Why Tech Leaders are Supporting Trump
Donald Trump, once shunned by many in the business world, is gaining new support from tech leaders as he plans to return to the White House. Recently, Elon Musk, the world’s richest person, endorsed Trump and began fundraising for him, marking a major shift. Other notable supporters include venture capitalists Marc Andreessen, Ben Horowitz, and the Winklevoss twins, as well as former Democratic donor Allison Huynh.
This support is not universal, but it’s a significant change from a few years ago when businesses distanced themselves from Trump after the US Capitol riot in 2021. In Silicon Valley, known for its liberal views, this shift is especially surprising.
Nicholas Longo, 27, of Fortuna Investors, said he felt a stigma when voting for Trump in 2020, but now things have changed. Social media has also reflected this shift, with Musk and investor David Sacks often criticizing President Joe Biden. Their financial backing could have major impacts on the election, helping Trump close the fundraising gap against Biden.
Sarah Bryner from OpenSecrets highlighted that Trump’s campaign has gained momentum in recent weeks, which could encourage more donations. Historically, Democrats received more venture capitalist donations, but Biden’s decision to bow out of the race might increase interest in Trump.
Elon Musk, who has pledged significant support to Trump’s campaign, represents a dramatic shift. Once a moderate who supported Barack Obama and criticized Trump’s climate policies, Musk now endorses Trump, emphasizing his belief in individual freedom and merit. This change aligns with concerns in the tech world about the Biden administration’s stance on crypto and AI regulation.
Some analysts suggest that tech leaders’ support for Trump stems from self-interest. Biden’s proposed taxes on the wealthy and his administration’s pursuit of tech companies have alienated some. Mark Cuban, a Democrat supporter, suggested that tech leaders might see potential benefits in crypto under a Trump administration.
Professor Neil Malhotra of Stanford noted that while the tech industry has generally leaned Democratic, there’s a noticeable shift towards the Republican Party, especially on issues like regulation. Trump’s evolving stance on tech issues, such as crypto and AI, also plays a role in gaining tech support.
Jennifer Huddleston from the Cato Institute mentioned that distinguishing between big and little tech interests could be challenging. Political science professor David Broockman added that while Trump presents himself as moderate, his policies could still be extreme, affecting public approval and business support.
Outside the tech world, Trump advocates for radical changes, including immigration policies and tariffs. Garrett Johnson of the Foundation for American Innovation acknowledged that more business elites now support Trump’s views on issues like China’s threat.
This shift among tech leaders signifies a broader change in the political landscape, highlighting the complex dynamics between business interests and political support .
Credit : BBC
https://www.bbc.com/news/articles/cd1j8dvw73lo