Silicon Valley investors have shifted their support away from Joe Biden, citing dissatisfaction with his economic policies. Keith Rabois, a key figure in the early days of PayPal, expressed his views openly. “It’s impossible to support Biden,” he said, though he clarified he is not a Donald Trump enthusiast. Rabois intends to help elect a Republican-controlled House and Senate.
Other notable tech moguls, including David Sacks, Chamath Palihapitiya, Marc Andreessen, and Shaun Maguire, also voiced their concerns about Biden’s proposals. The Biden regime has proposed a 25 percent “billionaire tax” and has implemented several antitrust crackdowns through the Democrat-majority Federal Trade Commission (FTC). For these tech leaders, the policies are seen as restrictive and counterproductive to growth.
Securities and Exchange Commission (SEC) Chairman Gary Gensler’s regulatory measures have also met resistance from these executives. Marc Andreessen, co-founder of venture capital firm Andreessen Horowitz, pointed out “real issues” with the Biden regime. He suggested that a second Trump administration would bring a different approach to leadership at the SEC and FTC.
David Sacks, a former chief operating officer of PayPal, announced plans to host a fundraiser for Trump and interview him on his podcast. Sacks emphasized his disagreements with Biden, particularly around the president’s tax policies targeting startup founders. “It’s a good reason for Silicon Valley to think really hard about who it wants to vote for,” Sacks remarked. He recently attended an anti-Biden dinner with Elon Musk and Peter Thiel.
Chamath Palihapitiya, founder of Social Capital, echoed these sentiments and plans to co-host a fundraiser with Sacks. Delian Asparouhov, an investor at Thiel’s Founders Fund, noted the change in sentiment compared to four years ago when supporting Trump necessitated an apology.