Joe Biden Billionaire Megadonor Faces Being Ousted From Own Tech Company Over 'Concerns’ About His Conduct

By Jace Dela Cruz

May 18, 2024 07:02 AM EDT

Joe Kiani, a billionaire and prominent megadonor to President Joe Biden, is facing being ousted as chairman of Masimo, the medical device company he founded.

According to the New York Post, an activist hedge fund raised "serious concerns" about his conduct, questioning his management and the company's declining share price.

Founder and CEO of Masimo, Joe Kiani addresses a press conference in Bangalore on January 2, 2017.
(Photo : MANJUNATH KIRAN/AFP via Getty Images)

Close Relationship of Joe Kiani and Joe Biden

According to Forbes, Joe Kiani, 59, has built an estimated net worth of $1.1 billion through Masimo. In 2020, he became the highest-paid CEO in healthcare with a $222.5 million compensation package.

His significant contributions to Democrats that same year, totaling millions, highlight his political influence. Kiani has a close relationship with Joe Biden.

He calls the president "my dear friend," has publicly embraced him, and even offered a job to Biden's niece to help her meet probation requirements following a theft conviction.

In 2021, Biden appointed Kiani to the President's Council of Advisors on Science and Technology, enhancing his influence. Kiani's philanthropic activities include substantial donations to PACs supporting the campaign of Biden and the Obama and Clinton foundations. 

His Masimo Foundation also donated $40,000 to Jewish Voice for Peace, a group known for its anti-Israel stance and involvement in campus protests.

READ ALSO: Billionaires Are Working Together to Help Donald Trump Raise Money for $454 Million Civil Fraud Penalty

Joe Biden Billionaire Megadonor Faces Ouster From Own Company

The hedge fund Politan Capital Management is now urging shareholders to vote for Joe Kiani's removal from the company's board, which he chairs. It accused Kiani of a series of management failures.

In an April statement, Masimo defended Kiani, saying that his removal would be a "counter" to the best interests of stockholders and those millions of patients relying on Masimo's innovations. 

Defending his record and his foundation's donations, a spokesperson for Kiani told the New York Post that the billionaire started the company focusing on improving people's lives and helping those suffering.

"The Foundation's giving reflects those values, which is why the Foundation is proud to support many organizations that have the same goals," the spokesperson told The Post, adding that Kiani "has raised and donated millions to anti-hate organizations around the world, including multiple organizations that are combating antisemitism."

READ MORE: Donald Trump, Republic National Committee Rake in Over $76 Million in April as Fundraising War With Joe Biden Heats Up

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