Who is Rick Caruso? The billionaire businessman has joined the L.A. mayoral race

Rick Caruso joins the race for mayor of Los Angeles.
Rick Caruso announced on Friday he's running for mayor. He is a real estate mogul and billionaire businessman. He is the founder and CEO of his company Caruso. They've developed massive properties in Los Angeles like the Grove and Americana at Brand.

In January, Caruso registered as a democrat after having no party preference for almost a decade. Saying the insurrection at the capitol on Jan. 6 shifted his mindset. He was a registered republican before having no party preference.

Caruso has been rumored to enter the mayoral race before. But what tipped off inquiring minds this time were reports that he hired a high-profile political consulting firm in October, according to Los Angeles Magazine.

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