Republican presidential candidate, former U.S. President Donald Trump attends the first day of the Republican National Convention at the Fiserv Forum on July 15, 2024 in Milwaukee, Wisconsin. Delegates, politicians, and the Republican faithful are in Milwaukee for the annual convention, concluding with former President Donald Trump accepting his party's presidential nomination. The RNC takes place from July 15-18. Joe Raedle/Getty Images
A growing number of Silicon Valley tech billionaires are transferring their support towards Donald Trump, driven not by an alignment with his political ideology but by economic concerns, according to CNN.
Historically, the San Francisco Bay Area has strongly supported Democratic candidates. However, recently, Elon Musk, David Sacks, and the Winklevoss twins have pledged financial contributions to America PAC, a political action committee supporting Donald Trump.
Similarly, David Sacks hosted a fundraiser and spoke at the Republican National Convention. Other notable tech figures, such as Marc Andreessen and Ben Horowitz, have also voiced their support, citing frustrations with the Biden administration's regulatory stance.
The primary motivation for this shift appears to be the Biden administration's aggressive antitrust campaign, spearheaded by FTC chair Lina Khan, and its stance on cryptocurrency regulation, led by SEC chair Gary Gensler.
Many tech leaders feel these policies stifle innovation and economic growth, prompting them to look for alternative political support.
Over the years, Trump has had a controversial relationship with tech companies, often accusing them of anti-conservative bias. However, his recent efforts to position himself as a pro-crypto candidate, including accepting crypto donations and speaking at a Bitcoin conference, have garnered support from the tech sector.
Despite this shift, many in the tech industry continue to support Biden and other Democratic candidates. LinkedIn founder Reid Hoffman and Google co-founder Eric Schmidt remain loyal to the Democratic Party, although tech billionaire Mark Pincus has joined others to force Biden to drop out of the presidential race due to his recent performances.
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