Key Takeaways
- • Elon Musk and venture capitalists are leading tech support for the Trump/Vance ticket, with Musk endorsing Trump shortly after an assassination attempt in Pennsylvania and doubling down when Vance was named running mate, according to NPR.
- • Peter Thiel, Vance's former boss at venture firm Thiel Capital, gave a $15 million donation to fuel Vance's Senate run, per NPR.
- • David Sacks hosted a Trump fundraiser at his San Francisco home that raised $12 million for the former president.
- • America PAC, a tech-aligned super PAC, has raised more than $8 million according to a recent FEC filing, with Andreessen and Horowitz expected to contribute and the Wall Street Journal reporting Musk could fund up to $45 million a month.
- • Andreessen and Horowitz cited opposition to proposed Biden-administration crypto and AI regulation and a 25% tax on unrealized gains for households worth over $100 million as reasons for backing Trump and Vance.
Summary
Sen. J.D. Vance of Ohio, who was named Donald Trump's vice presidential running mate, has built ties to a network of Silicon Valley billionaires, according to NPR. Those connections, forged during his years in venture capital in San Francisco, are now translating into political support and financing for the Trump-Vance ticket ahead of the 2024 presidential election.
Vance became a protégé of Peter Thiel, the PayPal co-founder widely regarded as a kingmaker in Silicon Valley. When Vance ran for Senate, Thiel contributed $15 million to his campaign. Vance also cultivated ties with David Sacks, a former tech executive and podcaster, who recently hosted a Trump fundraiser at his San Francisco home that raised $12 million. Musk and Sacks have used X, the platform Musk acquired as Twitter, to promote Trump and Vance daily.
A new tech-aligned super PAC, America PAC, was unveiled shortly after Vance's selection. Backed by the Winklevoss twins, Palantir co-founder Joe Lonsdale, and Doug Leone of Sequoia Capital, among others, the group has raised more than $8 million according to a recent Federal Election Commission filing. Andreessen and Horowitz are expected to add funds, and the Wall Street Journal has reported Musk could contribute as much as $45 million a month. Vance reported owning between $100,000 and $250,000 in Bitcoin in his latest federal financial disclosure, and crypto investors have welcomed his selection in hopes of lighter regulation.
Marc Andreessen and Ben Horowitz, whose venture firm bears their names, said in a podcast that the Biden administration's proposed crypto and AI regulations are too heavy-handed and would hinder innovation under a second term. Andreessen cited a proposed 25% tax on unrealized gains for households worth more than $100 million as the "final straw" in his shift away from the Democrats, arguing it would make startups "completely implausible." Economist Samuel Hammond of the Foundation for American Innovation described the broader movement as a blend of the right-wing flank of Silicon Valley and Trump's populist politics.
Analysts quoted by NPR suggest cultural issues are also a driver. Musk, Sacks and others have used X to attack diversity, equity and inclusion policies and positions on transgender youth. Max Chafkin, author of "The Contrarian," said many former libertarians are pivoting toward right-wing populism, and that Vance's policy positions favorable to tech are secondary to his identity as "one of theirs." NPR also notes that support is concentrated among tech financiers rather than the broader industry; a Information reader survey found nearly 60% of respondents planned to vote for Biden, and executives at Apple, Nvidia, Meta, Microsoft, Amazon and Google have not endorsed any candidate.
Vance became a protégé of Peter Thiel, the PayPal co-founder widely regarded as a kingmaker in Silicon Valley. When Vance ran for Senate, Thiel contributed $15 million to his campaign. Vance also cultivated ties with David Sacks, a former tech executive and podcaster, who recently hosted a Trump fundraiser at his San Francisco home that raised $12 million. Musk and Sacks have used X, the platform Musk acquired as Twitter, to promote Trump and Vance daily.
A new tech-aligned super PAC, America PAC, was unveiled shortly after Vance's selection. Backed by the Winklevoss twins, Palantir co-founder Joe Lonsdale, and Doug Leone of Sequoia Capital, among others, the group has raised more than $8 million according to a recent Federal Election Commission filing. Andreessen and Horowitz are expected to add funds, and the Wall Street Journal has reported Musk could contribute as much as $45 million a month. Vance reported owning between $100,000 and $250,000 in Bitcoin in his latest federal financial disclosure, and crypto investors have welcomed his selection in hopes of lighter regulation.
Marc Andreessen and Ben Horowitz, whose venture firm bears their names, said in a podcast that the Biden administration's proposed crypto and AI regulations are too heavy-handed and would hinder innovation under a second term. Andreessen cited a proposed 25% tax on unrealized gains for households worth more than $100 million as the "final straw" in his shift away from the Democrats, arguing it would make startups "completely implausible." Economist Samuel Hammond of the Foundation for American Innovation described the broader movement as a blend of the right-wing flank of Silicon Valley and Trump's populist politics.
Analysts quoted by NPR suggest cultural issues are also a driver. Musk, Sacks and others have used X to attack diversity, equity and inclusion policies and positions on transgender youth. Max Chafkin, author of "The Contrarian," said many former libertarians are pivoting toward right-wing populism, and that Vance's policy positions favorable to tech are secondary to his identity as "one of theirs." NPR also notes that support is concentrated among tech financiers rather than the broader industry; a Information reader survey found nearly 60% of respondents planned to vote for Biden, and executives at Apple, Nvidia, Meta, Microsoft, Amazon and Google have not endorsed any candidate.
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