Dustin Moskovitz gave $30 million to Kamala Harris’ campaign. Reed Hastings donated nearly $7 million. And Ben Horowitz gave $2.5 million to a super PAC that supports the Democratic candidate, just three months after he said he would back Donald Trump.
The latest data from the Federal Election Commission show that Harris’ efforts to re-engage with the tech industry have paid off—literally— by encouraging new donations and stemming Silicon Valley’s pro-Trump shift. It’s helping to bolster her already substantial war chest heading into the critical final days of an election campaign where she’s been outraising and outspending Trump by more than two to one.
“One thing I believe about Kamala Harris is, being from the Bay area, she really is listening to tech,” Shannon Nash, founder of Tech4Kamala, said in an interview. “We need a president who is going to be collaborative in coming up with rule-making.” While the broader tech industry has remained overwhelmingly Democratic, venture capitalists donated a record amount to Republicans, according to OpenSecrets data as of September 22.
Silicon Valley’s pro-Trump shift came after four years of mounting frustration with the Biden administration, in particular the Federal Trade Commission, which sued Amazon.com Inc. and Meta Platforms Inc., and the Securities and Exchange Commission, which targeted Coinbase Global Inc. Obama “was always interested in what business had to say and what technologists had to say,” Horowitz said on the podcast. “He wasn’t, ‘Talk to the hand, the hand doesn’t want to hear it,’ which is what we’ve been dealing with here.”Tech leaders like LinkedIn Corp. co-founder Reid Hoffman have found Harris, who was born in Oakland and had family members who worked in tech, to be an easier sell to Silicon Valley.
Meanwhile, conversations between her campaign team and Silicon Valley have trickled into Harris’ policies and speech. When she unveiled a new program aimed at attracting Black male voters and entrepreneurs, she said she would support a regulatory framework for crypto to give more investment certainty to the 20% of Black Americans who own or have owned digital assets. She’s also gone quiet on a Biden plan to tax unrealized capital gains, a move that Cuban has called an “economy killer.
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