Billionaire Reid Hoffman pauses Nikki Haley funding after her New Hampshire loss to Trump,

Billionaire Reid Hoffman does not plan to give any more money to Nikki Haley’s presidential campaign after her loss in the New Hampshire Republican primary, according to a person familiar with the matter.

Hoffman is one of Haley’s first wealthy donors to start heading for the exit after she said Tuesday that she will remain in the GOP’s nomination contests against former President Donald Trump despite failing to beat him in New Hampshire or in the Iowa caucuses.

The person who told CNBC that Hoffman didn’t have immediate plans to help Haley again declined to be named in order to speak freely about the matter.

A Republican fundraiser told CNBC on Wednesday that three clients who each helped Haley raise up to $100,000 for her campaign are now opting out of further financial efforts for the former United Nations ambassador.

Other fundraisers said Wednesday said that while they plan to speak out publicly in support of Haley, they are not convinced that they will be able to raise much money for her campaign because of her 0-for-2 record so far.

Hoffman, a LinkedIn co-founder who has for years mainly financed causes in line with the Democratic Party, gave $250,000 to a pro-Haley super PAC last year, according to The New York Times.

Hoffman said in December that while he is a supporter of President Joe Biden, he believed that Haley had the best chance at beating Trump in the Republican primary contest.

“If America is to avoid another Trump presidency, it will be because Trump loses an election next year. If he is to lose, it will either be to Nikki Haley in the primary, or Joe Biden in the general,” Hoffman wrote on his LinkedIn page in December.

He noted that he gave to the super PAC after listening to JPMorgan CEO Jamie Dimon, who urged a crowd of business leaders at the DealBook conference to support Haley.

Hoffman, who has a net worth of just over $3 billion, did not respond to an email seeking comment.

Trump is leading Haley, a former governor of South Carolina, by 30 percentage points in that state, according to a Real Clear Politics polling average.