Donald Trump is poised for a significant milestone in the 2024 fundraising race this Thursday as he heads to Silicon Valley for a high-profile fundraiser co-hosted by investor David O. Sacks and venture capitalist Chamath Palihapitiya. This event marks another sign of the former President’s growing influence in traditionally Democratic Silicon Valley.
“SF Bay Area is shifting towards Trump,” remarked Tesla (TSLA) CEO Elon Musk on Wednesday. However, experts say this shift isn’t entirely unexpected. “The valley has been pivoting for a while,” noted Jason Seawright, a political scientist from Northwestern University, in a recent interview. “It isn’t unusual for affluent groups to align with the party that protects their wealth,” added Seawright, co-author of a book on billionaires and politics.
This shift in the tech industry reflects a broader trend among billionaires and CEOs rallying behind Trump, echoing familiar historical patterns. These billionaires, like their predecessors, prioritize economic interests and access to power. Yet, some trends have shifted. The current cohort of vocal billionaires, led by Musk, focuses more on social issues unrelated to their bottom lines.
Donald Trump has successfully won over high-profile supporters by assuring them he would be advantageous to their financial interests. His appeal to billionaires nationwide has centered on reducing taxes and business regulations, particularly in the energy sector. Trump is advocating for less of both.
Since clinching the GOP nomination, the former President has merged substantial billionaire contributions with a surge in grassroots support following his recent conviction for falsifying business records. This powerful combination raised nearly $300 million in May, according to his campaign, helping him significantly close the fundraising gap with Joe Biden.
“He talks the language of billionaires,” says Darrell West, a political scientist and senior fellow at the Brookings Institution. “He knows what buttons to push to get their support.” Overall, Trump’s charm offensive has clearly paid off. The New York Times reported this week that Thursday’s Silicon Valley event is sold out, with attendees set to pay between $50,000 and $500,000 for tickets.
