In a significant blow to Nikki Haley's presidential bid, billionaire Reid Hoffman has announced that he will no longer be providing financial assistance to her campaign, according to a reliable source familiar with the matter. Hoffman, co-founder of LinkedIn and a long-time supporter of Democratic causes, had previously donated $250,000 to a pro-Haley super PAC last year.

The unnamed source, who spoke with CNBC on the condition of anonymity, revealed that Hoffman currently has no immediate plans to further support Haley's candidacy. This decision raises concerns for Haley, as it may signify the beginning of a larger exodus of donors from her corner.

Hoffman's change of heart appears to stem from his belief that Haley may not have the best chance of defeating former President Donald Trump in the Republican primary. Despite expressing his support for President Joe Biden, Hoffman had previously stated that he believed Haley had the strongest potential to challenge Trump for the nomination.

In a post on his page in December, Hoffman wrote, "If America is to avoid another Trump presidency, it will be because Trump loses an election next year. If he is to lose, it will either be to Nikki Haley in the primary, or Joe Biden in the general." He further mentioned that he was influenced to donate to the super PAC after hearing JPMorgan CEO Jamie Dimon endorse Haley at the DealBook conference.

However, with Haley's recent disappointing results in the Iowa caucus and New Hampshire primary, Hoffman's confidence in her ability to defeat Trump appears to have dwindled. As one of her earliest wealthy donors, Hoffman's decision to step back from supporting Haley may set a negative precedent for her campaign.

In addition to Hoffman, three clients who had collectively contributed up to $100,000 to Haley's campaign have also chosen to withdraw their support, according to a Republican fundraiser. Others have expressed reservations about their ability to raise significant funds for her campaign, given her lack of victories in the primary season so far.

To make matters worse for Haley, recent polling data from Real Clear Politics shows that Trump maintains a significant lead of 30 percentage points over her in her home state of South Carolina.

Despite these setbacks, Haley's campaign has yet to issue a comment regarding Hoffman's decision and the potential repercussions it may have on her fundraising efforts. As the race for the Republican nomination intensifies, it remains to be seen how Haley will navigate this loss of financial support and attempt to regain momentum in her bid for the presidency.