Billionaire Ramaswamy Plans Ohio Governor Run—But Won’t Immediately Quit DOGE
Billionaire Vivek Ramaswamy, former Republican presidential candidate and co-leader with Elon Musk of Donald Trump's planned Department of Government Efficiency, is gearing up to announce he'll run to replace Republican Ohio Gov. Mike DeWine, multiple outlets reported Friday, after he was passed over to replace Vice President-elect JD Vance in the Senate.
Key Facts
Ramaswamy, a biotech entrepreneur Forbes estimates is worth over $1 billion, will run to replace two-time governor DeWine, who cannot seek a third term under Ohio law, but does not plan to immediately leave his role within Trump's administration, The New York Times reported citing anonymous sources.
The governor's seat doesn't open until 2026, and before turning his attention to a campaign, Ramaswamy plans to work alongside Musk at DOGE, which Trump in November said will lead “large scale structural reform” within the federal government.
Ramaswamy was one of the names floated as a potential replacement for Vance in the Senate, but DeWine on Friday instead selected Lt. Gov. Jon Husted for the position.
Ramaswamy, an Ohio native born in Cincinnati to Indian immigrant parents, has never held public office.
Key Background
Ramaswamy founded the biotechnology firm Roivant Sciences in 2014 and the company went public in 2021. He still owns a 10% stake and has made hundreds of millions, which he diversified into an investment portfolio to build his wealth. In 2021, he stepped down as CEO of Roivant and broke into politics with his book "Woke, Inc.," a critical look at how corporate America has turned attention to social justice issues. He founded an “anti-woke” index fund provider called Strive Asset Management in 2022 and, the next year, declared his candidacy for the Republican nomination for president. He was the second-richest person in the race behind Trump. During his campaign, he supported raising the standard voting age to 25, opposed abortion, spoke against affirmative action and favored federal legalization of marijuana. He ran for almost a year before ending his campaign in January of 2024 and endorsing Trump, who he then stumped for at several campaign events. In November, Trump tapped Ramaswamy to lead DOGE with Musk and the pair have since announced plans to cut $2 trillion out of the federal budget. Musk and Ramaswamy do not have to face a Senate confirmation process because they are not cabinet-level appointments.
Crucial Quote
"Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excise regulations, cut wasteful expenditures and restructure Federal Agencies," Trump said in a statement announcing Musk and Ramaswamy's appointment to DOGE. "It will become, potentially, 'The Manhattan Project' of our time."
Tangent
Ramaswamy is just the latest billionaire who could hold major public office. With the election of Trump, a billionaire himself, several of the world's wealthiest people and their spouses have been offered top roles in the next administration. In addition to Musk and Ramaswamy, they include Stephen Feinberg ($5 billion), Warren Stephens ($3.3 billion), Jared Isaacman ($1.7 billion), Howard Lutnick ($1.5 billion), Steve Witkoff ($1 billion), Linda McMahon (husband Vince McMahon is worth $3 billion) and Kelly Loeffler (husband Jeff Sprecher is worth $1 billion).