feat for any indie issuer to hit $1 billion in first year,” Eric Balchunas, a Bloomberg Intelligence analyst, told Bloomberg News of Strive’s accomplishment. “Ramaswamy’s wealthy backers helped a lot, and running for president probably can’t hurt, either.” You think?