As Silicon Valley becomes more conservative, Donald Trump eyes campaign funds
There are signs that the tech elite may be warming up to presumptive Republican nominee Donald Trump.
by Ira Spitzer · CNA · JoinSILICON VALLEY, California: With its concentration of wealth, Silicon Valley has long been prized by presidential candidates in the United States for its fundraising potential.
While the region has long been a reliable source of money for the Democrats, there are signs that the tech elite may be becoming more conservative, and warming up to presumptive Republican nominee Donald Trump.
Billionaire entrepreneur and podcaster David Sacks recently hosted a sold-out Trump fundraiser at his San Francisco home, with a minimum US$50,000 donation.
"I know there's going to be a lot of people who support Trump, but they don't want to admit it. This event is going to break the ice on that, and maybe it will create a preference cascade, where all of a sudden, it becomes acceptable” said Sacks during his podcast.
The event's success is seen by some as a sign of dissatisfaction with President Joe Biden’s administration in certain corners of the tech world.
"(There are) issues around cryptocurrency, government regulation and technology,” said political science professor David McCuan from Sonoma State University.
“For venture capitalists and those in Silicon Valley, they find a lot of kinship with someone like Donald Trump, who's transactional, who wants to see less regulation and wants to encourage risk-taking around, for example, crypto.”
Lina Khan, Biden’s pick to lead the Federal Trade Commission, has also been a polarising figure, having led antitrust campaigns against tech giants the likes of Apple and Google.
The agency's consumer protection mandate often puts it at odds with tech firms over issues like data privacy and anti-competitive behaviour.
WHY SOME ARE COSYING UP TO TRUMP
Former president Trump’s new Silicon Valley supporters may also be thinking strategically.
“They have an agenda. They see an opportunity to wield power through Trump,” said Berin Szoka, president of non-profit technology think tank TechFreedom.
"Right now, they're jockeying for the attention of someone who could be the next president … they're all trying to get a voice in the next Trump administration.”
But while Trump may have won supporters, experts noted that he still has a lot of detractors who remember his track record from his first term between 2017 and 2021.
“Trump is every bit as toxic as he was four or eight years ago,” said Szoka.
“The people who work in well-established companies are generally those who understand that Trump is a real threat to democracy and that he has waged war on their employers since at least 2020.”
Trump has had numerous infamous outbursts, including his tirade against social media firms for de-platforming him in the wake of the storming of the Capitol Building by his supporters on Jan 6, 2021, two months after his defeat to Biden in the previous election.
SILICON VALLEY COULD BOOST TRUMP’S BID
With the stage now set for a rematch between the two in the upcoming Nov 5 presidential election, Trump needs all the help he can get when it comes to campaign funding.
In the last presidential poll, Biden outspent Trump by almost US$300 million.
This time, the Trump campaign appears to be closing the fundraising gap, seemingly bolstered by the his guilty verdict in New York.
Last month, Trump became the first former US president to be convicted of a felony after a Manhattan jury found him guilty of all 34 counts of falsifying business records in his hush money criminal trial.
He had pleaded not guilty to all counts and accused the trial of being rigged. Many supporters believe the trial is politically motivated and a “witch hunt”.
Legal experts said the sentencing next month will not impact his ability to become the Republican nominee or to be elected as president.
Analysts said Silicon Valley’s support could bolster his chances and help the former president stay financially competitive in key swing states that will decide the election.
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