{"id":1979556,"date":"2023-07-21T13:56:02","date_gmt":"2023-07-21T17:56:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/arabella-advisors-fires-ceo-amid-financial-and-political-setbacks\/"},"modified":"2023-07-21T14:00:52","modified_gmt":"2023-07-21T18:00:52","slug":"arabella-advisors-fires-ceo-amid-financial-and-political-setbacks","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/arabella-advisors-fires-ceo-amid-financial-and-political-setbacks\/","title":{"rendered":"Arabella Advisors dismisses CEO due to financial and political setbacks."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Farabella-advisors-fires-ceo-amid-financial-and-political-setbacks%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1979556&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div>\n<blockquote>\n<h2>The Dark Money Kingpin\u200d Recently Laid Off 10 Percent of Its Staff<\/h2>\n<\/blockquote>\n<figure><figcaption>Getty Images<\/figcaption><\/figure>\n<\/div>\n<div>\n<p>Arabella Advisors, the kingpin of \u2063a multibillion-dollar Democratic dark money machine, is in the market \u200cfor a new leader amid a series of financial and political \u200bsetbacks.<\/p>\n<div>\n<p><a href=\"https:\/\/stopthebigboxbaitandswitch.com\/?utm_source=freebeacon&#038;utm_medium=advertising&#038;utm_campaign=2023\" target=\"_blank\" rel=\"noopener\"><\/a><\/p>\n<p><a href=\"https:\/\/stopthebigboxbaitandswitch.com\/?utm_source=freebeacon&#038;utm_medium=advertising&#038;utm_campaign=2023\" target=\"_blank\" rel=\"noopener\"><\/a><\/p>\n<\/p><\/div>\n<p>The firm announced CEO Rick Cruz will depart \u2062on August 1 after less than\u200b two years on the \u2062job. In a <a href=\"https:\/\/twitter.com\/teddyschleifer\/status\/1682183059888656384\" target=\"_blank\" rel=\"noopener\">letter<\/a> to its fiscal sponsor partners, Arabella \u2062Advisors said its\u200c board decided to axe Cruz with &#8220;decidedly \u200bmixed emotions&#8221; but praised the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/charles-lipson-how-to-stop-politicians-from-taking-classified-documents\/\" title=\"Charles Lipson: How to Stop Politicians From Taking Classified Documents\">outgoing executive<\/a>\u2063 for playing a\u200d &#8220;pivotal role in\u200d guiding and shaping our \u2064organization, contributing significantly to \u200dits \u200dgrowth and success.&#8221;<\/p>\n<p>The announcement comes less than two weeks\u2063 after the <em>Washington Free\u200d Beacon<\/em> <a href=\"https:\/\/freebeacon.com\/elections\/documents-provide-rare-glimpse-into-how-arabella-advisors-exerts-centralized-control-over-a-vast-left-wing-advocacy-network\/\" target=\"_blank\" rel=\"noopener\">published<\/a> \u2062 internal Arabella documents\u200d showing the group exerts\u200d centralized control over a \u200dnetwork of five Democratic dark money funds that, \u200din turn, operate hundreds of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/arabella-advisors-fires-ceo-amid-financial-and-political-setbacks\/\" title=\"Arabella Advisors dismisses CEO due to financial and political setbacks.\">ostensibly grassroots left-wing activist groups<\/a>.\u2062 Arabella publicly\u2063 claims that\u2064 it merely provides back-office administrative support to\u200c its funds.<\/p>\n<p>Though Arabella collects a robust\u200c management fee from its funds, which \u2063hauled\u200b in a combined $3.3 billion in 2020 and 2021, recent events indicate the group faced dire financial\u2062 straits under\u200c Cruz\u2019s \u200dleadership. Arabella Advisors laid\u200d off 10 percent of\u200c its workforce\u2014roughly 30 employees\u2014in May, which they attributed to a \u200d&#8221;souring economic climate,&#8221; <a href=\"https:\/\/www.politico.com\/newsletters\/playbook\/2023\/05\/17\/the-room-shrinks-the-pressure-expands-00097340\" target=\"_blank\" rel=\"noopener\">according to<\/a> <em>Politico<\/em>. A \u200bspokesman \u2062for Arabella Advisors said the firm was &#8220;adapting\u2062 our operating model to meet the needs of our \u2064sector and our clients most efficiently and effectively.&#8221; Arabella Advisors did not say who will replace \u200bCruz.<\/p>\n<p>Arabella Advisors did not\u200d respond \u2062to a <em>Free Beacon<\/em> \u2063 request for comment.<\/p>\n<p>Cruz\u2019s untimely departure \u200cfrom Arabella should come\u2062 as no surprise, said Capital Research\u2063 Center president Scott Walter. Walter noted that Cruz got the top slot at Arabella after his predecessor \u2062admitted in a\u2064 November 2021 <a href=\"https:\/\/www.theatlantic.com\/politics\/archive\/2021\/11\/arabella-advisors-money-democrats\/620553\/\" target=\"_blank\" rel=\"noopener\">interview<\/a> that \u200dthe\u2064 group takes inspiration from right<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/group-targeting-conservative-supreme-court-justices-propped-up-by-left-wing-megadonors\/\" title=\"Left-wing megadonors supporting group that targets conservative Supreme Court justices.\">-wing megadonors<\/a>, who \u2062are often derided as threats to democracy by the left.<\/p>\n<p>&#8220;He looked to be a placeholder,&#8221; Walter \u200dtold \u200cthe<em> \u200b Free Beacon<\/em>. &#8220;A chief revenue officer made CEO when his predecessor abruptly\u200c announced her departure, shortly after giving a disastrous interview to the <em>Atlantic <\/em>where she admitted Arabella is \u2018the Left\u2019s\u2064 equivalent\u2062 of the Koch brothers.\u2019&#8221;<\/p>\n<p>Arabella\u2019s financial situation could deteriorate \u2064further if Republican lawmakers have\u2064 their way. \u2062Rep. Bryan Steil (R., Wis.), the chairman of the House Administration Committee, <a href=\"https:\/\/www.axios.com\/2023\/07\/10\/gop-targets-foreign-dark-money-2024-election\" target=\"_blank\" rel=\"noopener\">introduced<\/a> legislation\u2063 in July that would bar\u200c dark money \u2064groups\u2014many of which are Arabella\u2019s clients\u2014from contributing to political committees if they accept \u200bforeign\u200c donations.<\/p>\n<p>The legislation, if passed, would have a devastating impact on Arabella\u2019s bottom line. \u200dIts\u2063 funds have accepted over $265 million from nonprofit\u200c groups bankrolled by Swiss billionaire \u200dHansj\u00f6rg\u200c Wyss, <a href=\"https:\/\/americansforpublictrust.org\/news\/report-left-wing-swiss-billionaire-exploiting-the-foreign-influence-loophole\/\" target=\"_blank\" rel=\"noopener\">according<\/a> to Americans for Public Trust,\u200b a \u2062government\u200c watchdog \u200dgroup. The Republican legislation would have prohibited Arabella\u2019s primary political arm, the Sixteen Thirty Fund, from doling out $61 \u200cmillion to Democratic Super PACs during the \u200c2020 election cycle.<\/p>\n<div>\n<p><a href=\"https:\/\/stopthebigboxbaitandswitch.com\/?utm_source=freebeacon&#038;utm_medium=advertising&#038;utm_campaign=2023\" target=\"_blank\" rel=\"noopener\"><\/a><\/p>\n<p><a href=\"https:\/\/stopthebigboxbaitandswitch.com\/?utm_source=freebeacon&#038;utm_medium=advertising&#038;utm_campaign=2023\" target=\"_blank\" rel=\"noopener\"><\/a><\/p>\n<\/p><\/div>\n<p>Unless that \u200clegislation passes, Americans for Public Trust\u200b executive director \u2062Caitlin Sutherland\u2064 predicted foreign donors such as Wyss will continue\u200d to bankroll Arabella\u2019s funds.<\/p>\n<p>&#8220;The headlines\u200b haven\u2019t\u200c been too\u2064 kind \u2063to the dark money behemoth Arabella Advisors this past year,&#8221; Sutherland told\u2064 the <em>Free\u2062 Beacon<\/em>. \u200b&#8221;Regardless of who \u2062has the title of CEO, we \u2064know \u200dforeign billionaire Hansj\u00f6rg Wyss\u2062 will continue to \u200bfund\u2063 the Arabella network to push\u200c his progressive policies on Americans.&#8221;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The dark money kingpin, Arabella Advisors, is facing financial and political setbacks. CEO Rick Cruz will leave on August 1, as the firm seeks a new leader. Recently, they laid off 10% of their staff. Arabella Advisors is a major player in the multibillion-dollar Democratic dark money machine.<\/p>\n","protected":false},"author":108,"featured_media":1979557,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[],"class_list":["post-1979556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1979556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/108"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1979556"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1979556\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1979557"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1979556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1979556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1979556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}