Tuesday, 26 July 2016
Last updated 12 min ago
Jul 15 2013 | 9:55am ET
Duquesne Capital Management founder Stanley Druckenmiller is backing Facebook founder Mark Zuckerberg’s U.S. immigration reform campaign.
Druckenmiller, whose hedge fund delivered average annual returns of 30% from 1986 until he returned all outside money in 2010, becomes the first Wall Street veteran to contribute to the bipartisan advocacy group FWD.us.
In doing so, Druckenmiller joins a group of leading technology lights, including Microsoft Corp. Chairman Bill Gates and LinkedIn Corp. Executive Chairman Reid Hoffman, who have already contributed to FWD.us.
Founded earlier this year, Zuckerberg's group 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 provides a path to citizenship for America's 11 million undocumented immigrants while also allocating $46 billion to border security. The bill actually achieved bipartisan support in the Senate, with 14 Senate Republicans helping Democrats pass it, but many House Republicans oppose the citizenship plan.