REUTERS/Chris Keane
U.S. Republican presidential candidate and Senator Marco Rubio speaks during the Heritage Action for America presidential candidate forum in Greenville, South Carolina
Paul Singer, largely considered one of the most powerful Republican donors in the country, has tossed his support to Rubio, The New York Times reports.
The nod from Singer could funnel millions more dollars into Rubio's campaign, and earn him the attention of the GOP's business elite.
Singer sent a letter to a coalition of donors Friday, The Times reports, making the argument for supporting Rubio.
The note characterizes Rubio as the only candidate able to "navigate this complex primary process and still be in a position to defeat" Democratic presidential front-runner, Hillary Clinton, once the general election is in full swing.
Singer also lauded Rubio as an "assertive decision-maker."
The move is a coup for Rubio, and a significant blow to former Florida Gov. Jeb Bush (R), whose campaign has skidded to a crawl in recent weeks.
Bush's sagging poll numbers, a failure to make an impact in the latest GOP debate - and before that - a downsizing of his campaign team means Bush is likely to sink further into a diminutive position in the Republican field.
In contrast, Rubio has seen his personal stock rise after Wednesday night's debate on CNBC. Rubio skillfully responded to questions from the moderators, while also deflecting pointed criticism from Bush.
"We're running for the same position, and someone has convinced you that attacking me is going to help you," Rubio told Bush at one point during the debate.