Ted Cruz put the majority of his eggs in one basket when it came to keeping his campaign going. Three wealthy donors provide the majority of his financial backing, but they decide how they spend their money. One of them is refusing to spend his money, after watching others waste money on losing candidates.
latimes.com reports: One of the three primary donors to Cruz’s presidential efforts, a private equity manager who recruited the other two top donors, has refrained from spending the vast majority of his $10 million contribution to bolster the Cruz campaign. He is instead fighting openly with the top strategist for the super PACs that were set up to spend the money.
The man at the center of the fight, Toby Neugebauer, is a close friend of Cruz and his wife, Heidi. Neugebauer and his own wife have vacationed with the Cruzes, and he still counts himself a major supporter. But he has refused to spend $9 million of the $10 million he put into a super PAC.
“He was going to go up with ads in October or November. That came and went, and then he said he’s saving it for Super Tuesday,” said Kellyanne Conway, who oversees a network of super PACs supporting Cruz.
“I don’t know if he’s having a $10 million party in Cleveland, or what. It became apparent almost immediately that his money wasn’t really there.”