Marc Cuban lead group of 200 investors and venture capitalists pledged their support to Kamala Harris.
Political donations in Silicon Valley have reached unprecedented levels as influential figures in the tech industry rally behind their preferred candidates. With just 97 days left until the presidential election, major contributions are being made to support the campaigns of Vice President Kamala Harris and former President Donald Trump.
Reid Hoffman, a LinkedIn founder, investor Chris Sacca, Katie Stanton of Moxxie, Eva Ho of Fika Ventures and Rebecca Kaden of Union Square Ventures, were among those who signed the letter and pledged to vote for Kamala Harris.
Big Donations for Kamala Harris
For instance, Netflix co-founder Reed Hastings made a significant $7 million donation to Harris’s campaign, marking the largest contribution he has ever made to a single politician. These financial endorsements not only highlight the deep political divide within the tech community but also underscore the high stakes and intense competition leading up to the election. As these donations pour in, they are shaping the landscape of political support and influence in one of the most powerful regions of the United States..
Reid Hoffman, a billionaire investor and co-founder of LinkedIn, is leading the charge for Kamala Harris.
Since President Biden decided not to run again, Hoffman has been focused on getting Harris elected. He has paused his job as an investor to rally his influential friends in Silicon Valley to support Kamala Harris with their money and connections.
Within hours of Joe Biden’s decision to bow out of the presidential race, many of the biggest names in Democratic politics — from Hillary Clinton to Gavin Newsom to mega donor George Soros — rushed to join him in backing Vice President Kamala Harris at the top of the ticket.
George Soros Backs Kamala Harris
Several big names in the tech world have come forward to support Harris. Sheryl Sandberg, the former Chief Operating Officer of Meta, announced her support on social media. Angel investor Ron Conway called for the tech community to unite behind Harris, saying she has his unwavering support.
Netflix co-founder Reed Hastings donated $7 million to a group supporting Harris. Philanthropist Melinda Gates also expressed her backing, saying Harris has an inspiring vision for America.
Fundraising efforts for Harris have seen a significant boost. Donations have surged since Biden’s announcement, with hundreds of thousands of dollars raised in just a week, double what had been collected for Biden in over a year. There is now a sense of urgency to get Harris elected.
Tech Titans Backing Trump
On the other side, some of Silicon Valley’s biggest names are throwing their support behind Trump. This includes Elon Musk, the CEO of Tesla, and influential investors like Marc Andreessen, Ben Horowitz, and Doug Leone. These endorsements suggest a shift towards Trump in a region that has usually supported Democrats.
This support for Trump is causing tension within the tech industry. Many are uncomfortable with Trump’s policies and past actions. Some feel betrayed by colleagues who support him. One tech investor, who had emergency surgery to remove a life-threatening ectopic pregnancy, was devastated to see two friends endorse Trump, whose running mate has supported a national abortion ban. It felt like they were willing to trade her life for money.
Others in the tech world see this divide as long overdue. Some feel validated to finally see people openly supporting Trump, even though it has been happening quietly for years. The public endorsements have sparked debates about whether these tech leaders support Trump for business reasons or for social issues like abortion.
Feuding in the Digital Age
The political battle in Silicon Valley is playing out online, especially on social media. Disagreements are breaking up long-standing friendships and business partnerships. Reid Hoffman was particularly offended by another investor’s online praise for Trump. Hoffman, who had once worked with this investor, saw the praise as a personal betrayal. He challenged his former colleague to speak out against Trump, but there was no response.
These disputes are also getting personal. Elon Musk, who owns a major social media platform, recently taunted tik-tok owner over donations. The donor responded angrily, saying he couldn’t support someone like Trump. Another tech billionaire joined the argument, comparing the two men, which only made things worse. The original donor said he “almost vomited” at the comparison.
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Despite the heated debates, supporters of Trump argue that his policies could help the tech industry grow by reducing regulations. During his presidency, Trump was critical of Big Tech, accusing it of bias. He opposed banning TikTok, believing it would help Meta’s platforms. Trump’s supporters think he will create a better environment for tech companies to innovate.
Meanwhile, Kamala Harris’s supporters believe she can repair the strained relationship between the tech industry and the government. Harris, who has strong ties to California, helped design regulations for artificial intelligence as part of the Biden administration. Her supporters think she can bring back the positive relationship that existed during the Obama administration.
As the election approaches, Silicon Valley is divided. The choices made by its leaders will have a significant impact on the future of both the industry and the country. The political divide in the tech community reflects larger societal debates, highlighting the high stakes of this crucial election.
