Sir Nick Clegg, former leader of the UK Liberal Democrats and ex-deputy prime minister, appeared somewhat isolated at a recent political event in Madrid, where several hundred attendees gathered to support the launch of his wife Miriam Gonzalez Duartez’s new political party, Democracia 21. The party aims to participate in Spain’s general election scheduled for November 29, positioning itself as a centrist alternative to the country’s established socialist and conservative parties.

Once celebrated as a rising star in British politics during the early 2010s—a phenomenon dubbed “Cleggmania”—Clegg’s political standing declined sharply following his tenure in the coalition government formed after the 2010 UK election. His reputation was particularly affected by a reversal on a Liberal Democrat campaign pledge to abolish tuition fees, a move widely viewed as a betrayal by many supporters. The party subsequently suffered significant losses, dropping 49 seats in the 2015 election.

Since stepping back from frontline politics, Clegg has transitioned into a lucrative career in the technology sector. After joining the board of UK-based artificial intelligence firm Nscale seven months ago, he is reportedly poised to gain as much as £30 million from its forthcoming Wall Street flotation. This potential windfall adds to the estimated £100 million he amassed during his time at Meta Platforms (formerly Facebook), where he served as president of global affairs until last year.

At Meta, Clegg played a prominent role as a political liaison, frequently defending the company against criticism regarding issues such as the amplification of harmful content and the impact of social media on youth mental health. Notably, he faced ongoing scrutiny after the tragic death of Molly Russell, a teenager from London who died by suicide in 2017 after exposure to distressing content on Instagram. Despite pledges from Meta to improve safety measures, concerns over harmful material on the platform persist.

Financial disclosures show that Clegg has sold Meta shares valued at tens of millions of pounds since 2022, retaining substantial stock options. The wealth he accrued during his tenure at the tech giant contrasts sharply with his earlier public persona, which emphasized relatability and critiques of elite privilege.

The Clegg family, which includes three sons, relocated to Silicon Valley during his time at Meta, living in an estimated £7 million residence in Atherton, California, before recently returning to London. They now reside in a property formerly owned by actor Colin Firth.

Mrs. Gonzalez Duartez, a lawyer with ambitions to reshape Spanish politics, has positioned Democracia 21 as a reformist force that rejects fear-driven or nostalgic campaigns. Drawing parallels to modern centrist movements elsewhere, the party seeks to capitalize on widespread dissatisfaction with Spain’s traditional political establishment amid the continent’s rising populist trends.

Observers note that the couple is cultivating an image as a European political partnership, comparing their aspirations—albeit modestly—to that of high-profile power couples like the Clintons. As Mrs. Clegg embarks on her political venture, Sir Nick remains a supportive figure, though his own future role remains undefined. Whether “Cleggmania” will revive in this new context remains to be seen.