NYC billionaire apologizes for using racial insult against black state senator over her position on charter schools

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August 11, 2017 9:53 PM

Billionaire hedge fund manager Dan Loeb apologized after writing a racial insult on Facebook about a black state senator.

Dan Loeb took to Facebook to insult a state senator.

Billionaire hedge fund manager Dan Loeb apologized after writing a racial insult on Facebook about a black state senator, The New York Times reported.

Loeb, who's chairman of the board of Success Academy Charter Schools, accused African-American woman who's the Democratic leader in the New York State Senate, of having done "more damage to people of color than anyone who has ever donned a hood."

His remark seems to be a reference to the Ku Klux Klan, a discomfiting remark for a network that boasts more than 90% of students are black or Latino.

On Facebook, Loeb called Stewart-Cousins a hypocrite who paid "fealty to powerful union thugs," and he showed support for Jeff Klein, a senator who is pro charter schools. He's since apologized in a statement and deleted his post.

Loeb is an influential member of the Success team. He founded three of Success' 41 schools, and has coordinated some of the largest donations to the network from fellow billionaires, Politico reported.

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