The Tech Billionaire Elite Defects to Trump

• Billionaires in Silicon Valley funded J.D. Vance for years and are now strongly supporting Trump

• Tech leaders believe Vance, who is deeply knowledgeable on tech policy, will be a strategic ally in Washington

• His anti-corporate reputation may be challenged amid promises to protect Big Tech freedoms

The story

Silicon Valley leaders are ramping up their support for Donald Trump to retake the White House. Just last month, Trump went to Silicon Valley for a fundraiser hosted by billionaire David Sacks, joined by many other wealthy tech entrepreneurs who are now eager to get him back into office.

Despite the Bay Area technology hub's “woke” tendencies, Silicon Valley billionaires have formed an alliance with Washington’s right wing. Much of this alliance is thanks to the relationship between Trump’s V.P. pick, Sen. J.D. Vance (R-OH), and billionaire PayPal co-founder Peter Thiel.

Vance worked in venture capital before running for Senate, but before that, he was a student at Yale Law School, where he met Thiel for the first time, describing him as “possibly the smartest person I’d ever met.” In 2016, Vance began working for Mithril Capital, which Thiel co-founded. Thiel eventually became Vance’s largest donor during his 2022 Senate run.

Now, Big Tech leaders like Peter Thiel and Elon Musk have a direct ally and friend who could potentially become the next vice president.

The donors vs. the tech bros

Vance's support for higher taxes on big businesses and his hardline stance against tech monopolies indicate that he’s far from being an ally to Big Tech. In fact, major corporate donors within the GOP are outraged that he was chosen to run alongside Trump.

Republican donors preferred Gov. Doug Burgum (R-ND) and Sen. Marco Rubio (R-FL), who they described as safer options, as opposed to the highly ideological Vance, who bucks many of the trends traditionally associated with the Republican Party.

Allies in Silicon Valley are ecstatic about having one of their own so high up in Washington, with one venture capital partner saying,"[Vance] has a direct line to some important influencers as he's evaluating or thinking through some of the policy around tech.”

Vance, who owns up to $250,000 in Bitcoin, has deep knowledge of Big Tech and is expected to champion policies that expand its freedoms, as evidenced by his strong backing from players like Thiel and Musk.

The founders of the venture capital firm Andreessen Horowitz, who don’t usually delve into politics, explained their support for Trump and Vance. Ben Horowitz emphasized the necessity for supporting them because of the critical impact on their business, technology, and America's future. They criticized the Biden administration's heavy-handed regulations on cryptocurrency and artificial intelligence, arguing that another Biden term would severely hinder American innovation.

Beyond the headlines

Despite forging an alliance with Big Tech billionaires, Vance remains a staunch advocate of anti-monopoly policies. In fact, he often finds himself partnering with progressive Democrats like Sen. Elizabeth Warren (D-MA) on applying antitrust law to America’s biggest corporations like Google and Microsoft.

Two duo have teamed up on multiple pieces of legislation, from the “Stop Subsidizing Giant Mergers Act” to another bill that would break up giant firms.

Vance’s anti-tech credentials have also led him to support Biden-appointed FTC Chairwoman Lina Khan, an anti-Big Tech crusader. While his economic populism drives his commitment to challenging corporate market dominance, Vance's deep understanding of Silicon Valley and venture capital could make him overly lenient with his allies.

J.D. Vance’s policy positions embody a strong populist-conservative stance, advocating for Big Tech’s growth while confronting corporate excesses. Peter Thiel and Elon Musk's support for Vance underscores their shared belief in safeguarding market integrity from Big Tech’s overreach. It shows that advocating for antitrust measures aligns with the GOP’s new, more working-class-oriented values and supports the tech industry's long-term health.

Why it matters

As the Republican Party rebrands itself as the party of the forgotten man, J.D. Vance was chosen as Trump’s running mate in part because he is seen as the natural successor to carry forward that new GOP image. However, his years spent in venture capital and making friends with Silicon Valley billionaires like Peter Thiel raise questions about how Vance will operate if elevated to vice president in January 2025.

He has proven credentials as an anti-monopoly advocate, though the tech leaders who funded his Senate run and now Trump’s campaign will expect Vance to take a nuanced approach when advocating for certain policies. Endorsing anti-corporate legislation while promising freedoms for Big Tech may prove to be a challenge for the MAGA movement’s heir.