Tech
Harris’ Tech Allies on Track to Raise $100M, Silicon Valley Skeptics
Conversations have been ongoing since Sunday, when President Joe Biden withdrew from the race and endorsed Harris, according to people who described the discussions to CNBC.
Conway even attempted to recruit venture capitalists Mark Andreessen AND Ben Horowitzaccording to three people familiar with the initiative who, like others in this story, were granted anonymity to discuss private conversations.
The move is notable because the two founders of venture capital firm Andreesen Horowitz have already said they will support Trump and plan to donate to a pro-Trump political action committee.
Hoffman convinced Netflix Chairman Reed Hastings will support Harris with a $7 million donation to a pro-Harris PAC, according to The information.
Hastings, a longtime Democratic donor, said shortly after Biden dropped out of the race and endorsed Harris that “Democratic delegates need to pick a winner in a swing state.”
But two days later, Hastings threw his weight behind the former California senator, writing on social media: “Congrats Kamala Harris, now is the time to win.”
A source familiar with the lobbying efforts of Conway, Hoffman and others estimates that their efforts alone are on track to raise more than $100 million from major tech donors.
That money is being funneled to a combination of groups: Harris’s campaign, political action committees that support her, and 501(c)(4) dark-finance groups, which do not publicly disclose the names of their donors.
Hastings, as well as representatives for Conway and Hoffman, did not respond to CNBC’s emails seeking comment. A spokeswoman for Andreesen Horowitz declined to comment. The company’s co-founders did not respond to an email seeking comment.
Conway and Hoffman have both endorsed Harris. Conway specifically said that “the tech community must unite to defeat Donald Trump,” in a social media post praising Harris.
Part of the pitch being made by Harris’s allies in the tech community to skeptics is a promise that if Harris is elected president, she will be available to meet with business leaders and listen to their concerns, according to two people familiar with the effort.
Another part of the story is their argument that tech investors backing Trump made the wrong choice because they thought Biden was the safe bet. Now, with Harris leading the Democratic ticket, they have a chance to change their minds and come back to her, these people said.
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“The train is leaving the station and it’s clear you’ve got the wrong one. And she’ll be open to hearing new ideas,” one person said, describing the calls.
So far, the results of the technology campaign are mixed.
“I don’t think it’s going to work. They know her track record in tech,” said one adviser to cryptocurrency executives. He pointed to Harris’s track record, dating back to her election as California attorney general in 2011.
Harris has held several technology regulatory roles as both attorney general and in the Senate.
In 2019 as a California senator she said “we need to seriously consider [a Facebook breakup],” according to Fortune.
Last year it hosted four tech CEOs Sam Altman, Dario Amodei, Satya Nadella and Sundar Pichai at White House “to share concerns about the risks associated with artificial intelligence.”
But in March, Harris told ABC News that the administration does not “intend to ban Tick tock.” A month later, Biden signed a bill that could ban TikTok from being used in the United States unless its parent company, China-based ByteDance, agrees to sell the social media asset by early 2025.
Another obstacle for Harris’s allies is the perception in Silicon Valley that the Biden administration has over-regulated their industry.
In recent years, cryptocurrencies and artificial intelligence, two of the fastest-growing sectors of the tech industry, have sparked strong protests as the Securities and Exchange Commission and the Federal Trade Commission have targeted major players in the sector.
The belief that technology has been treated unfairly by the Biden administration has contributed to the decision of some high-profile executives to support Trump.
Billionaire Tesla CEO Elon Musk, for example, has become a vocal supporter of Trump. It’s not yet clear, however, whether his vocal support will translate into a huge amount of campaign money to help Trump and Sen. J.D. Vance get elected.
Cryptocurrency investors Cameron and Tyler Winklevoss each donated at least $1 million in bitcoin to the Trump 47 Committee, according to documents filed with the Federal Election Commission. Some of that money was reportedly refunded because each check exceeded the legal limit of $844,600.