The tech industry in San Francisco, known for its historical liberal stronghold, is now showing a shift in sentiment towards former President Donald Trump. Despite being once hostile towards Trump, prominent tech investors like David Sacks and Chamath Palihapitiya are hosting a high-profile fundraiser for Trump, symbolizing a changing attitude within the industry.
The fundraiser, held at David Sacks’ Pacific Heights residence, had tickets selling for $50,000 a head, with a higher tier of $300,000 offering perks like a photo with Trump. Sacks, a notable venture capitalist and part of the “PayPal mafia,” is a conservative who donated to Democrat Hillary Clinton in 2016 but has since publicly backed the Republican party and Trump. On the other hand, Chamath Palihapitiya, known for promoting special purpose acquisition companies (SPACs), had donated over $250,000 to Biden in 2020.
The event, expected to raise $12 million for Trump, signifies a significant turning point in tech industry support for the Republican candidate. While Trump has had some support from tech figures in the past, such as Peter Thiel speaking at the Republican National Convention in 2016, there has been tension and backlash within the industry against supporting Trump due to his divisive politics.
Republican policies are often viewed as friendlier to the tech industry, favoring less regulation and lower taxes. Trump’s administration implemented hefty tax cuts and took a tougher stance on China, while also providing exemptions to tech companies from tariffs. Additionally, government contracts were given to defense tech companies like Palantir, co-founded by Peter Thiel.
The growing shift towards Trump ahead of the 2024 election can be attributed to discontent with President Biden’s policies. Biden’s administration has taken measures against cryptocurrencies and cracked down on mega-cap tech companies, causing concern and dissatisfaction among tech investors like David Sacks.
The tech industry’s support for Donald Trump, as demonstrated by the high-profile fundraiser hosted by David Sacks and Chamath Palihapitiya, reflects a changing sentiment within the industry. The shift towards Trump is influenced by discontent with President Biden’s policies and a perceived alignment of Republican policies with the interests of the tech sector.
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