Conservative megadonor Robert Mercer is stepping down from his position as co-CEO of hedge fund Renaissance Technologies in January, he announced in a letter to staffers on Thursday.
Mercer is also selling his stake in conservative news outlet Breitbart News to his daughters and severing ties with controversial alt-right firebrand Milo Yiannopoulos.
Mercer, who donated $24.6 million to Republicans in 2016, will also resign from Renaissance’s board of directors. However, he will remain on the firm’s technical staff.
Mercer, sometimes called Bob Mercer, said in a letter to Renaissance staff that the media has inaccurately portrayed him as having views “in lockstep” with Steve Bannon, President Donald Trump’s former strategist and longtime foil of establishment Republicans. He also said he has unfairly been characterized as a white supremacist due to Breitbart News’ ties to Yiannopoulos.
In his letter, Mercer said that he does not always agree with Bannon. He added that he regrets supporting Yiannopoulos because his statements “have caused pain and divisiveness undermining the open and productive discourse that I had hoped to facilitate.”
Mercer’s backing of Breitbart News, Bannon, and Trump have put him at odds with Renaissance Technologies’ leadership. Like many financial bigwigs, Renaissance founder and chairman James Simons backed Democratic Party nominee Hillary Clinton during the 2016 elections. Mercer, on the other hand, gave at least $15 million to a PAC dubbed Make America Number 1—an organization which backed Trump.
Renaissance Technologies declined to comment on the news. Fortune has reached out to Breitbart News and Yiannopoulos for comment.
Read Mercer’s full statement below: