A new business deal backed by Vivek Ramaswamy, the billionaire vulture capitalist running for Ohio Governor, is a preview into how he will approach power, responsibility, and public trust if elected.
Strive Capital, a firm founded and controlled by Vivek Ramaswamy that recently relocated from Ohio to Texas, closed a deal last week to acquire Semler Scientific, a midsize manufacturer of FDA-approved diagnostic devices used by physicians to assess cardiac disease.
What should raise alarms is the reason behind the acquisition. In a release announcing the deal, Ramaswamy’s Texas-based company did not mention the workers, long-term operations, or the healthcare providers who rely on Semler’s products. Instead, Strive has framed the deal primarily around access to the company’s Bitcoin holdings, making clear that its focus is on expanding its cryptocurrency holdings, and plans to “monetize” or shed the underlying manufacturing business – and the people it employs – within a year.
“This isn’t complicated,” said Michael McGovern, President of Innovation Ohio. “Vivek Ramaswamy looks at things and asks one question: ‘How can I get richer and how fast?’ He doesn’t care about jobs or healthcare, he just cares about himself.”
The Semler acquisition offers insight into how Ramaswamy would govern. By treating a manufacturing company like a car in a chop shop, the deal echoes his policy vision for Ohio: cut taxes for the rich, dismantle our schools and other vital services, and look out for himself.
As Ohio voters consider who should lead the state, they must look beyond slogans and culture-war rhetoric and focus on record and behavior.
“Why does a Texas vulture businessman want to be governor?” McGovern said. “This deal makes the answer pretty clear: he wants to strip Ohio for parts and scrap the rest of us.”
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Innovation Ohio is a diverse nonprofit organization working to improve everyday life for Ohio workers and families, create opportunities for all Ohioans, and strengthen Ohioan communities from the bottom up. Through polling, messaging campaigns, and coalition building, they are a catalyst for progressive policy and grassroots activity.
