TLDR:
– Silicon Valley investors turning against President Biden and embracing former President Trump due to disagreements with Biden’s policies and regulations.
– Prominent moguls such as David Sacks, Chamath Palihapitiya, and Marc Andreessen openly supporting Trump over Biden.
Some Silicon Valley venture capitalists have begun to turn against President Biden while openly touting their support for former President Donald Trump — a sea change for an industry that has overwhelmingly supported Democrats in years past. Prominent moguls such as David Sacks, Chamath Palihapitiya, Marc Andreessen, and Shaun Maguire have grown disillusioned with signature Biden policy proposals such as his call for a 25% “billionaire tax” as well as antitrust crackdowns waged by the Federal Trade Commission. Tech executives are also unhappy with the stringent regulations imposed on the cryptocurrency sector by Gary Gensler, Biden’s pick to head the Securities and Exchange Commission. Last year, the FTC sued Amazon, accusing the e-commerce giant of being a monopoly. Andreessen, founder of powerhouse VC firm Andreessen Horowitz, recently said there are “real issues” with the Biden administration. A second Trump administration would be staffed by “very different kinds of people,” particularly at the SEC and FTC, Andreessen said in a recent podcast interview. Prominent tech investors like David Sacks and Chamath Palihapitiya are planning to host fundraisers for Trump and openly express their support, marking a significant shift from previous support for Democratic candidates.
