What's Driving Support for Trump Among Some Silicon Valley Elites

Certain venture capitalists, tech bros, and crypto titans are breaking out of their California bubble to support the Republican ticket for president. Hillary Clinton received Silicon Valley’s support in 2016 and Joe Biden floated to Pennsylvania Avenue on its dime in 2020, but things look different this time around. 

Tech mogul Elon Musk endorsed Trump after the assassination attempt against him, and there were rumors of a $45 million a month Musk donation to a pro-Trump super PAC. The prominent investor David Sacks – who previously said that Trump should be disqualified from office for his actions surrounding the Jan. 6 insurrection – gave a speech at the RNC.

Marc Andreessen and Ben Horowitz, founders of one of Silicon Valley’s largest venture capital firms, plan to donate large sums to Trump PACs. Billionaire Peter Thiel is the mentor and financial backer of Trump’s running mate, J.D. Vance.

“The Blue Wall of tech is crumbling before our very eyes,” Ryan Selkis, founder and CEO of crypto research firm Messari, wrote on X last month. 

Selkis may not be entirely correct – Silicon Valley is still overwhelmingly Democratic. Think pro-abortion, pro-LGBTQ rights, pro-immigration, etc. But there is a crack in the door: Millionaire and billionaire techies are anti-government regulation.

So while there are many wealthy and vocal donors on the left – entrepreneurs and venture capitalists like Reid Hoffman, Aaron Levie, Vinod Khosla, and Roger McNamee – the Biden administration’s crackdown on tech is driving some support for Trump among Silicon Valley elites. 

The political rift in the valley is no secret. McNamee blasted crypto and the “moral bankruptcy” of Andreessen and Horowitz on X last week, prompting a disappointed response from Horowitz. 

“Really Roger? We’ve known each other for 25 years, you invested in my company, you have my cell #, and your very first idea when we disagree is to attack me in a tweet? Good to know I guess,” Horowitz wrote.

The libertarians of the tech sphere are not pleased with the Biden administration’s sweeping antitrust lawsuits against major tech companies such as Apple, Google, Meta, and Amazon. Under Biden, there has also been tighter regulation of the crypto industry. Trump has tried to capitalize on this disconnect, even attending the annual Bitcoin Conference in Nashville, Tennessee last weekend.

Promising to ensure America becomes “the crypto capital of the planet and bitcoin superpower of the world,” Trump likened the world of the e-currency to “the steel industry of 100 years ago.” The former president also promised to fire current Securities and Exchange Commission Chair Gary Gensler, who has ruled against digital exchanges.

“I will appoint an SEC chair who will build the future, not block the future,” Trump said.

Vance, too, is hitting the road to woo crypto. Trump’s running mate attended a fundraiser in Palo Alto Monday night, where tickets reportedly cost up to $50,000 per couple. Vance was well poised to shine as the honored guest of the night; he was a venture capitalist in Silicon Valley before his transition to politics. 

Vance has in the past supported Lina Khan, head of the Federal Trade Commission and the woman behind the antitrust lawsuits against Big Tech. He may rethink that position now that he is running for vice president, and certain Silicon Valley big hitters have expressed that their pocketbooks are allergic to regulation.

“We are non-partisan, one-issue voters: If a candidate supports an optimistic technology-enabled future, we are for them,” wrote Horowitz on behalf of his firm. “If they want to choke off important technologies, we are against them.” 

The patronage of wealthy tech bros was worrying for the Biden campaign, which was being outpaced by the Trump fundraising apparatus. Things don’t look quite so dire for Harris, who has raised over $200 million since announcing her campaign for president.

It may be the case that signatures on checks are no longer cause for concern on the left, but Silicon Valley could still influence impressionable and devoted fans. It may be the case that tech’s loud support of Republicans will be enough to influence the odd business school student or coder – and in this election, every vote counts.