If California is the center of the state’s political fundraising, Silicon Valley has become one of the more dominant forces of campaign cash. And while Northern California tech entrepreneurs have backed many Democratic candidates, a small but powerful group of defectors has stepped up in recent years.
A group of tech conservative groups welcomed former President Trump’s visit Thursday evening at a tony fundraiser held at the San Francisco home of venture capitalist David Sacks. The estate, located on Billionaires’ Row in Pacific Heights, welcomed around 80 elites to the sold-out event. Admission fees: up to $300,000 per person and $500,000 per couple, according to invitations obtained by The Times.
“It’s a few hours of high-quality networking in a beautiful private home,” said Harmeet Dhillon, a California Republican national committeeman and San Francisco-based attorney who serves as an official surrogate for the Trump campaign. “The seats are all full. It’s very crowded.”
The meeting raised $12 million, Dhillon added.
Across the country, tech leaders and employees have poured millions into politics. People who work in the communications and electronics sector, which includes technology companies, have given $18.1 million to Biden and groups supporting his campaign, and $1.4 million to Trump and organizations supporting his efforts this year, according to campaign finance data released on May 21. Federal Election Commission.
An analysis of the contributions was conducted by Open Secrets, a nonpartisan group that tracks election finances. Total donations to candidate committees and outside groups supporting the campaign totaled $25.8 million, with 71.7% going to Democrats and 22.1% to Republicans.
In Silicon Valley itself – a geographical area that is considered the hub of the tech industry and including San Jose, Menlo Park, Palo Alto, Mountain View, Cupertino, Santa Clara, Redwood City and Sunnyvale – about 3% of donors who gave to the Democratic nominee in 2016 or 2020 donated to Trump in the next cycle, a Times analysis of FEC data found. While many tech leaders and workers live in these cities, many other residents of this region do not work in these industries.
Protesters call for a ceasefire in Gaza as Vice President Kamala Harris arrives for a fundraiser in San Francisco on Wednesday.
(Anabel Sosa/Los Angeles Times)
“Silicon Valley and the Bay Area are the heart of the global innovation ecosystem. Due to the economic dynamics of the region, as well as the cultural, technological and social influence, it is not surprising that more candidates are involved with our business leaders,” said Ahmad Thomas, chief executive of the Silicon Valley Leadership Group , in a statement. . “This is part of the reason why our region will continue to be a political force, helping to set a national agenda that supports innovation, entrepreneurship and growth.”
While parts of the population are increasingly attracted to Trump’s friendliness to emerging technologies such as crypto, Silicon Valley remains reliably Democratic. The region’s tech world is known for its penchant for disruption, with a historic libertarian streak.
“Obviously there are some defections, but the reality is that the majority still support the president,” said Rep. Ro Khanna (D-Fremont), who represents Silicon Valley in Congress.
On Wednesday, Vice President Kamala Harris attended a fundraiser in the Oakland Hills before appearing in front of about 100 people in San Francisco. During his 13-minute speech, he called for a cease-fire in the Israel-Hamas war, and for Hamas to return the remaining hostages in Israel.
His speech did not satisfy the protesters outside the venue, who shouted “Shame on you!” when Harris arrived.
Khanna recently gathered 100 tech leaders for a retreat in Napa to inspire them to stick with the Biden administration.
“Democrats need to have a clear vision of celebrating entrepreneurship,” Khanna said. “Yes, there should be smart fences and regulation, but we need to innovate. We need to be entrepreneurial. We need to be the generation of wealth. We need to be future-oriented.”
But for some Silicon Valley tech executives, being future-oriented means campaigning for Trump.
At latest episode His podcast, “All-In,” Sacks and co-host for fundraising, Chamath Palihapitiya, emphasized that he had previously hosted fundraisers for his presidential candidate Robert F. Kennedy Jr.. and the former Republican opponent of Trump Vivek Ramaswamy.
Palihapitiya, a self-described “apolitical” man, said he has donated to Democrats, though he joined Sacks for Thursday’s Trump fundraiser. The two podcasters joked about the flak their other two co-hosts, Jason Calacanis and David Friedberg, were getting to associate with Trump supporters.
“I think you’re going to have more, and that’s an indication of a cowardly response. It’s like a cancellation tactic,” Sacks said. “And I think the reason why they’re doing this is because, frankly, there’s a lot of choice falsification in Silicon Valley.”
Cian O’Brien, an entrepreneur and former vice president for a Sunnyvale tech company, said he has become a pariah in Silicon Valley since pledging his allegiance to Trump. He said he has supported Democrats all his life, even though he did not vote for President Obama. After donating to former Secretary of State Hillary Clinton’s 2016 campaign, O’Brien, 56, said he switched his support to Trump after he saw how the “apparatus” — the media and other government institutions — turned against him.
“They see him as a threat, because that’s where he’s going to open or destroy … any particular operation,” O’Brien said. “And most of the operations revolve around people who increase their power and money.”
Nibbling on sliders with American flag toothpicks, mini lobster rolls and a dessert buffet, attendees for the Sacks fundraiser included the Winklevoss twins, famous for feuding with Mark Zuckerberg about the creation of Facebook; Coinbase executives; and some AI leaders. Ohio Senator JD Vance and North Dakota Gov. Doug Burgum, who is reportedly being vetted as Trump’s running mate, also attended.
Trump spoke for about an hour on various topics, including AI, cryptocurrency and being a victim of deepfakes, prompting the young AI executive to give a detailed explanation of the use of encrypted keys. He also said the world is safer under his government, his borders are more secure, and he is against transgender women being allowed to play in women’s sports.
The former president did not directly address the 34 felony charges he was convicted of last week, but he spoke broadly about the justice system, Dhillon said.
“He was very excited. He said there was a terrible judge there. He didn’t get specific; he knew he was under joke orders,” he said. “They say Republican judges are going out of their way, bending over backwards to appear fair, to be fair to the other side. And the Democrats are salivating, impatient to get their hands on it and do what they want politically.
Outside the Sacks’ multimillion-dollar home, police cordoned off six city blocks around the Pacific Heights residential area. Some attendees rolled up in black Escalades, while others came on foot or motorbikes. Many arrived in pickup trucks waving large flags that read “Trump 2024.” One of the drivers exchanged fists with the man at the stop. A group of high school-aged girls stood nearby, wearing Trump baseball caps.
“This is a historic event,” said Jen Kelly, 60, of Sacramento, who calls herself a lifelong Republican. “I know it’s a private fundraiser, but the fact that Trump is in California is very rare.”
After swinging through Silicon Valley, Trump traveled south, with fundraisers in Beverly Hills and Newport Beach planned for the weekend.
Sosa reported from San Francisco. Ahn, Mehta and Pinho reported from Los Angeles.
