Druckenmiller Backs Zuckerberg’s Immigration Reform GroupKatherine Burton
Stanley Druckenmiller is backing Mark Zuckerberg’s efforts to bring about immigration reform in the U.S., becoming the first Wall Street veteran to contribute to the Facebook Inc. founder’s bipartisan advocacy group.
Druckenmiller, 60, who has one of the best hedge-fund track records of the last three decades, joins technology titans including Microsoft Corp. Chairman Bill Gates and LinkedIn Corp. Executive Chairman Reid Hoffman, who’ve donated to Zuckerberg’s FWD.us. The group, founded earlier this year, lobbied to help get a comprehensive immigration bill passed by the U.S. Senate on June 27.
“As a New Yorker, it is easy to appreciate the role immigration has played in making America the dynamic and competitive economy it has been throughout our history,” Druckenmiller said in an e-mailed statement. “I was pleased to see FWD.us and the tech community come together with a new and innovative approach to play a key role in helping push critical reforms through Senate passage.”
The Senate bill combines a path to citizenship for 11 million undocumented immigrants already in the U.S. with a $46 billion border-security plan. While 14 Senate Republicans joined Democrats in passing the bill, many House Republicans oppose the citizenship path. The Republican-led U.S. House has said it plans to handle immigration legislation through individual bills, rather than through the Senate’s broader plan.
Other major donors to FWD.us include Netflix Inc. chief executive officer Reed Hastings, Yahoo! Inc. CEO Marissa Mayer and Google Inc. executive chairman Eric Schmidt, according to the group’s website.
“We could not be prouder that Stan Druckenmiller is joining our efforts to pass comprehensive immigration reform that boosts our economy and does right by American families,” Joe Green, the president of FWD.us, said in a statement.
Druckenmiller stopped managing client money in 2010 after three decades in the business, including more than 10 years as chief strategist for billionaire George Soros. From 1986 through 2010, he produced average annual returns of 30 percent at his hedge fund Duquesne Capital Management LLC.