Tech Billionaires Shift to Trump, Not for MAGA Ideals

### Silicon Valley’s Quiet Shift Toward Trump

The Bay Area has long been a stronghold for Democrats, with overwhelming support for Hillary Clinton in 2016 and Joe Biden in 2020. However, a small yet influential group of Silicon Valley billionaires is starting to show support for Donald Trump and his MAGA agenda within the tech industry.

Elon Musk recently endorsed Trump and reportedly pledged a nine-figure donation to a new pro-Trump political action committee called America PAC, according to The Wall Street Journal. David Sacks, a billionaire tech investor, hosted a fundraiser at his San Francisco home last month and spoke at the Republican National Convention. Other notable contributors to America PAC include the Winklevoss twins, Doug Leone of Sequoia Capital, and Palantir co-founder Joe Lonsdale, as per Federal Election Commission filings.

In the previous election cycle, Trump supporters in Silicon Valley were mostly discreet. Their numbers remain small, but they are now more open and financially supportive.

Why the change?

It’s likely not due to a newfound passion for far-right ideologies or an affinity for Trump’s iconic red baseball caps. Instead, these tech moguls are motivated by economic interests. Adam Kovacevich, CEO of Chamber of Progress, a center-left tech policy group, suggests that dissatisfaction with the Biden administration’s antitrust enforcement and its stance on cryptocurrency is driving this shift.

“I don’t think it has as much to do with Trump himself,” Kovacevich said. “They might have stayed with Biden if they felt their concerns about the innovation economy were being addressed.”

In essence, it’s less about supporting Trump and more about opposing Biden’s key officials, like antitrust enforcer Lina Khan and SEC Chairman Gary Gensler, who are seen as antagonistic towards the tech industry.

Venture capitalists Marc Andreessen and Ben Horowitz are also reported to be backing America PAC. They have expressed their frustration with the Biden administration, criticizing regulatory actions they believe stifle innovation and proposing a tax on unrealized capital gains that they argue would harm startups and venture capital.

According to the Financial Times, their shift towards Trump is driven by significant stakes in cryptocurrency and artificial intelligence, rather than an endorsement of Trump’s broader policies, such as on immigration.

Trump has historically had a contentious relationship with tech companies, accusing them of anti-conservative bias, especially after being banned from several social media platforms following the January 6 Capitol attack. However, the recent influx of tech money, partly facilitated by his venture-capitalist vice-presidential pick, appears to have softened his stance. Trump, who once called Bitcoin a “scam,” is now positioning himself as crypto-friendly and is scheduled to speak at a national bitcoin conference.

Meanwhile, the Biden administration is attempting to repair its relationship with industry leaders who feel hindered by the SEC and Gensler, often referred to as the nemesis of the crypto community.

Despite this, significant donations continue to flow to Biden and other Democratic candidates from tech industry leaders like LinkedIn founder Reid Hoffman and Google co-founder Eric Schmidt. However, Trump’s gains in Silicon Valley come as some major Democratic donors reconsider their support for Biden.

As Kovacevich points out, the few high-profile names supporting Trump do not represent the entire tech industry. “Most of the big company CEOs aren’t heavily involved in partisan politics,” Kovacevich notes. “They’re going to have to work with whoever wins the election.”