Saturday, May 25, 2024

You Have to Be an Exceptionally Bad President to Lose Silicon Valley

By Matt Vespa  |

AP Photo/Alex Brandon

You must be a deplorable president to lose one of the most reliable bases of support for Democrats: Silicon Valley. Joe Biden lost these guys, which is pathetic. It’s a cadre of billionaire leftists who would fund any Democrat to the hilt. So, what caused so much love to be lost in one term? 

They hate Biden’s policies that entail the reining of cryptocurrency and new tax proposals. Yet, overall, Biden is bad for business, which hurls a rock through the glass house narrative this administration has created regarding how they’re building the greatest period of economic growth known to man. Some have voiced support for Trump, others are hosting fundraisers for the former presidents, and others are bashing Biden on social media but stopping short of endorsing Trump in this year’s cycle. Either way, the tech sector and venture capitalism have seen enough of Joe’s Build Back Better (via NY Post): 

Some Silicon Valley venture capitalists have begun to turn against President Biden while openly touting their support for former President Donald Trump — a sea change for an industry that has overwhelmingly supported Democrats in years past. 

Prominent moguls such as David Sacks, Chamath Palihapitiya, Marc Andreessen and Shaun Maguire have grown disillusioned with signature Biden policy proposals such as his call for a 25% “billionaire tax” as well as antitrust crackdowns waged by the Federal Trade Commission. 

“It’s impossible to support Biden,” Keith Rabois, an early executive at PayPal who also played a role in the growth of LinkedIn, Square and Slide, told the New York Times. 


Tech executives are also unhappy with the stringent regulations imposed on the cryptocurrency sector by Gary Gensler, Biden’s pick to head the Securities and Exchange Commission. 


Last year, the FTC sued Amazon, accusing the e-commerce giant of being a monopoly. 

Andreessen, founder of powerhouse VC firm Andreessen Horowitz, recently said there are “real issues” with the Biden administration. 

A second Trump administration would be staffed by “very different kinds of people,” particularly at the SEC and FTC, Andreessen said in a recent podcast interview. 

Ben Horowitz, co-founder of Andreessen Horowitz, wrote in a blog post last year that his company would support any politician who backed “an optimistic technology-enabled future.” 

Sacks, the entrepreneur and investor who made his fortune as chief operating officer at PayPal during its early days, plans to host a fundraiser for Trump as well as interview the former president on his “All In” podcast. 

The NY Post added that Sacks once thought Trump should be disqualified from running again over the January 6 incident. Biden’s America is so atrocious that it led him to change his mind about the former president. The buyer’s remorse people are having about Biden is real.   

Biden is facing the three-headed dragon ahead of his debates with Trump: the economy, foreign policy, and immigration. He’s failing in all three areas. Immigration, already a hot topic, could gain new life as two Jordanian nationals, one of whom might have been on the terror watch list, were caught earlier this month trying to gain unlawful access to Marine Corps Base Quantico. 

He’s done the impossible in the Middle East, which is getting Jews and Muslims to hate him. Hate might be a strong word, but American Jews are certainly questioning his Israeli policies, which include cutting off arms shipments over the Rafah operation. At the same time, Muslim voters feel this administration is enabling genocide. The world is aflame, and Mr. Magoo is at the helm. 

On the economy, inflation continues to gnaw at American working families. Silicon Valley, a once die-hard Democratic Party hub, is looking to redirect its cash to Make America Great Again because this president is anti-growth, anti-business, and laughably out-of-touch. 

Joe was never made of presidential timber. We see more signs every day.



ABOUT-FACE: Billionaire Blackstone Group CEO Changes His Tune, Throws His Weight Behind Trump

By Bob Hoge |

AP Photo/Frank Franklin II

Like many other Wall Street CEOs, Blackstone Group CEO Steve Schwarzman distanced himself from Donald Trump after his 2020 election loss to Joe Biden and the hyper-politicized events of Jan. 6, 2021. (Note: Do not confuse Blackstone with Blackrock, another behemoth investment company known for their dubious reverence of ESG.)

But now Schwarzman's had a change of heart after watching Biden’s policies wreak havoc on America, and he’s putting his considerable weight behind none other than the former president.

The rising antisemitism in this country—and Biden’s unwillingness to take a strong stand against it—played a big role in his decision.

Blackstone Group CEO Steve Schwarzman announced on Friday that he will back Donald Trump in the 2024 election, giving the former president the support of one of the biggest names on Wall Street.

Schwarzman, the billionaire co-founder and chair of the world’s largest private equity firm and a GOP megadonor, said in a statement that the “dramatic rise of antisemitism has led me to focus on the consequences of upcoming elections with greater urgency.”

It’s not only the virulent antisemitism we’ve been witnessing under Biden’s watch that has Schwarzman concerned—he also notes that many of the president’s other policies have been equally disastrous. The Wall Street titan slammed almost every major pillar of Biden’s agenda, saying he shares “the concern of most Americans that our economic, immigration and foreign policies are taking the country in the wrong direction.”

Because of all that, he’s not only going to fully support Trump, but he’s getting behind GOP candidates across the board:

For these reasons, I am planning to vote for change and support Donald Trump for President. In addition, I will be supporting Republican Senate candidates and other Republicans up and down the ticket.

 As many polls increasingly show that Trump is building a solid lead over the failed president, and Biden continues to falter every time he steps out in public, other financial bigwigs are taking note as well. They’re reading the writing on the wall: 

Other billionaires, including oil and natural gas executive Harold Hamm, Wall Street investor Nelson Peltz and hotel tycoon Robert Bigelow are also backing the former president after previously issuing statements condemning his actions in the aftermath of the Jan. 6, 2021, riot at the Capitol.

Trump’s momentum with megadonors comes as President Joe Biden’s fundraising efforts have showed signs of sagging. Earlier this week, the Biden team reported that it brought in less money in April than Trump’s campaign says it raised alongside the Republican National Committee.

Whether we like it or not (and I don’t), money and megadonors play a huge role in who wins elections in this country. Biden and the Democrats have turned fundraising off the elite into an art form—virtually every Hollywood exec and Silicon Valley CEO donates heavily to the Democrat party. It’s past time we get some financial heavyweights on our side—even if we don't love every single thing about some of them. 

Sometimes I’ve wondered—where’s our George Soros? Surely not every billionaire can be an unhinged leftist (though it almost seems that way). In some ways, Elon Musk has taken on that role, and though he hasn’t fully embraced the conservative stance, he’s nevertheless been a strong supporter of free speech and has called out much of the progressive lunacy we’ve seen in recent years.

Schwarzman’s reversal could be a harbinger of things to come as more and more politically active bigwigs—including those who formerly opposed Trump—realize we simply cannot continue under this Biden regime while our country plunges into chaos.