Democrats are running out of options. Usual friends are forsaking their alliances.
And now the White House is on fire after Biden lost support from this major faction.
A growing faction in Silicon Valley is now openly supporting Donald Trump, sources told the New York Post, indicating that the previous stigma of endorsing him has largely faded.
“It’s a stark contrast to 2016 when you were shunned … back then, endorsing Trump could lead to backlash from portfolio companies or founders,” said one source who spoke anonymously but is now openly telling friends and colleagues of his support for Trump. “The stigma is disappearing.”
This marks a significant shift from 2016 and 2020, when many kept their support for Trump under wraps for fear of repercussions from employees, colleagues, and investors — worried they might be ostracized in the tech community, sources add.
Earlier this month, tech venture capitalists David Sacks and Chamath Palihapitiya hosted a $12 million fundraiser for Trump in the traditionally liberal neighborhood of Pacific Heights. Trump also appeared on their All In podcast, co-hosted by David Friedberg and Jason Calacanis, last week.
During the podcast, Trump emphasized how his policies would benefit Silicon Valley, including expanding access to visas for high-skilled workers, deregulating cryptocurrency, and promoting energy independence to support artificial intelligence innovation.
Trump’s potential vice-presidential pick could further solidify this support, sources told the New York Post.
Ohio Senator and former Bay Area venture capitalist J.D. Vance has been key in connecting Trump with tech investors — he urged Sacks and Palihapitiya to host their fundraiser and introduced Trump at the event, reports say.
Sources in the pro-Trump tech faction told the New York Post they have informed the campaign that Vance, 39, could attract a younger tech-savvy demographic and serve as a conduit between Silicon Valley and the White House if Trump is elected.
“Vance has deep roots in the tech world, giving him significant credibility,” one Republican fundraiser pushing for Vance as VP told the New York Post.
“He’s focused on policies that resonate with tech investors and spur innovation and entrepreneurship … plus, he represents a younger generation.”
Trump announced over the weekend that he has decided on his running mate but hasn’t disclosed the name yet. Vance, North Dakota Gov. Doug Burgum (R), and Sen. Marco Rubio (R-Fla.) are reportedly frontrunners.
Vance, who detailed his working-class Ohio background in the 2016 memoir Hillbilly Elegy, worked at PayPal founder and Republican mega-donor Peter Thiel’s firm Mithril Capital before his Senate election in 2022. Thiel also contributed $10 million to Vance’s competitive race.
“Tech insiders view Vance as one of their own,” a source close to conservative tech investors told the New York Post. “He understands the venture capital and tech landscapes … he’s a senator who came from their world.”
Tech sources told the New York Post that Vance’s support is part of a growing conversation between Trump and influential figures in Silicon Valley.
Trump has secured endorsements from several venture capitalists who previously stayed out of politics, including Shaun Maguire, a partner at Sequoia Capital who traveled to Israel with Elon Musk, and his colleague Doug Leone.
Ryan Selkis, founder of cryptocurrency data firm Messari, even posted on X urging founders to endorse Trump before the “floodgates” open.
Additionally, Gemini founders Cameron and Tyler Winklevoss announced million-dollar donations in Bitcoin to Trump, a move that some say reflects the crypto community’s shift to the right as Biden clamps down on digital currency.
After four years of Biden, “a lot of people are becoming incredibly disillusioned” and seeking change, said Jacob Helberg, an adviser to the software company Palantir. “No one anticipated how aggressive Biden would be.”
Stay tuned to the DC Daily Journal.
