2024-12-09 17:15:00
NEW DELHI: Silicon Valley tech moguls made a significant impact on the recent 2024 US presidential election, with a Guardian analysis revealing that the tech industry contributed over $394.1 million to the race between Donald Trump and Kamala Harris.
The majority of these donations came from billionaire Elon Musk, who gave an enormous $242.6 million to former President Donald Trump’s campaign. Musk has in fact emerged as one of the biggest Trump supporters over recent months and is often seen along with the US President-elect at rallies.
Musk was followed by other high-profile figures in the industry.
For instance, Marc Andreessen, the founder of venture capital firm Andreessen Horowitz, donated $5.5 million, while Jan Koum, the founder of WhatsApp, contributed $5.1 million.
Not just Trump. The tech industry’s influence also extended to Vice President Kamala Harris’s campaign, which received $120.9 million during the last few months.
Notable donors to Harris included Facebook co-founder Dustin Moskovitz, who gave $51.1 million, and Chris Larsen, the billionaire chair of Ripple, who donated $11.7 million.
The surge in political donations from the tech sector comes amid the increasing involvement of corporate America in US politics, particularly from advocates of cryptocurrency.
Many tech figures, including Musk and Andreessen, have shifted their support to Trump despite criticizing him in the past.
The change in stance is partly driven by a desire to influence regulation of emerging industries like crypto and AI.
Trump’s stance on regulation has proven attractive to tech donors.
The former president’s tax cuts for the wealthy and corporations in 2017 have been a key incentive, and his administration has been seen as more favourable to industries seeking to avoid regulation.
Musk, in particular, has gained access to Trump through his donation, being appointed to co-head a new advisory commission evaluating government spending.
Silicon Valley, Elon Musk, Donald Trump, Kamla Harris
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