Donald Trump, who faced significant backlash from the business world during his presidency, is now gaining surprising new support from tech leaders as he eyes a potential return to the White House.
Elon Musk, the world’s richest person, recently endorsed Trump and joined fundraising efforts for his campaign. This endorsement follows weeks of increasing support from the tech sector, with influential figures such as former Democratic donor Allison Huynh, investors Marc Andreessen and Ben Horowitz, and the Winklevoss twins from the crypto world publicly backing Trump.
While support for Trump is not universal within the tech community, this shift marks a significant change from just a few years ago. Following the 2021 US Capitol riot, many companies distanced themselves from Trump. In Silicon Valley, where supporting conservative causes like banning gay marriage previously cost executives their jobs, this newfound support is particularly striking.
Nicholas Longo, a 27-year-old from wealth management firm Fortuna Investors, highlighted this change at a cryptocurrency event during the Republican National Convention in Milwaukee, Wisconsin. “In 2020, it would have been inadvisable for me to express support for Donald Trump,” he said. Now, the political climate has shifted, and such support is more acceptable.
On social media, figures like Musk and investor David Sacks have been vocal critics of President Joe Biden. Their financial backing of Trump’s campaign is expected to expand their influence significantly. This support has helped Trump close a fundraising gap he faced against Biden earlier this year. Sarah Bryner, research director at OpenSecrets, noted, “He was pretty far behind and struggling at the end of April. In the last eight weeks, it’s a completely different campaign.”
Despite Musk’s historical aversion to political donations and his past support for Democratic figures like Barack Obama, his recent actions indicate a shift. Musk, who owns the social media platform X (formerly Twitter), expressed his belief in maximizing individual freedom and merit, stating that the pendulum has swung towards the Republican Party.
Analysts suggest that Trump’s increasing appeal among tech leaders indicates a broader acceptance. Sal Russo, a veteran Republican consultant, remarked, “He’s convinced Republicans he’s not as bad as they say… and now we’re seeing that’s broadening out.”
Tech leaders’ concerns about the Biden administration’s policies on crypto and artificial intelligence have contributed to this shift. Marc Andreessen and Ben Horowitz have criticized government regulations as the top threat to “Little Tech,” urging a stand against these policies.
Jennifer Huddleston, a senior fellow in tech policy for the libertarian Cato Institute, noted that Trump might be shifting his stance on tech issues, given his ownership of a social media platform and his ties to figures like JD Vance, who has a background in venture capital.
However, some caution that this shift might come with risks. Trump’s past interventionist approach to the economy and tech, including trade wars and anti-monopoly lawsuits, has created uncertainty. David Broockman, a political science professor at the University of California, Berkeley, pointed out that while tech leaders hope Trump’s more extreme policies won’t materialize, they remain a possibility.
Outside the tech sphere, Trump has advocated for significant changes, including mass deportations of undocumented immigrants and a 10% tariff on all imported goods. Garrett Johnson, co-founder of the Foundation for American Innovation, believes that Trump’s views on issues like China have gained traction over time. “Trump singlehandedly made the threat that China poses to our country a national topic,” he said. “Was he right on everything? No, but on many big issues Trump was right.”
As the political landscape evolves, the growing support from tech leaders signifies a notable shift in the dynamics of Trump’s potential campaign and its implications for the 2024 election.
