Reid Hoffman pauses Haley funding after New Hampshire loss

Billionaire Reid Hoffman is not planning to give any more money to Nikki Haley’s candidacy for president, according to a source familiar with the matter.

Hoffman, who has for years mainly financed causes in line with the Democratic Party, gave $250,000 to a pro-Haley super PAC last year, according to The New York Times. The person who told CNBC that Hoffman didn’t have immediate plans to help Haley again declined to be named in order to speak freely about the matter.

Hoffman, a co-founder of LinkedIn, wrote on his page in December that while he is a supporter of President Joe Biden, he believed that Haley had the best chance at beating former President Donald Trump in the Republican primary.

“If America is to avoid another Trump presidency, it will be because Trump loses an election next year. If he is to lose, it will either be to Nikki Haley in the primary, or Joe Biden in the general,” Hoffman wrote. He noted that he gave to the super PAC after listening to JPMorgan CEO Jamie Dimon, who told a crowd of business leaders at the DealBook conference to support Haley.

That calculus for Hoffman appears to have changed as Haley lost the Iowa caucus and New Hampshire primary to Trump. It represents one of Haley’s first wealthy donors to start heading for the exits as she tries to remain in the primary race against Trump.

A Republican fundraiser told CNBC on Wednesday that three clients who each helped Haley raise up to $100,000 for her campaign are now opting out of assisting the former U.N. ambassador.

Others explained that while they plan to speak out publicly in support of Haley, they aren’t convinced they’ll be able to raise much money for her campaign since she’s winless so far in the primary season.

Trump is up by 30 percentage points over Haley in her home state of South Carolina, according to a Real Clear Politics polling average.

Hoffman, who has a net worth of just over $3 billion, did not return an email seeking comment.