Billionaire John Morgan ended speculation Monday about whether he’ll run to become the next governor of Florida, announcing he won’t become a candidate, but intends to create a new political party in the state—and is offering $100,000 to whomever comes up with the name for it.
Billionaire John Morgan announced Monday he'll pay $100,000 to whomever names his new political party.
Daniel Brown for Forbes
Morgan said in a video message on X he wouldn’t run for governor because “Mother Time is getting away from me” and he has other priorities, but explained he wanted to create a new third party because “most people agree on most things.”
The billionaire said he would roll out plans for his third party in the “coming days” and award $100,000 to whomever comes up with its name.
Morgan, 70, is a self-made billionaire who’s built his fortune through his Morgan & Morgan personal injury law firm, and previously spent millions bankrolling ballot measures in Florida to raise the minimum wage and legalize marijuana, both of which were successful.
The billionaire is also a registered Independent who has long floated running for governor in Florida, both in 2018 and this year, as the state prepares to elect Gov. Ron DeSantis’ successor in November.
The details of the party-naming contest are still yet to be announced, with Morgan telling Politico on Monday he “need[s] to be careful so as to follow the law for such contests and to set strict rules.”
Morgan has previously said he wanted to form a third party, writing on X in February his lawyer was drafting paperwork for it, but had not previously mentioned holding a contest to name it.
“I believe that what ails us is the two-party system. Most of us agree on most things, but if you put the D up and the R up, nothing ever gets done,” Morgan said in his video Monday. “I hope we in Florida can kickstart a real third party movement in the United States.”
Forbes values Morgan’s net worth at $1.5 billion as of Monday afternoon.
Morgan is a Florida-based attorney who came to prominence through his Morgan & Morgan law firm, which has become the largest personal injury law firm in the U.S. and is known for its ubiquitous advertising. He also co-founded the legal software platform Litify and has a variety of investments boosting his wealth, Forbes has previously reported, including in WonderWorks science museums, Jimmy Buffett’s Margaritaville and the Alcatraz Crime Museum in Pigeon Forge, Tennessee. Morgan became a registered Independent in 2017, distancing himself from the Democratic Party after previously being a megadonor for its candidates, though he raised some $800,000 for former President Joe Biden’s abandoned reelection bid in 2024. He spent a combined $14 million on Florida’s ballot measures to impose a $15 minimum wage and legalize marijuana—with the latter effort earning Morgan the nickname “Pot Daddy.” In his video message on Monday, Morgan pointed to his nightly marijuana gummy as being a reason for him staying out of the gubernatorial race, explaining, “I like to go to bed with a gummy,” and if he were elected, “I wouldn’t be able to take my gummies during hurricane season.”
Florida will elect its next governor in November as DeSantis’ term expires, and Republican Rep. Byron Donalds and Democratic former Rep. David Jolly are so far leading in the polls ahead of the Aug. 18 primary. After announcing he would stay out of the race, Morgan told Politico on Monday he intends to vote for whomever’s the “lesser of two evils,” and would donate to both parties.
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