Elon Musk’s decision to throw his vast fortune behind Donald Trump’s presidential bid confirms the rise of a growing right-wing bloc in traditionally liberal Silicon Valley.
US media reports say Musk and a group of tech investors are contributing to a Super PAC — a specially designed fund that can spend unlimited amounts on political candidates and causes.
The Wall Street Journal reported that Musk plans to donate $45 million a month to America PAC, a fund focused on the Trump election, starting in July.
Although Musk said just months ago that he would not donate to either Trump or President Joe Biden, the right-leaning X platform and steady stream of inflammatory tweets made his political allegiances clear.
Moments after the assassination attempt against Trump last weekend, Musk declared that he fully supports Trump.
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Joining Musk in funding Trump are other, lesser-known tech figures motivated by various vested interests.
These include boosting cryptocurrencies and opposing Biden-appointed regulators who are keeping a closer eye on the tech sector.
Predominantly male and white, Trump’s supporters in Silicon Valley are more united in their distaste for the so-called awakening ideology, which they argue promotes diversity and equality at the expense of efficiency and excellence.
Many of these Silicon Valley enthusiasts rolled out the red carpet for Trump at a fundraiser last month.
It was hosted by David Sachs, one of the members of the so-called PayPal Mafia — a group that includes — Musk, who worked at that startup in the late 1990s and has since become a spokesman for Silicon Valley’s burgeoning right-wing faction .
Sachs’ endorsement earned him a speaking slot at the Republican National Convention, which officially nominated Trump as the party’s nominee.
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“In my hometown of San Francisco, Democratic rule has turned the streets of our beautiful city into a cesspool of crime, homeless encampments and open drug use,” South African-born Sacks told delegates, referring to the Democratic presidential ticket .
Another member of the PayPal mafia is Peter Thiel, a German conservative who was closely associated with Trump when he entered the White House.
After the attack on the US Capitol in 2021, Thiel said he would stay out of politics and has since become a kind of right-wing philosopher king of Silicon Valley.
But Thiel contributed heavily to the Senate campaign of JD Vance, the hard-right 39-year-old chosen by Trump as his running mate.
Also planning the Trump fundraiser was Chamath Palihapitiya, a former Facebook executive who, along with Sacks, co-hosts the All-In podcast that has become a must-listen for conservative techies.
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Palihapitiya was once a cheerleader for special purpose buyout companies, or SPACs, a controversial avenue for companies to go public under the radar of regulators using shell entities.
The practice soured when the Federal Reserve raised interest rates, curtailing the venture capital business and angering many in Silicon Valley about Biden’s economic policies.
“War on Crypto”
On Tuesday, The Information reported that Marc Andreessen and Ben Horowitz, who run one of Silicon Valley’s most prominent venture capital firms, were also backing Trump.
The pair’s company has invested heavily in cryptocurrencies and last year created a political war chest to trouble lawmakers who want the emerging industry to be more regulated.
Crypto billionaires Cameron Winklevoss and Tyler Winklevoss are also Trump donors and attended a fundraiser for the former president in June.
Trump’s embrace of crypto has changed from a more hostile stance in the past, and hopes are that it can help revive the industry in the wake of major scandals and bankruptcies.
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The former president “will end the Biden administration’s war on cryptocurrencies,” Cameron Winklevoss said in June.
Rounding out Trump’s fellow travelers in Silicon Valley are top executives from Palantir, a data analytics firm co-founded by Thiel that specializes in national security work.
Palantir co-founder Joe Lonsdale contributes to the pro-Trump super PAC and opposes Biden’s left-wing priorities like affirmative action and regulation.
“Our country is at a standstill because you have these crazy people in charge,” Lonsdale told CNBC this month, speaking of Democrats.
Source: AFP