Some Silicon Valley enterprise capitalists have begun to show against President Joe Biden while openly touting their support for former President Donald Trump — a sea change for an industry that has overwhelmingly supported Democrats in years past.
Outstanding moguls comparable to David Sacks, Chamath Palihapitiya, Marc Andreessen and Shaun Maguire have grown disillusioned with signature Biden policy proposals comparable to his call for a 25% “billionaire tax” in addition to antitrust crackdowns waged by the Federal Trade Commission.
“It’s unattainable to support Biden,” Keith Rabois, an early executive at PayPal who also played a job in the expansion of LinkedIn, Square and Slide, told The Recent York Times.
Silicon Valley enterprise capitalists are turning against President Joe Biden. AP
David Sacks, a outstanding tech investor, is attributable to co-host a fundraiser for former President Donald Trump. San Francisco Chronicle via Getty Images
While Rabois said he was not a fan of Trump, he can be “focused on electing a GOP Congress and Senate.”
Tech executives are also unhappy with the stringent regulations imposed on the cryptocurrency sector by Gary Gensler, Biden’s pick to move the Securities and Exchange Commission.
Lina Khan, Biden’s chair of the FTC, has sought to maneuver aggressively against large tech firms that critics say have amassed an excessive amount of power within the marketplace.
Khan unsuccessfully challenged Microsoft’s $70 billion acquisition of video game maker Activision Blizzard in addition to Meta’s try to buy virtual reality startup Inside.
Chamath Palihapitiya, founding father of Social Capital and an early executive at Facebook, also plans to support Trump. Getty Images for Vanity Fair
Last 12 months, the FTC sued Amazon, accusing the e-commerce giant of being a monopoly.
Andreessen, founding father of powerhouse VC firm Andreessen Horowitz, recently said there are “real issues” with the Biden administration.
A second Trump administration can be staffed by “very different kinds of individuals” particularly on the SEC and FTC, Andreessen said in a recent podcast interview.
Ben Horowitz, co-founder of Andreessen Horowitz, wrote in a blog post last 12 months that his company would support any politician who backed “an optimistic technology-enabled future.”
Sacks, the entrepreneur and investor who made his fortune as chief operating officer at PayPal during its early days, plans to host a fundraiser for Trump in addition to interview the previous president on his “All In” podcast.
After the Jan. 6, 2021 riots on the US Capitol, Sacks said that the incident disqualified Trump from elected office.
But 4 years of a Biden presidency have modified Sacks’ mind, in line with The Recent York Times.
Shaun Maguire of Sequoia Capital has also been critical of Biden. @shaunmmaguire/X
“I even have larger disagreements with Biden than with Trump,” Sacks was quoted as telling a tech conference last week.
Sacks cited Biden’s tax proposal, which might penalize startup founders who’re wont to supply stock options to employees.
“It’s a great reason for Silicon Valley to think really hard about who it desires to vote for,” Sacks told tech investors on the conference.
Last month, Sacks was one in all a handful of outstanding tech moguls who attended an “anti-Biden” dinner alongside Elon Musk and Peter Thiel.
Marc Andreessen of Andreessen Horowitz said that a Trump presidency can be more business-friendly. REUTERS
Palihapitiya, the enterprise capitalist who was Mark Zuckerberg’s vice chairman of user growth shortly after the founding of Facebook, has also flipped from backing Democrats previously to endorsing Trump.
Palihapitiya, the founding father of the enterprise capital firm Social Capital, plans to co-host the fundraiser for Trump alongside Sacks, in line with the Times.
Such open expressions of support for Trump was virtually unheard of in Silicon Valley in recent election cycles.
Tech execs have been unhappy with Biden’s pick to move the Securities and Exchange Commission, Gary Gensler. Michael Brochstein/Sipa USA
“4 years ago you needed to issue an apology should you voted for him,” Delian Asparouhov, an investor on the Thiel-backed Founders Fund, wrote on his X account.
Shaun Maguire, an investor at Sequoia Capital, has criticized Biden on social media, though he has shunned directly supporting Trump.
Biden has been getting away with double standards his entire profession
3 strike laws for thee but not for me (Hunter)
Keeping classified documents without punishment
And now withholding aid to an ally
We’ll see what happens this time https://t.co/cUh8qCRbMY
— Shaun Maguire (@shaunmmaguire) May 9, 2024
After Biden indicated that the US would withhold certain weapons to Israel within the midst of the war in Gaza, Maguire accused him of “getting away with double standards his entire profession” — a reference to the Democrats’ drive to question Trump for threatening to withhold aid from Ukraine during his presidency.
“We’ll see what happens this time,” Maguire wrote on his X account on May 9.
The Post has sought comment from the White House.
